All individuals and partnerships have to submit a Self Assessment Return to the Inland Revenue by 31 January to avoid a fine.
Limited Companies have to submit a Self-Assessment return within 9 months of their year end.
The regime is full of penalties and HMRC inquiry powers are extensive. It is important that:
- Returns are correctly completed
- They are filed on time
- All back up records are kept
- An individual’s Self-Assessment return is over 10 pages long and with supplementary information can often be much more
We at TTAK remove the burden of completion of Self Assessment Returns from our clients
Our service also includes :
- Calculating overall Income Tax and Capital Gains Tax liabilities and advising on due dates of payment
- Reducing payments on account for the following year if appropriate
- Negotiating with the Collector of Taxes for time to pay if necessary
- Dealing with all correspondence from HMRC
- We take away all the worry associated with completion of Self Assessment Returns
In addition,we do not just look at returns in isolation but we view the information to see where we can offer tax advice in order to reduce individuals and partnership’s tax liabilities.