There are many reasons why an individual is required to fill in a Self Assessment tax return. The principal reason is down to any additional income received from recurrent activities carried out by an individual, which has not been taxed. These activities include, but are not limited to;
- Being self-employed
- Being a partner within a partnership
- Being a director of a company
- If you have large amounts of savings or investment income
- If you let land or buildings
- If you have income over £50,000 and are receiving Child Benefits
HMRC will not advise you on how to effectively manage and reduce your income tax, which could mean you are paying too much tax and in certain circumstances are owed tax.
At Accountorium we will carefully analyse your situation and ensure that you are claiming all eligible tax reliefs by calculating the amount payable. We will also submit the tax return on your behalf, helping you minimise the risk of penalties and enquiries carried out by HMRC.
It can be quite challenging to be aware of what can pose as a tax liability whilst considering what factors are needed to be considered before submitting your tax return, which is why Accountorium can help you overcome these challenges.