Self assessment tax returns and what you need to know
Looking to complete your self assessment tax return Cornwall but don’t know where to start or simply don’t have time to do your self-assessment, our friendly accountancy service can help. We can complete and submit your tax return making sure you can claim all the allowable expenses that you are able to. Avoid costly mistakes and let us do the work for you.
Who needs to submit a self assessment?
You will normally need to submit a tax return if you are; self-employed, the director of a company taking dividends, a landlord, CIS, employed but incur expenses related to your job or if you earn over £50,000 but still claim child benefit.
The tax life-cycle
If you have registered for self-assessment HMRC will notify you not long after the end of the fiscal tax year if you need to complete a self-assessment tax return, the tax year runs 6th April – 5th April of the following year. If you are not sure how to register or if you have please click here.
- A sole trader is responsible for making sure that their self-assessment is correct and submitted on time as well as any taxes due paid on time.
- You have until 31st January of the following year to submit and pay your tax return.
- If you are late HMRC will issue fines which starts at £100 penalty immediately after the cut off date.
What will you need to give to us
You need to have details of payments made for business expenses e.g. receipts and invoices as well as bank and credit card statements. We will also need to know of all the sales that you have made and income from your business that you have received. You will also need to give us details of shares, interest, dividends, gift aid payments and personal pension plan certificates as well as any other taxable income.
We can discuss whether it would be beneficial to transfer the marriage allowance to your partner or keep it as it is.
Please remember that ultimately it is you, who signs off the tax return therefore we ask that all information is as accurate.
If you are looking for an accountant in Cornwall to assist in preparing and submitting your tax return please contact us to see how we can help. We offer a friendly reliable service and are always happy to help with any queries that you may have.