Self-Assessment Tax Services in Southall
What is Self-Assessment
Self-Assessment is a tax system used by HMRC to collect income tax, in the UK. Taxes are usually automatically deducted from wages, pensions and savings. Individuals and businesses with other income (including COVID-19 grants and support payments) must report this on their tax returns. Report your taxable income and your income for a tax year to HMRC by completing a self-assessment tax return. Part of the process is working and paying what you owe. If you are late filing your tax return and you were charged late penalties, but the tool warns you not to complete the tax return for that year, ask HMRC to cancel the mandatory return.
How We can Help You
Completing an annual tax return for self-assessment is serious work. A tax return is more than a list of sources of income and calculations of tax owed. It is HMRC’s window to your tax affairs and also provides the opportunity to get in touch with HMRC and mitigate the risk of future claims or obligations.
Not filing your tax return on time means not only fines, but also an increased risk of HMRC investigations. Taxes must also be calculated correctly and paid on time. Otherwise, interest and penalties will be imposed and HMRC’s aggression with tax collection will increase. Accurate presentation is the key. Advantax Accountants can help you prepare your perfect self-assessment returns.