Find an Accountant for Self Assessment
Let AccountantFor help you find the perfect accountant to guide you through the self-assessment process. Consulting with a professional from our network can ensure you complete your self-assessment within important deadlines and that you pay the right amount of tax.
Contact us today to locate a tax accountant near you!
Do I Need to Complete a Self-Assessment Tax Return?
Completing a self-assessment tax return is a requirement for various types of income and employment situations. You can check whether you are required to file a self-assessment tax return using the government tool. Here are some reasons why you might need to complete one:
Are You Self-Employed or a Sole Trader?
If you are self-employed or operate as a sole trader, you must complete a self-assessment tax return to declare your income and expenses. This includes freelancers, contractors and any other individuals who run their own businesses. By filing a self-assessment tax return, you report your earnings to HM Revenue and Customs (HMRC) and calculate your tax liability.
Do You Have Additional Income?
Even if you are primarily employed by a company and receive a regular salary through PAYE (Pay As You Earn), you may still need to complete a self-assessment tax return if you have additional sources of income. This can include:
- Rental Income
- Investment Income: (E.g. earnings from dividends or interest)
- Side Businesses or Freelance Work
- Foreign Income
Are You Claiming Expenses or Tax Reliefs?
To claim certain expenses or tax reliefs, you need to complete a self-assessment tax return. This is especially important for self-employed individuals who have business expenses that can be deducted from their taxable income. Examples include:
- Office Supplies
- Travel Expenses
- Professional Fees: (E.g. Membership fees for professional bodies or subscriptions)
- Home Office Expenses
Have You Made Significant Capital Gains?
If you have sold an asset, such as a property or shares, and made a significant capital gain, you need to report this through a self-assessment tax return. Capital Gains Tax applies to the profit made from selling certain assets, and you must declare these gains to HMRC.
Are You Claiming Child Benefit and Your Income Is Over £60,000?
If you or your partner receive Child Benefit and your income is over £60,000, you must complete a self-assessment tax return. This is due to the High-Income Child Benefit Charge, which requires you to pay back some or all of the Child Benefit received, based on your income level.
Are You Making Online Sales via eBay or Amazon?
If you are selling goods online through platforms like eBay or Amazon, you may need to complete a self-assessment tax return. This is because any income you earn from these sales could be subject to tax, depending on the nature and scale of your activities. Working with a chartered tax accountant can be invaluable in ensuring you meet your tax obligations.
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Some Useful Guides From AccountFor
– Navigating UK Tax Laws: Essential Tips For Entrepreneurs
– Do I Need An Accountant As a Sole Trader?
– How Much Is An Accountant In The UK?
What Are the Potential Penalties for Not Paying Your Self-Assessment Tax Bill?
- Missing the tax return deadline results in a penalty that increases monthly until paid, quickly adding up and becoming a significant financial burden for self employed individuals.
- Unpaid taxes accrue interest, increasing the total amount owed and making it harder to settle your tax bill.
- An unpaid tax bill can lower your credit score, complicating efforts to secure personal or business loans, including mortgages.
- Persistent non-payment can lead to severe actions such as bank levies, wage garnishments or asset seizure by tax authorities.
- Tax evasion can result in hefty fines or imprisonment, with serious and long-lasting impacts on your personal and professional life.
Why Is Understanding Your Self-Assessment Tax Return So Difficult?
Complex Tax Regulations
Tax laws are intricate and constantly changing, making compliance challenging. Understanding these regulations requires time and expertise, as they can include numerous exemptions, deductions and special cases that are not immediately obvious.
Record Keeping
Maintaining accurate records of fluctuating income and expenses is crucial yet challenging. As a self-employed individual, your income and expenses can vary significantly each month, making it difficult to keep track of your financial activities accurately.
Tax Deductions
Knowing what deductions you can legally claim requires expert knowledge. Without proper understanding, you might miss out on eligible deductions that could reduce your tax liability or mistakenly claim ineligible ones, leading to penalties.
