Self assessment tax return help

The self-assessment tax return is an unavoidable burden if you are liable for self-employed tax or have more complicated income tax affairs. Both self-employed business owners and company directors must complete self-assessment tax returns.

The right approach to your self-assessment tax return will minimise aggravation and can reduce the amount of income tax that you end up paying.

Our guidance will help you understand the key issues that need to be dealt with. For help with the specifics, talk to an accountant: professional expertise should save you time and money.

Registering for self-assessment

Who needs to complete a self-assessment tax return?

·         Recently self-employed

·         Have become a partner in a partnership

·         Are a company director

·         Have untaxed income (perhaps from rental property or complicated income tax affairs)

·         Have an income of £100,000 or more

·         Need to pay capital gains tax or have expenses to claim

There are a number of circumstances under which you may be required to complete a self-assessment tax return.

You can find out if you need to complete a self-assessment tax return on the HM Revenue & Customs (HMRC) website, or by giving Omni a quick call on 01902 837408.

Before you can complete your first self-assessment income tax return, you will need to register with an accountant or with HMRC. You should register as soon as your circumstances change but certainly no later than 5 October after the end of the tax year for which you need to submit a form.

Avoid HMRC penalties by filing your self assessment tax return by end of January!

Have YOU filed YOUR self assessment online return?

According to recent estimates, only seven million out of the twelve million individuals and businesses across the UK who were required to file their HMRC self assessment tax return have actually done so.

The online deadline is less than one month away.

Are you one of the five million that need to get their act together to avoid severe penalties?

Self assessment tax return penalties 2015

 The standard HMRC fixed penalty for failing to file your tax return is £100 – but don’t be fooled into resting on your laurels.

Daily penalties of £10 per day – with a maximum cap of £900 will also apply if your tax return is still outstanding 3 months after the deadline date.

Act now to avoid HMRC late self assessment filing penalties

We can help you make that all-important deadline – all you need to do is send us, where possible, your books and information that we need to prepare and file your self assessment with the HMRC on your behalf.

Our open pricing policy is competitive and a standard self assessment will cost just £95 at our current rates.

Get in touch today and act quickly – when you choose Omni Chartered Accountants, you know that you are in safe hands