Self Assessment
SELF-ASSESSMENT
If you are self-employed or a Company Director then you need to complete a Self Assessment Income Tax return each year. We understand that even a straightforward tax return can seem daunting, and that a more complicated one can keep you up at night!
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That’s where we come in. Anyone can file a tax return online using the right software, but the benefit of having a qualified accountant file your Self Assessment Tax Return is that you can be sure that you’re paying the correct amount of tax.
We take the time to look at your business and personal circumstances as a whole and work hard to make sure that all expenses and deductions (including Accountancy fees) are claimed.
Using Xero already? Whether you’re a Sole Trader or operating via a Limited Company, we’ll complete your annual accounts and file your Self Assessment for you.
Who needs to complete an annual Self-Assessment Tax Return?
There are various reasons for needing to complete a self-assessment
tax return with HMRC. Some examples include rental income, savings and investment income, self-employment income, directors of limited companies, and employees with gross income over £100,000.
When is a tax return due?
The tax year runs from 6 April to 5 April and the return is due for payment and submission by the following 31st January. For example the period to 5 April 2019 will have a submission and payment due date with HMRC of 31st January 2020.
What is the advantage of using a qualified accountant to complete my tax return?
There are two main roles an accountant fulfils when acting for a client with their tax affairs. The first one is to ensure everything has been prepared correctly so that they are compliant, and the second is to review any potential tax savings that may be available.
Are the time frames the same for everyone?
Yes, you will need to complete your tax return by 31st January following the tax year, regardless of the reason for registering for self-assessment.
What is KMR Excel's costs for completing the tax return on my behalf?
For sole traders, we charge £149; if you are the director of a limited company then our fee is £199. These fees are in addition to any of our monthly packages.