Self Assessment Tax Returns

Welcome to AML Accountancy Solutions, your trusted partner in providing comprehensive Self Assessment Returns services. Our specialised offerings are designed to empower individuals with accurate tax filings, peace of mind, and regulatory compliance.

Explore what Self Assessment Returns entail, their importance, the benefits they offer, the deadlines to be aware of, how our expert accountants can guide you, and how you can initiate a journey towards hassle-free tax compliance with us.

Understanding Self Assessment Returns and Their Importance

Self Assessment is the process in which individuals and directors assess and report their income, gains, and any applicable deductions (to calculate their tax liability) to HM Revenue and Customs (HMRC). Self-assessment is required if you have income with is not taxed at source.

Recognising the importance of Self Assessment Returns is vital because:

• Personal Tax Liability: Filing accurate returns ensures you pay the correct amount of tax based on your income and circumstances.
• Regulatory Compliance: Proper filings keep you in line with tax regulations, preventing potential fines or penalties.

Knowing when to register for self assessment is the first step of the process

If you are self-employed, a company director, a partner in a business, or if you receive income from sources such as rental property or investments, you will be required to complete a self-assessment return.

• Self Employed: If you are self-employed or a partner in a business, you must register for self-assessment as soon as you start trading.
• Company Directors: If you are a director of a company, you should register for self-assessment if you receive any income that is not taxed at the source, such as dividends, or if you receive a salary but are also paid expenses or benefits not included in your payslip

Important Deadlines for Self Assessment Returns:

• Register for Self Assessment: By 5th October of the tax year.
• Online Submission: By 31st January following the end of the tax year.
• Payment: Along with the online submission, by 31st January following the end of the tax year.
• Payments on Accounts: 50% along with the online submission, with the remaining 50% by 31 July of the same year

Example

If your tax liability amounts to £2,000 for the 20/21 tax year and assuming no prior year payments on account have been made, you would need to make the following payments to HMRC

31 January 2022 - £2,000 - Tax due for the 20/21 tax year

31 January 2022 - £1,000 - First payment on account towards 21/22 tax year

31 July 2022 - £1,000 - Second payment on account towards 21/22 tax year

The Benefits of Self Assessment Returns with AML Accountancy Solutions

1. Accurate Tax Filings: Our services ensure you submit accurate returns, minimising the risk of errors or discrepancies.
2. Deadline Adherence: Filing on time helps you avoid late filing penalties and ensures compliance with tax regulations.
3. Tax Optimisation: Expert guidance helps identify legitimate deductions, optimising your tax position and minimising liabilities.
4. Peace of Mind: Accurate filings provide peace of mind, knowing your taxes are in order and compliant.

How AML Accountancy Solutions Can Assist You with Self Assessment Returns

Our adept team at AML Accountancy Solutions is dedicated to simplifying Self Assessment Returns for individuals.

We pride ourselves on the value we can offer and we are very proud to say we are yet to engage with a client where we have not at least saved them our fees in their overall tax liability.

Here's how we can assist you:

• Accurate Calculation: We meticulously gather your financial information to calculate accurate tax liabilities.
• Deadline Management: We ensure you meet filing deadlines, avoiding potential penalties.
• Tax Optimisation: Benefit from our insights into legitimate deductions, optimising your tax position.
• Compliance: Our experts navigate tax regulations, ensuring your filings adhere to legal requirements.

Making tax Digital for Income Tax and Self Assessment (MTDITSA)

Making Tax Digital for income tax and self-assessment or MTDITSA is a new system being phased in by HMRC. MTD will require most businesses and individuals to keep digital accounting records and submit their tax returns online using MTD-compatible software. The aim is to make tax reporting more efficient and to reduce errors.

Under HMRCs current plan no longer will you submit one annual return, instead they plan to synchronise with the VAT system in that individuals will be required to fill are turn each quarter with a 5^th return due to finalise the position. Sign up to our newsletter to keep up to date with current and future changes.

Contact Us to Simplify Your Self Assessment Returns

Ready to streamline your tax compliance and achieve peace of mind? Schedule your consultation with AML Accountancy Solutions today. Our dedicated team is eager to collaborate with you, helping you navigate Self Assessment Returns and achieve hassle-free tax compliance.

Contact us now to embark on a journey towards accurate and stress-free tax filing. Your financial well-being is our priority, and we're here to support you every step of the way.