Self Assessment is a system HM Revenue & Customs (HMRC) uses to collect Income Tax.
Tax is deducted automatically from wages and pensions but if you have any of the following income you must report it in your self assessment tax return;
- Money from renting out a property
- Tips and commissions
- Income from savings, investments and dividends
- Foreign income
You must send a self assessment tax return if you were self employed as a ‘sole-trader’ and earned more than £1,000 or if you were a partner in a business partnership.
We can spare you the headache of self assessment with our comprehensive service, including;
- Provide you with a list of what needs to be included in your tax return
- Calculate your tax liability
- File your tax return with the HMRC
- Advise you when tax payments are due
- Give you tips and ideas on how to save tax
- Deal with any queries and investigations raised by the HMRC