HMRC have many reasons why Individual Tax Returns are required. These returns can be confusing and you could run the risk or paying too much tax or receive fines for submitting it late. Basically ‘Self-Assessment’ means it is down to the individual to ensure that their Tax Affairs are correct.
If you are any one of the following you will also need to submit a Tax Return:
- Company Director
- Sole Trader / Self-Employed
- Partner in a Partnership
- You have land or a property that is currently being let
- You have large amounts of savings or untaxed saving
- You have Investment Income
- You have sold or given away any assets
- You’ve lived or worked abroad and aren’t domiciled in the UK
- Your household receives Child Benefit and you have an income in excess of £50,000
- Annual income of more than £100,000
Angel Accounting will prepare and submit your Tax Return to HMRC and will minimise your tax bill as much as possible making you more tax efficient.
No matter how close you have left thinking about your return to the January 31st deadline, Angel Accounting will always accommodate you. Previous years have seen clients dropping their paperwork into the office on the deadline day and we have still submitted this on time (and we have even still managed a smile.)