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Do I Need A Self-Assessment Tax Return?
Despite the majority of pay income being taxed through the PAYE system, any income not taxed at source must be reported in Self-Assessment returns. The minimum amount of untaxed annual income required for self-assessment filing is £1,000. You might be shocked to learn that while the HMRC thinks the Self-Assessment Returns have been made as simple as possible, this is where most people make mistakes. Furthermore, these errors cost a lot of money!
Before beginning any self-employment work, you must acquire a Unique Tax Reference Number. We can assist you in applying for a UTR (Unique Tax Reference Number) At Xplus London Limited, we make sure that you receive tax return guidance in South London that will enable you to submit accurate and on-time returns.
Understanding Income Tax
We can assist you in understanding your specific personal income tax status, including which incomes are subject to taxation and which expenses can be written off against taxable income. We take care of all of your paperwork for annual returns when you use our self-assessment tax return service. We ensure there are no costly errors, missed opportunities, or incorrect calculations so you won’t have to worry about deadlines.
The first step might be to obtain a general understanding of how your various sources of income are taxed as well as the various deductions and reliefs that can be applied to them. One of the main things to do is to familiarise yourself with the types of deductions you can be qualified for, ensuring that you mention them to your tax advisor and make the most of them.
Before structuring or entering any transaction, it is always a very good idea to consult with your accountant or tax expert to see if there is a way to handle it that might save you the most money in taxes.
Making Personal Tax Easier
Each year, thousands of Brits miss the tax filing deadline and must pay the associated fines. Additionally, a lot of people are being pulled for mistakes or for failing to submit accurate or complete accounting records. All of this can result in people having a major headache every year when it comes time to fill out and submit their self-assessment tax returns.
Thankfully, we are here to assist you in avoiding this yearly ordeal by offering you a thorough and effective self-assessment service. We have experience with self-assessment tax filings, so you may focus on managing and expanding your company instead. Contact us right now for more information about how much easier your life will be thanks to our thorough service.
Who Is Self Assessment For?
Self-assessment is appropriate for:
Independent contractors, including business partners.
People whose tax situations are more complicated, such as those who pay higher ratesof tax
Seniors with more complicated tax situations
People in the UK who receive rent or other forms of income from real estate
Individuals whose income is either improperly or not at all taxedThe majority of us find self-evaluation to be a complicated, frequently confused, and challenging process. For the majority of people, it can also take a lot of time to properly prepare the accounts, compile the necessary documents, and maintain the necessary records to satisfy HMRC’s standards.
Contact Us Today
How much tax you pay depends on a variety of things, including your income, your self-employed status and any savings income you may have. For a clear explanation of what you will have to pay, contact our team today and we will be happy to help and advise in any way we can.