If you’re self-employed, then it’s very likely you will have to complete a self-assessment tax return each year. It’s imperative that the tax return you submit to HMRC is accurate and paid on time since the penalties involved for imprecise returns and late submission are weighty. Completing a self-assessment return can be a challenging process, unfamiliar to many self-employed people in Erdington and Birmingham, so hiring the support of a professional accountant is a good idea.
A self-assessment form needs to include all income for the year and evidence for any reliefs or expenses you are claiming unless your income is exempt under the £1000 per year trading allowance. Your income will consist of any dividends or interest on shares and any asset sales as well as:
The penalties for submitting an incorrect or late self-assessment form are tough, so using a Certified Chartered Accountant with an excellent reputation for attention to detail will provide you with invaluable peace of mind. We can also help identify potential possibilities for minimising your tax liability. Contact our expert advisors today to arrange a free consultation if you are self-employed and work in Erdington or Birmingham.