Self-Assessment

DILIGENTLY CALCULATED SELF ASSESSMENT RETURN

WE ARE TRUSTED TAX RETURN ACCOUNTANTS

While most of salary incomes are taxed through the PAYE system, all and any incomes that are not taxed at source should be declared in Self-Assessment returns. The threshold for compulsory self-assessment filing is £1,000 untaxed annual income. While the HMRC believes that the Self-Assessment Returns has been made as simple as possible, you will be surprised to know that this is where most people make mistakes. And these are very expensive mistakes!

You need to have Unique Tax Reference Number before starting any Self-employment work, we can help you to apply for UTR (Unique Tax reference Number) at V Associates, and we make sure that you get a tax return advice that can help you file timely and correct returns. We can help you appreciate what your individual personal income tax situation is, what incomes are to be taxed and what expenses are allowed to be deducted from taxable income. With V Associates Self-Assessment tax return service, we handle all of your paperwork for annual returns. We make sure you do not have to worry about deadlines and that there are no costly mistakes, overlooked opportunity and miscalculations.
V Associates has always believed in customized approach for each client. Based on your unique tax profile, we can help you determine what information and documents are needed and how can you reduce your tax bill. Our team has dedicator members which can help you for your self-assessment tax return who can prepare an optimized tax bill and file diligently calculated Self-Assessment return for you!

OUR SELF ASSESSMENT RETURN SERVICES PROCEDURE

INITIAL CONTACT WITH US

• Contact V Associates at 0333 011 6352 or book an initial appointment online at info@vassociates.co.uk
• Negotiate a customized package with V Associates by choosing services of your choice. View our other services as well.

YOUR RECORDS

• We begin by asking you about all of your income sources including those taxed at source and untaxed Income
• We ask you to provide all evidence documents. HMRC requires you to keep a Six years record after 31st January submission of returns of a relevant year.
• We carry out an extensive documentation audit for you to see if you have your P45, P60 and P11D at hand; completed and submitted.
• As part of our tax filing service we may ask you for records of Taxed Award Schemes, redundancy payments, untaxed tips, incentive payments or any benefits vouchers like free meal.
• Based on all of the above, we create your tax profile for you.

ALLOWABLE EXPENSES:

• We help you determine which costs you can claim as allowable expenses. The criteria can differ for a sole-trader, partnership or a company.
• For expenses that have both personal and business use, we do necessary apportioning as per HMRC guidelines.
• If you work from home, we can help you claim a percentage of your household bills as allowable expenses.
• We can also determine if ‘cash basis’ accounting and ‘simplified expense’ scheme is an option for you or not, and whether it will optimize your tax bill if you choose them.

CALCULATING THE TAX BILL

• Once we have established all incomes and expenses, we make a diligent calculation of your tax bill.
• We are self-assessment accountant that work closely with its clients. Therefore, we will share all such calculations with you before we actually file them for you.
• We take our clients’ input very seriously. Rest assured your suggestions, queries and opinions will be taken care of.

FILING SELF ASSESSMENT RETURNS:

• As your tax return accountant, we file your returns online on your behalf with your Unique Taxpayer Reference.
• Usually, we complete a Self-Assessment Return within 5 days until and unless unusual circumstances or complications arise. The earlier you book a self-assessment returns services with us, the less you will pay.
• Once the Self-Assessment Returns are filed, HMRC will inform you of any tax still due or any rebate due.
• The HMRC may take up to 8-10 weeks to sort out refunds in simple cases. Complex cases will take longer time. You may expect communication from HMRC accordingly.

DON’T IGNORE THE DEADLINES!

We are currently in process of completing self-assessment returns for tax year 6th April 2019 to 5th April 2020. The deadline for online submission is 31st January 2021. For paper filing the deadline is 31st October 2020.

A delayed submission by as much a day can lead you into fines starting at £100. The amount can stager up to £900 if you delay by three months and to £3,000 if you do not file your return for any given year.

If you are already in a conflict with HMRC or in any tax difficulty, we can give you valuable tips and advices as your personal tax return accountant. We can also help you in negotiations with HMRC.

WHO NEEDS TAX FILING SERVICES OR SELF ASSESSMENT SERVICES?

It is common misunderstanding that tax return services UK are required only by self-employed. HMRC requires anyone who fits the criteria below to file Self-Assessment:

• If you earn more than £1,000 pounds annually by renting out properties or by way of interest on savings and investments.
• You are a director of a company. Exemptions apply where the company is non-profit organization and you do not receive anything in terms of salary, pay or benefits. Your tax return accountant can help you decide if exemptions apply to you.
• You have earned by way of profit on sale of shares, a second home or any other listed chargeable asset. This is Capital Gains Tax and you need to declare it to anyone who is giving you tax return assistance.
• You are claiming for more than £2,500 expenses refund.
• You are the “nominated partner” in a partnership who has the responsibility for filing tax returns for the partnership.
• You or your partner claimed Child benefit when at least one of you has £50,000 or above annual income.
• You have a source of foreign based income. This is complicated and you will need reliable and professional tax return accountant to deal with this.
• You take a UK income but you live outside UK.
• You work in capacity of a trustee for a trust or HMRC registered pension scheme.
• You make substantial income by online trading.
• Your annual income is £100,000 or above.
• You are a religious minister
• You are Lloyd’s underwriter
• HMRC issued you a P800. This is when HMRC believes you did not pay enough tax in the last year.

WHAT OUR CLIENTS SAY ABOUT US: ?