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The Self Assessment Tax Return might be time consuming and often a confusing business for many individuals. You may require self assessments tax return if you are a company director, have investment income, receive property income or any other untaxed income (for example; dividend).
However, failure to comply with self assessment tax return, individuals may have to pay penalties and that may be costly. The Stan Lee is here to save you headaches and free up your valuable time by assisting in your personal tax matters.
Self assessment tax service:
Do you need to send a tax return in the UK? Consider these important points for self-assessment tax compliance: being self-employed as a sole trader, being a partner in a partnership business, paying Capital Gains Tax, High Income Child Benefit Charge, receiving rental income from property letting as individuals and earning income from dividends, savings, and investments.
It is essential to submit the self assessment tax return and pay any tax liabilities to HMRC by the prescribed deadline to avoid incurring penalties. The UK tax year runs from 06 April to 05 April. It is advisable to note these key deadlines in your calendar.
At Stan Lee Accountancy Ltd, our tax advisors ensure you meet all tax obligations under current legislation and find ways to save on taxes. Our experts prepare your self assessment tax return accurately and submit it promptly to HMRC. Contact us today to discuss further about The Stan Lee and how we can help in your self assessment tax matters
You can register for self assessment with HMRC online, by post, or over the phone. Once registered, HMRC will send your Unique Taxpayer Reference (UTR) to your address via post within a few days. This UTR is lifelong and required for submitting your self assessment tax return.
You must register for self assessment tax return if you are self-employed, a partner in a business, or have other taxable income like property rental, dividends, interest and more.
The UK tax year runs from 06 April to 05 April. The deadline for submitting the self-assessment tax return is 31st January if submitted online following the end of the tax year. If submitting by post, the deadline is 31 October.
Self-assessment tax is usually payable by January 31 following the end of the tax year. Some taxpayers pay in two instalments: the first payment with a balancing sum on January 31 and a second payment on July 31 based on the previous year’s liability.
Self assessment tax can be paid to HMRC through various methods: online, by cheque via post, or over the phone. Ensure you have your UTR available, as it is required for payment. It is advisable to have an HMRC online account to review the balance and pay the correct amount accordingly.
Filing your tax return early offers several benefits: avoiding last minute stress, amending errors promptly, receiving tax refunds if applicable, and planning finances better. We recommend filing your self assessment tax early for ample preparation time instead of waiting until the busy January period.
You don’t need an accountant to prepare your tax return; you can do it yourself if confident. However, hiring an accountant can help avoid errors and penalties. Complex income types may benefit from the expertise of a tax accountant.
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