Self Assessment Tax Returns
Specialist advice on Self Assessment Tax Returns
Self Assessment Returns are a key area of our business here at Hartill Acconting and based in Sutton Coldfield, Birmingham we have a central location to serve the UK as a whole. Hartill Accounting provide Self Assessment Accounting services to businesses of all sizes. We can help you understand the process and at the same time give you yearly accounts to help you seee the growth in your business and where there may be some potential areas to improve such as expenditure etc. We will then be able to prepare a set of accounts which we will submit for you to the HMRC meaning you can carry on doing what you do best.
Our Self Assessment Tax Return Service Explained
Why use Hartill Accounting to do your Self Assessment?
What is Self Assessment?
A Self-assessment is a tax system which taxpayers / businesses and individuals are responsible for. It is up to you (or your accounting company) to make sure you are paying the correct amount of tax on set dates, without waiting for HM Revenue & Customs. This way of paying tax is usually done through people who are not directly employed through a company or using a PAYE system.
Self Assessment has been around a while now and the first tax year for self-assessment was 1996/97.
Paying Tax through Self Assessment
Payments for Self Assessment are normally made in two instalments on 31 January and 31 July each year. From this point, any balance due is settled the following 31 January. If payment’s are made late then interest will run from the date the tax is due. There is also a 5% surcharge if any part of the tax for the year is unpaid by 28 February after the end of the tax year, and there will also be a further 5% surcharge on any amounts still unpaid five months later, at the end of July.
Self Assessment does not mean you have to prepare your own accounts…
Hartill Accounting do all the preparation for you and prepares tax returns on behalf of clients. All we will need from you is the relevant paperwork, receipts and invoices so we can put this all together in an easy to understand return. The great thing with this way of working is each month you can send through your paperwork for that given month or alternatively save it up and provide it all at the same time. We will need to make sure we submit completed returns by 31st October following the end of the tax year. For electronically submitted returns we have until 31 January.
If however your tax return is sent in late there is an automatic penalty of £100 plus a further £100 of the return is more than six months late, with the only caveat that the penalty cannot be more than the tax which is due for that tax period.
What happens with the HMRC and assessing the return?
HMRC will only raise assessments in rare cases, for example if there is a delay in submitting your tax return or if there are clear and substantial changes year to year. They will continue to raise assessments where appropriate for settling your tax affairs for any years prior to self-assessment, but generally, tax assessments are a thing of the past. You will, however, receive statements of account from the Revenue. HMRC may in certain instances ask questions if they suspect that something is not quite right. They also select some returns at random.
How can Hartill Accounting Help?
Our team are highly qualified chartered accountants with years of experience in corporate tax accounting (corporation tax) working with small one-person sole traders through to multi-national multi-billion pound companies. No client is too big or too small which makes our business incredibly unique. On top of this providing Accounting advice alongside Business and Marketing advisory means all of your business needs are taken care of in one place.
Our prices for Self Assessment Returns start at around £350 however it will depend on the size of business and the amount of work you need us to undertake for you. As a result of this an initial consultation is recommended where we will discuss with you your needs for the year and we can then design a specific bespoke package that works within your budget in order to deal with your corporation tax. We offer free no obligatory consultations.