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.

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.