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At BusinessWise Accountants, we speak your language with a team of qualified professionals offering expert accountancy services in over 20 languages.
Self-Assessment Tax Services
If you are employed, your employer is responsible for paying your PAYE tax, National Insurance, and pension payments. However, if you are self employed and work for yourself, an annual tax return must be submitted to HMRC detailing your income and expenses, reaching your tax liability and National Insurance payments. We at Businesswise Accountants specialise in self assessment tax returns and serve you with the best expert skills and knowledge.
Who Needs to Submit a Self-Assessment Return
You generally need to file a self assessment return if you are self employed, a company director, a landlord, earn untaxed income, or have higher-income tax obligations. We assess your circumstances and make sure you register and file correctly, avoiding penalties for missed returns.
What is a Self-Assessment Tax Return
A self assessment tax return is the system HMRC uses to collect income tax from individuals whose tax is not automatically deducted at source. It records your annual income, gains and allowable expenses to calculate exactly how much tax and National Insurance you owe.
Allowable Expenses
As a self employed individual, your business will have numerous types of costs over time. All costs that are allowable can be deducted from total revenue to reach the taxable income. Any expense incurred for business purposes is allowable, so careful and delicate treatment of your expenses is necessary to minimise your tax liability and stay compliant.
Payment on Account & Tax Bill
Payment of Tax Bill
Methods of Payment
Self assessment tax bills can be paid through most contemporary payment methods, including direct debit, online transfer, at your bank, cheque, and online or phone transfer. If you only have a few days left to pay, online transfer is the best option compared to cheque payment.
Payment on Account
Advance Tax Payments
Payments on account are advance payments towards your next bill. If your tax liability is more than £1000, you must make advance payments towards next year. The first is in January and the second in July, based on last year’s bill; any outstanding amount should be paid before 31 January. If you expect lower liability, you can ask HMRC to reduce them.
Payment on Account & Tax Bill
Join us for Free Consultation
Whether you’re looking to optimize your tax strategy, streamline your bookkeeping, or navigate complex financial regulations, our team of experienced professionals is here to guide you every step of the way. Book your free consultation today and take the first step toward financial clarity and success!