Self Assessment

We specialise in providing expert assistance with self-assessment tax returns, ensuring that individuals and businesses navigate the complexities of the UK tax system with ease.

Comprehensive Assessment of Your Tax Obligations

Navigating the complexities of tax arrangements can be challenging, especially for company directors or those who are self-employed. At Penny & Pounds, our dedicated team works closely with you and your accountant to ensure that the correct amount of tax is deducted from your income. We understand the importance of adhering to proper procedures, and we're here to guide you through the process.

‍

Our services extend to individuals who earn additional income from properties or investments, as it’s crucial to ensure that your taxes are accurately aligned to avoid potential penalties for non-compliance. Our professionals are always available to provide expert advice, helping you determine the best course of action to manage your tax obligations effectively and legally.

‍

If you identify with any of the following categories, you may need to submit a self-assessment tax return:

‍

Self-employed individuals
Those with an income exceeding £100,000
Individuals earning additional income from savings, investments, or properties
Those claiming expenses or tax relief
Individuals liable for capital gains tax
Company directors

‍

If your situation aligns with any of these criteria, our team is ready to assist you in navigating the correct procedures. We prioritise completing your self-assessment tax return, allowing you to focus on your business without the burden of tax paperwork.

‍

"Very knowledgeable and easily the best service I've had in a long time. Thanks Andrew for sorting out my tax problem."

Christine Robinson

Frequently asked questions.

If you have any further questions don't hesitate to reach out to us, we're always on hand to help.

How to make a tax return?

To complete a tax return, the first step is to register for self-assessment. Once registered, you will receive a form that needs to be filled out accurately and thoroughly. If you need assistance with this process, it’s essential to consult a professional. Additionally, ensure that you pay any tax owed by the specified deadline. At Penny & Pounds, we offer expert advice and guidance to all our clients, drawing on years of industry experience. We are always here to support you with your tax return needs.

Should I use an accountant for my tax return?

Engaging an accountant for your tax return is undoubtedly a wise decision, as they will help ensure that everything is accurate and compliant. They can also provide guidance if you encounter any issues during the process. By hiring an accountant, you can expedite the process, allowing you to save valuable time. In the long term, working with an accountant may also lead to cost savings, as it helps you avoid penalties for inaccuracies or late submissions. If you’d like to discuss our tax return services, please don’t hesitate to contact us today.

What Paperwork Does my Accountant need?

Accountants require a comprehensive record of all your business expenses and income to accurately assess your business's profit. The necessary documentation typically remains consistent at the end of each tax year. Key documents needed include finance agreements, loan statements, payroll records, stock valuations, petty cash records, cheque books, bank statements, purchase receipts and invoices, sales income records, credit card statements, other expenditures, purchased assets or equipment, sold or scrapped assets, VAT returns, mileage records, and dividends.

What are the penalties?

The penalties incurred will vary based on the nature of the error. Typically, fines are imposed for late submission of forms. A £100 penalty is applied immediately after the due date, regardless of whether the actual tax amount has been paid or if no tax is owed. The longer you delay in submitting the form, the more substantial the penalties become. For instance, if you are three months late, you will incur a charge of £10 for each day overdue, up to a maximum of £900. If your submission is more than six months late, you will face a penalty of £300 or 5% of the tax owed, whichever is higher.

What is self assessment?

A self-assessment is essentially an official tax return form that you are required to complete accurately. It necessitates reporting your precise earnings and detailing the sources of those earnings. Additionally, you must disclose any allowances you may have that can reduce your tax liabilities. It is the taxpayer's responsibility to manage this process, which differs from previous self-assessment systems. At the end of the year, the taxpayer must calculate the amount of tax owed and report it to HMRC. They are also responsible for making the necessary tax payments and ensuring their accuracy.

Penny & Pounds