Varied Income Sources
Tracking income from multiple sources is essential for accurate tax returns. Freelancers, contractors and self-employed individuals often have diverse income streams, making it challenging to consolidate all earnings and expenses correctly.
How Can a Chartered Tax Accountant Help With My Self Assessment?
Chartered tax accountants play a crucial role in ensuring tax compliance. They help you meet all tax filing requirements, preventing penalties and legal issues. Finding a chartered accountant to assist in keeping your financial records well-organised can reduce the risk of errors and make the tax filing process more efficient.
Tax accountants can develop strategies to minimise your tax liability by identifying eligible deductions and exemptions. Effective tax planning can save you money and help you make informed financial decisions throughout the year.
In the event of a tax audit, a tax accountant can provide valuable support. They represent you, offering the necessary documentation and explanations. Their expertise ensures that you are well-prepared for an audit, reducing stress and increasing the likelihood of a favourable outcome.
What Are the Benefits of Hiring a Self-Assessment Accountant?
Hiring a self-assessment accountant can save you money by identifying tax-saving opportunities and ensuring you claim all eligible deductions. They also help you avoid costly penalties by ensuring your tax returns are accurate and submitted on time.
By delegating your tax responsibilities to a professional accountant, you can focus on the important aspects of your business.
How AccountantFor Can Assist with Your Self-Assessment Tax Returns
At AccountantFor, we specialise in connecting sole traders and individuals requiring self-assessment tax returns with the perfect accountant for their needs. Our extensive network includes top UK accountants specialising in various industries and locations across the country.
With over 1,000 successful introductions to our network, we ensure you receive tailored expertise within 24 hours of completing our brief. Our service is entirely free, providing you with peace of mind and expert support without any financial obligation.
Click here to enter your details and let us match you with a self-assessment tax expert suited to your requirements. Plus, our dedicated team remains available to offer first-class aftercare support, ensuring ongoing assistance whenever you need it.
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What Do Others Say About Our Self-Assessment Accountancy Services
“As a freelancer, navigating the ins and outs of self-assessment taxes was a nightmare I faced every year. Then I discovered AccountantFor’s self-assessment accountant services. Not only did they connect me with an accountant who truly understood my unique needs, but the entire process was also seamless and stress-free. This year, my self-assessment was accurate, timely, and without the usual last-minute scramble. A massive thank you to AccountantFor for their unparalleled service!”
— Jordan A., Freelance Graphic Designer
Frequently Asked Questions About Self-Assessment Tax
A self-assessment tax returns expert will help you ensure you are claiming tax relief on anything you can legally while also highlighting when you might be owed a tax rebate. They also help keep all your books in order throughout the year, taking all the stress and hassle off your plate.
Yes, but without professional support, you may end up paying more tax than necessary, as you might miss eligible tax reliefs. A self-assessment accountant can provide valuable insights and ensure that your tax return is accurate and potentially save you a significant amount of money.
The tax year ends on March 31st, with payment due by January 31st of the following year. It’s essential to be aware of these deadlines to avoid penalties and ensure timely filing. An accountant can help you stay on top of these important dates and ensure that your tax return is submitted on time.
Yes, you must pay income tax on profits earned from your business activities. Understanding your tax obligations as a sole trader is crucial to avoid penalties and ensure compliance. An accountant can help you navigate these responsibilities and ensure you are meeting all your tax requirements.
You can claim tax relief on pension contributions, bills, or accounting services. Identifying eligible expenses for tax relief can be complex, but a tax accountant can guide you through the process and ensure you maximise your deductions.
Self Assessment Accountancy Services
AccountantFor provides a comprehensive range of accountancy and tax services, including self-assessments, through our exclusive network of vetted accountancy talent within the United Kingdom.
Accounting
– Statutory accounts
– Management accounts
– Financial planning
– Bookkeeping
– Business plan
– Growth modelling
Tax
– Tax investigation service
– Capital gains tax
– VAT
– Tax advice and consultancy
Other
– Company formation
– Registered office address
– Self-assessment
– Payroll services
– Corporation tax