Self Assessment accountant
When you first become self employed you will have many questions to ask. The one least likely to be at the top of the list will be “do I need to register for self assessment ? “ View below Self Assessment accountant information
Yet it is one of the most important question to ask and more importantly to understand what it means and what is required from us as a self employed person..
Self assessment could be the one that causes you the most headache and if you are nor careful can cost you financial hardship by having to pay late filing penalty fees.
There is no obligation to employ an accountant to complete and file the return , you can do it yourself but for the sake of a small fee, is it really worth it ? Financially you will be better off earning your own income from
your own trade and saving the amount of time to the small cost you will be spending.
We charge 50% less than most high street accountants who normally charge between £300 to £350 , we charge £100 to £150.
As a self assessment accountant , let’s take a look at exactly what it is. I have broken it down in the following categories explained in more details below.
- What is a self assessment
- Do I have to register and how
- Do I have to file a self assessment and when
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What is a self assessment ?
A self assessment or sometimes referred to as SA100 , is HMRC’s way of finding out how much income tax you need to pay. The form will require you to state your income and capital gains for the relevant tax year. The current tax return 2019 covers the period 6 April 2018 to 5 April 2019.
Employees, working full time or part time, have their income tax deducted automatically at source from their employment income. They are usually not required to get involved with self assessment.
The self employed worker will raise an invoice to get paid. No tax gets deducted so the only way the self employed person can pay his or hers correct share of tax is to compete and submit a self assessment.
Do I need to register ?
Yes, when you first become self employed, you are required to contact HMTC to register..
A self employed person is required to register for self assessment, file an annual return and pay all income tax and national insurance on all taxable income.
When ? as soon as you become self employed you should contact HMRC.The very latest is by 5 October after the tax year during which you became self employed.
To register, make sure you have your national insurance to hand.
The procedure is to get onto HMRC online service at the government gateway.
Use the service to enrol for self assessment. HMRC will send you your UTR (unique tax reference) activation code in the post .Expect to receive within 5 working days.
Go back to the government gateway and activate your UTR number with the activation code received.
Do I have to file a self assessment and when ?
Yes , all self employed workers and directors of companies are required to file a self assessment.
As a general rule, anyone who receives income that is not taxed at source needs to complete a self assessment.
The first step is to register before you can file an assessment.
It is the only way HMRC can calculate the amount tax you owe.
You are responsible to declare that the information you give on the tax return and any supplementary pages is correct and complete to the best of your knowledge. You then have to sign the declaration, but before you do, you are warned that you may have to pay financial penalties and face prosecution if you give false information.
By 31st January after the end of the tax year it applies to
Yes the process of filing online is easy but you have to be organised and have all the information ready to hand to insert on to the forms.
Yes but for the sake of a small fee once a year it is better to let a professional firm to it.
To avoid errors , omissions and other inaccuracies.
To complete and submit the late tax return without any further delay because the penalty continues to accrue. It start at £100 and then a daily rate of £10 kicks in.
To complete a tax return will cost £100 to £150 depending on the number of entries to include on the tax return. Most accountants will charge £300 to £350 for the same work..
