Prepare and submit your UK Self Assessment Tax return

Posted by Vijay Shah on January 28th, 2020

While working as a business owner, self-employed or a director of company, self-assessment tax returns are not everyone’s idea of fun and it's very easy to make mistakes that can be costly.

Self-assessment is the system used by HMRC, UK’s government to collect tax from sole trader, freelancer, sole trader, individuals and businesses with means of income, via an online or paper tax return.

Common reasons that will require you to prepare for a self-assessment are as mentioned below:

• You had taxable income more than £100k
• You or your partners taxable income was over £50k and Child Benefit was claimed
• You were a director of company
• You were self employed
• You lived abroad but had a source of income in the UK
• Made a gain on the sale of shares, second property or other chargeable assets

If you are working as a self-employed, directors of a company or you are receiving any other non-taxed income, it is mandatory to file self-assessment tax return to HMRC at the end of year. Filling self-assessment tax return is not an easy task. It’s a task which often fills people with dread, and needs careful attention. FinacBooks can help you with self-assessment tax return services:

• Complete your tax return
• File the return online
• Calculate your tax liability
• Liaise with you on the amounts to be paid and when they are due

FinacBooks is a group of accountants and tax advisors with specialist of business advisors. FinacBooks help to wide range of clients from various industries included from small business, sole-trader, contractor and freelancer, self-employed private clients to large businesses based in the UK. Our accountants believes in providing practical advice and compliance support in all areas of taxation, auto-enrollment, self-assessment tax return services to directors of a company, self-employed or sole trader.