Self-Assessment Tax Return Services

Comprehensive tax return services in Norwich

Are you a freelancer, self-employed, or company director, or do you receive income that isn’t taxed at source? Then you may require Self-Assessment Services. Were you unaware of it? If yes, then the experts at ATF Accountancy can help you maximise your income and stay compliant. Our experts offer end-to-end self-assessment services and help you prepare your return quickly and accurately.

Understanding Self-Assessment

Self Assessment is the procedure through which HMRC collects Income Tax. Individuals earned income that HMRC is unaware of, such as company profits, are often required to submit this income to HMRC through a Self Assessment tax return.

The tax return indicates how much and from what areas a person earned during the tax year. Most company owners must file an annual tax return with HMRC by October 31 (paper returns) or January 31 (online returns). Your tax return describes the amount of taxable income you generated during the tax year, as well as any deductions or tax relief you could be qualified to claim.

Do You Require To Submit A Self-Assessment Tax Return?

Usually, individuals a company or organisation employs get their tax deducted at origin via Pay As You Earn (PAYE). This implies that the employer deducts taxes from employee salary and submits them directly to HMRC. Consequently, workers are often not obliged to file a self-assessment tax return.

However, most self-employed individuals who don’t have tax deducted at the source must file a self-assessment tax return so that HMRC can accurately tax their income.

You must file a tax return with HM Revenue & Customs if you fall in any of the following categories:

• Director of a limited liability firm with untaxed income
• Self-employed
• Employed and earn above £100,000
• Earning over £50,000 and receiving child benefit
• Earnings that have not been taxed.
• Earning income from property

If you come within one of the categories listed, you may have to file your tax return online through the self-assessment tax return option on the HMRC official site:

• Self-employed (sole proprietor) who earned above £1000 during the tax year
• A partner in a partnership business
• Receiving any income from savings, dividends, and investment
• Wanting to get certain tax deductions
• Have sold assets throughout the tax year, such as extra homes, shares, or crypto-based
• PAYE income above £100K

Certain other conditions may require you to file for self-assessment. In case you are pondering if you should file a self-assessment or not, consult the experts at ATF Accountancy.

Who Can Avail ATF Accountancy Services?

Anyone who receives a notification from HMRC to file tax can avail of our services. Since each person’s tax case is unique, we will evaluate yours to determine the best course of action and how we can maximise your income.

How Can ATF Accountancy Help You With Your Tax Return?

At ATF Accountancy, you will receive professional assistance and advice from our certified accountants. Apart from self-assessment tax services, our experts will guide you on how to minimise tax liability since we believe in offering a service with added value instead of just crunching numbers.

After understanding their current tax and financial positions, we ensure our clients can make well-informed investment and business choices. As a comprehensive service, we will operate as your tax agents at HMRC. Hence, we will handle all tax-related matters with the HMRC and ensure that professionals handle all your tax requirements.

Moreover, there are hefty penalties if you fail to file the return within time. In case you are liable to file a return and skip the deadline for filing it or settling your bill, you may incur a penalty. You might pay up to £100 as a penalty if your tax returns get up to three months late. Hence, professional help is always advisable since you will save time, money, and energy. So let the experts handle your taxation while you take care of your core business activities.