Self Assessment was introduced by HMRC many decades ago, and the fundamental point is that Tax payers who have been issued a Tax return are required to self declare their income and expenditure to the Tax office. This puts all of the responsibility on you to make sure the figures that are being declared are correct, and you have full knowledge of Tax law and legislation.
All individuals running their business through a sole trader, partnership or company will be required to file an annual self-assessment Tax return covering the Tax year (which starts on 6th April and ends 5th April the next year).
Whilst HMRC have tried to simply various areas in the last few years, we still find that Tax payers are confused about what can be claimed and what can’t. We also find that individuals aren’t aware of numerous allowances such as:
- Opening trade loss relief claims
- Use of home as office allowance
- Mileage allowances
- Marriage allowances
- Capital allowances
Unless you have full appreciation of how the Tax law works, you can never be sure that you are claiming the full entitlements.
Fortunately at GA Cooper Accountants, we are focused upon assessing your personal circumstances for specific Tax advantages that can be legally exploited.
What information do I need to prepare my Self Assessment Tax Return?
Whilst preparing a Tax return is relatively straight forward, it does rely on sources of information that may take a little more work to compile. Common sources of income and expenditure would include:
- Copies of P60s and P45s from employers
- Copies of form P11d from employers if benefits have been received
- Details of dividends received
- Taxable government benefits, such as Jobseekers Allowance
- Sole trader earnings – typically requiring the preparation of accounts
- Partnership earnings, similar to sole trader earnings
- Details of property rental income
- Details of pension receipts
- Details of pension contributions
- And much more…
Our motto at GA Cooper is “The more information the merrier”
Meaning that with full details of your income and expenditure, we can develop the best strategy to legally minimise your Tax and National Insurance liabilities.
With Tax return preparation services starting from just £95, you can have your Tax return professionally compiled with the reassurance that your Tax return has been compiled by Tax experts.