Do you need an accountant for your self assessment tax return?
Generally, if you are self-employed you don’t have your tax deducted at the source, therefore a self assessment tax return must be submitted to HMRC so that you can be taxed correctly on your earnings. It is important to submit your self assessment tax return, otherwise you can face heavy penalties from HMRC. Here at Skymark Financial we provide self assessment tax return services for self-employed individuals.
Other Accounting services we offer small businesses
OTHER ACCOUNTING SERVICES WE OFFER SMALL BUSINESSES
Benefits of getting a tax account to do your tax return
Tax can be complicated with a lot of jargon which is difficult to understand unless you are a tax professional. Our accountants have decades of experience across many different industry sectors. This allows us to offer a dedicated self-assessment tax return service that will handle the entire process for you from start to finish.
Deciding to complete your own self-assessment tax return can come with many challenges depending on how complex your financial affairs are, as well as the level of record keeping you have in place. On top of this you need to be able to understand regulations which can be very complex for someone who is not a professional in the field.
Some of the benefits of using Skymark Financial to handle your tax affairs are:
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Seamless and stress free process:
By using professionals you know that your tax calculations will be correct and accurate. We will also guide you through the whole process and deal with HMRC on your behalf.
Lower risk of Investigations by HMRC:
You are less likely to be investigated by HMRC if you use an advisor, as HMRC have ways of knowing if figures submitted on a return are likely to be incorrect. This is a common trigger for a tax investigation.
More time to focus on your business:
Generally, it will take you much longer to complete your own self-assessment tax return than it would for an accountant. The time you save can be better spent on growing your business.
Claiming everything you’re entitled to claim:
We make sure that when we take on a client we work through areas where the tax owed can be reduced. Such as under-declared expenses, pension contributions and more.
HMRC penalties for late or inaccurate submissions
The deadline to submit your self assessment tax return and pay your tax bill for the year is the 31st January. Unfortunately, not submitting your tax return on time, could result in considerable penalties and interest being accrued by HMRC. This is why it’s so important to put arrangements in place early on to ensure everything is completed on time.
The penalties for submitting your self-assessment tax return late are:
1 day late – You must pay a penalty of £100
3 months late – You can receive a penalty of £10 a day for a maximum of 90 days (£900)
6 months late – You can receive a further penalty of 5% of the tax you owe or £300, whichever is greater
12 months late – You can receive a further penalty of 5% of the tax you owe or £300, whichever is greater. It’s possible that you have to pay up to 100% of the tax you owe
WHAT OUR CLIENTS SAY
WHAT OUR CLIENTS SAY
