Self Assessment

Lots of people need to submit an annual self-assessment tax return to HM Revenue & Customs. The most common reasons being:

• Self-employment
• Property income
• Dividend or other investment income
• Capital gains
• Foreign income

HM Revenue & Customs make software available for individuals to complete their own tax return but in our experience the software is outdated, inflexible and counter-intuitive.

When we prepare tax returns for our clients we do so much more than data entry!

Yes, we will calculate the amount of tax due accurately, but in doing so we will be thinking of ways to legitimately reduce that tax bill. This could be prioritising loss relief or capital allowance claims for equipment purchases, transfers of allowances between spouses or claiming for costs not previously considered.

Tax returns, like accounts focus on the past, so when we complete a tax return we make sure our clients are thinking about the future. Are they doing everything they can to keep below a higher tax threshold? Could they be getting significant tax relief by making pension contributions or even timing their gift aid donations differently?

We send our clients regular reminders of when the tax is due to help them avoid unnecessary penalties or interest. We will chase HM Revenue & Customs when a repayment is not forthcoming and we will resolve inaccurate coding notices randomly issued by them. These are all simple tasks for us, but our clients tell us it is the little things that really make a difference.