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Self Assessment

Self Assessment

Many people will never have to complete a Self Assessment in their lives but if you have your own business or you have other income outside of your regular PAYE salary​ then you may need to complete a Self Assessment tax return. These are prepared for the tax year running from 6 April to 5 March and must be completed and any tax paid by 31 January following the end of the tax year.

It is perfectly possible to complete your own annual Self Assessment using your HMRC Gateway and completing the various sections. If you have a simple one and you feel confident, this could be a good approach for you. However, the tax rules are constantly changing as we've seen during a turbulent 2022-2023 and many clients feel reassured having the support of a qualified accountant firm to make sure that 1) the return is properly completed and 2) you aren't missing something such as some relief that's available or some rules that are less than clear. We are chartered management accountants and Chiara is also qualified through ATT, a specialist tax qualification. For any highly complex tax issues, we obtain advice for you from tax specialists to make sure you get the best advice possible.

We prepare Self Assessments for most of our limited company director clients around south Manchester (M33 Sale area and WA14 Altrincham) and clients nationally. We also look after sole traders and partnership clients who have different requirements. Additionally, we have some clients with higher incomes, investment or rental income who ask for help with their annual returns.

We plan and work hard to complete Self Assessments as early as possible. Leaving Self Assessments to January is an exception and we try to avoid that as it's better to complete early so you have clear sight of your tax liability well in advance. Sometimes the requirement for an additional 'Payment on Account', which can arise when your tax liability is more than £1,000 and you have to start paying the next year's tax in two instalments (January and July) can be a surprise so it's always best to complete early so you can plan well ahead.

We use accountancy practice management software to track the status of all our clients' tax returns so that deadlines do not get missed. This cloud software also provides a client portal so that you have access to all your previous returns with us, and we can share documents with each other safely. We also complete the approval digitally so you review online and electronically sign and approve your return. There should be no paper returns any more thank goodness!

We work with most clients on a subscription model - you pay a monthly fee for the various services you need, but if this is the only service we provide to you, you could also pay the Self Assessment annually.

If you are a business owner or you need a Self Assessment tax return for any other reason and you are looking for some expert help then please get in touch for a chat. There is no obligation and no hard sell (accountants are generally not the most salesy people) so we'd be happy to discuss and see if we'd be a good choice for you.

Please book a no-obligation chat or get in touch with us through WhatsApp or email to see how we can help you.
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