The UK tax code is not logical. There are thousands of allowance and deductions that you can claim, however, unless you are an expert you wouldn’t possibly know them all. Even then you won’t know if you’d covered everything.
Even if you are employed and don’t have to file a self-assessment return and it’s your only income source, it may be wise to review your tax. HRMC have made mistakes in the past, and these aren’t always picked up in your original tax checks. We'll help you to check your tax returns to ensure that you have paid the relevant taxes, and not too much or too little.
There are multiple reasons you need to file a self-assessment tax return in the UK:
• You are self-employed or a partner in a partnership
• You have more than one income source
• You have taxable capital gains
• You have rental properties
• You are a director of a company
• You receive tax credits and your income is over £50,000 a year
• You are not domiciled in the UK
Key areas of tax returns:
• Registration for self-assessment
• Online filing with HRMC
• Calculation of capital gains made
• Calculation of trading profits of sole trader and partnership for tax purposes
• Computation of income tax, national insurance liability and payment instructions
• Dealing with all HRMC enquiries, when required to do so