Self Assessment

 

 

The term ‘self-assessment’ is proving to be one of the greatest ironies of all time. Many taxpayers struggle to understand the complex tax returns and complete them correctly. The constant stream of changes to tax legislation means not only are the returns becoming even more difficult to understand but also that taxpayers risk incurring penalties through failing to complete their returns on time or correctly.

 

If you fall in to one of the following categories it is likely you will have to submit a self-assessment return;

 

  • Sole Traders

  • Partners in a partnership

  • Directors of limited companies

  • People who have income above a certain level from savings, investments or property

  • People who are 65 or above and receive the age related allowance

  • People who have income from overseas

  • People who have an annual income of 100k or more

  • People who need to claim certain expenses or reliefs

  • People who owe tax and it cannot be collected through a tax code adjustment

  • People who have a Capital Gains Tax Liability

  • People who have lived or worked abroad or are not domiciled in the uk

  • Trustees

We can save you a lot of time, worry, and money by handling your self-assessment return for you.

 

Getting Started

 

Before we start your self-assessment, you need to ensure you have the following information;

 

  • Your National Insurance number. In most cases you'll already have this, but if you haven't worked in the United Kingdom before you'll need to get one.

  • Your contact details (and the contact details of your business if you've started self-employment).

  • Your ten-digit Unique Taxpayer Reference, (UTR,) number, but only if you have previously completed a Self-Assessment return. You'll find this on letters or forms sent by HMRC about your tax return.  If you don’t have a UTR, you will need to apply for one at the following link; HMRC

  • The date your circumstances changed.

 

After receiving your information we will review it for completeness and ask you for any outstanding information. 

 

Once all the information has been received we will prepare and complete your tax return taking account of the latest rules and regulations, allowances and rates of tax. During this process we will ensure that all expenses and allowances have been claimed and see if there is any way to reduce your tax liability. We will also undertake various checks for reasonableness and to make sure the figures are correct. In all cases we reconcile the final tax position and explain this to you.

 

If a tax payment is due we will tell you how much and when to pay. If you are due a refund we will do our best to get this to you as quickly as possible.

 

We will send you a full copy of the completed form and ask you to sign it and return it to us. We will submit the return to H M Revenue and Customs electronically.

 

After the Inland Revenue processes the return we will check to make sure they have made no mistakes. We will provide support during this process and deal with any queries you have.

 

If you have been sent notice to complete a tax return and are looking for a quality, comprehensive, affordable service. 

 

 

© 2015 by Berics Ltd. Registered in England & Wales - 08221935

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