Tax Returns & Self-assessment tax services
Self-assessment tax returns can be a confusing and frustrating process for many out there. To start with, it is hard to know whether you fall into the category of being required to complete one and then know how best to do so.
At Accountants Glasgow, our experts will take the time to understand your individual situation, provide advice and guidance on what is required to comply with UK tax regulations and then help prepare your tax returns.
Who needs to submit a self-assessment tax return?
HMRC deems certain people liable for submitting a self-assessment tax return if they meet a wide range of criteria. Generally, those that are employed by a business will have any tax they must pay deducted via PAYE. This is the process when the employer takes the tax from an employee’s wages and pays it directly to HMRC.
However, for certain employed people and the majority of those that are classed as self-employed, the government states you must submit a tax return to ensure you pay all of the correct tax on earnings.
It is important to speak to an expert to confirm whether you fall into the category of needing to submit a self-assessment tax return, but some of the most common situations when a tax return may be required include:
- You are classed as self-employed or are in a partnership
- You are classed as a company director
- You are employed and have an income of over £100,000
- You have incomes from overseas or have lived/worked abroad
- You have an income of over £50,000 and your household receives Child Benefit
- You have significant savings, investment income or property that is let
As you can see, the list covers a broad range so it is important to speak to someone about your individual situation.
Why choose Accountants Glasgow?
The rules and regulations around taxation are complex, often changing and rarely clear in their meaning. By working with Accountants Glasgow, you can be confident that our tax experts have the experience and expertise to stay on top of this dynamic situation making sure that you are always compliant.
It is also our belief that you should be spending your time on those things that matter, such as running your business and supporting your family. Our commitment to every customer is to make sure that self-assessment tax returns are submitted accurately and on time, always aiming to get the best possible returns.
There are significant penalties for incorrect submissions or missing deadlines, potentially causing HMRC to investigate. You don’t want this to happen, so let us take on the burden of dealing with this process.
Get in touch and speak to our experts today!