Getting to grips with the self-assessment tax return can feel overwhelming, especially if your strengths lie elsewhere, like in growing your business. At Gravitate Accounting, part of our success comes from understanding that one person can’t possibly know everything, which is why finding the right people to join your team is essential.
While you continue playing to your strengths and expanding your business, we will play to ours and ensure that your company is tax compliant at all times. We will take on the burden of collecting everything we need to file your self-assessment tax return with HMRC successfully.
Completing your self assessment and tax returns isn't rocket science, but it's definitely not fun either. We can help guide you through the process of completing your tax returns to make sure that you're being as tax efficient as possible. Our fully qualified tax advisors have years and years of experience and we can complete tax returns for individuals, businesses including self-employed, Directors, Partners or Landlords.
"Prompt, professional and down-to-earth service, with an understanding of the realities of running an SME, which is invaluable. Especially in the current climate!"
Self Assessments are an annual requirement for any person that does not automatically pay their tax through Pay As You Earn (PAYE)
When you file your self-assessment tax return, you will need to declare any income that you made in the previous financial year. Each individual will be different, but here are the main documents and records you will need to declare:
- Your P60
- Your P45 (if you left a job that year)
- P11D benefits in kind
- Details of any pay and expenses from an employer
- Details of any bank interest
- Dividends or sale of stocks and shares
- Any capital gains madeInformation on any pension you may have
- Disposals e.g. if you sold a property
- Charitable donations
- Rental Income
- Foreign Income
HMRC give two deadlines to file your tax return:
31st October – paper submission
31st January – online submission