Self-Assessment is a system HM Revenue and Customs (HMRC) use to calculate and collect Income Tax for self employed individuals. If you are employed, tax is usually deducted automatically from wages, pensions and savings. Appraise Accounts can inform you if you need to file a return. We can also help you register for self-assessments, help you receiving your unique tax reference number, or even inform HMRC you no longer need to file a return.
Self-employed people and businesses with other income must report it in a tax return on a yearly basis. The tax year is from 6 April to 5 April the following year. We can take the pressure away from you, making sure you are aware of what allowable expenses you can deduct, also making use of your free allowances to its best advantages. Appraise Accounts will make sure you file your returns on time with FREE reminders, avoiding unnecessary heavy penalties.
Appraise Accounts will guide you on what records you need to keep and how long you need to keep them. We will calculate what you need to pay and arrange payment for you. We can also help and support you in Capital Gains Tax and chargeable assets. Let us take the stress out of your daily routine to allow you to manage your business and increase profitability.
Appraise Accounts are fully aware of HM Revenue and Customs changes for Self Assessments and their ideas of Making Tax Digital. We are prepared and have answers to all your queries. The changes wont be going live until at least April 2018, so at the moment there is nothing to worry about.
Contact us now for more information about Self- Assessments/ MTD / income tax.