You should complete a self-assessment income tax return if you are in business, either as a sole trader person or sometimes as a company director. Simple planning and the right advice can make completing your income tax return relatively painless.
OUR SELF ASSESSMENT RETURN SERVICES PROCEDURE
INITIAL CONTACT WITH US
- Contact VTAX Accountants and Tax Advisors at 0271018999 or book an initial appointment online at [email protected]vtaxaccountants.com
- Negotiate a customized package with VTAX Accountants And Tax Advisors in London or the UK wide a by choosing services of your choice. View our Services
- We begin by asking you about all of your income sources including those taxed at source and untaxed Income
- We ask you to provide all evidence documents. HMRC requires you to keep a Six years record after 31st January submission of returns of a relevant year.
- We carry out an extensive documentation audit for you to see if you have your P45, P60 and P11D at hand; completed and submitted.
- As part of our tax filing service we may ask you for records of Taxed Award Schemes, redundancy payments, untaxed tips, incentive payments or any benefits vouchers like free meal.
- Based on all of the above, we create your tax profile for you.
- We help you determine which costs you can claim as allowable expenses. The criteria can differ for a sole-trader, partnership or a company.
- For expenses that have both personal and business use, we do necessary apportioning as per HMRC guidelines.
- If you work from home, we can help you claim a percentage of your household bills as allowable expenses.
- We can also determine if ‘cash basis’ accounting and ‘simplified expense’ scheme is an option for you or not, and whether it will optimize your tax bill if you choose them
CALCULATING THE TAX BILL
- Once we have established all incomes and expenses, we make a diligent calculation of your tax bill.
- We are self-assessment accountant that work closely with its clients. Therefore, we will share all such calculations with you before we actually file them for you.
- We take our clients’ input very seriously. Rest assured your suggestions, queries and opinions will be taken care of.
FILING SELF ASSESSMENT RETURNS:
- As your tax return accountant, we file your returns online on your behalf with your Unique Taxpayer Reference.
- Usually, we complete a Self-Assessment Return within 5 days until and unless unusual circumstances or complications arise. The earlier you book a self-assessment returns services with us, the less you will pay.
- Once the Self-Assessment Returns are filed, HMRC will inform you of any tax still due or any rebate due.
- The HMRC may take up to 8-10 weeks to sort out refunds in simple cases. Complex cases will take longer time. You may expect communication from HMRC accordingly.