We’re into December now, which is a time that many non-clients of our accountants London dread. No, we’re not talking about Christmas present shopping and beating the scrum for the Boxing Day sales, but instead the obligatory Self Assessment tax return, for which the online submission deadline is 31st January. Freelancer Accounting (http://www.freelanceraccounting.com) gives you access to well-qualified tax and accounting experts who can assist you with your return.
It is, though, very helpful to have some pointers as to the basic Self Assessment process, even before you get in touch with us – and irrespective of whether you are a company director, a sole trader business such as a plasterer or plumber, or even an employee who pays tax at a higher rate. Once you’re familiar with the basic steps, you might then wish to contact our contractor accountants for the most recent tax advice and the peace of mind of knowing that such an important tax return has been completed correctly in readiness for submission. Our Self Assessment tax return services are available at a competitive fixed price.
Prior to registration, you will naturally need to determine whether it is necessary for you to submit a Self Assessment tax return at all. But presuming that you’re a freelancer, the short answer to that question is “yes”, as this type of tax return is generally applicable for anyone whose income is not taxed “at source”. For this year’s submission deadline, you should have registered by 5th October, with penalties to pay for those who missed it. In return for registering, you will get a Unique Taxpayer Reference Number (or UTR Number) and will not need to register again each year.
On-time and accurate Self Assessment is so important, which is why our accountants for freelancers would always urge you to properly organise your financial records – as tedious as this may seem – in order to avoid headaches further down the line. Timing is also obviously important, with conventional wisdom dictating that you should not leave your Self Assessment tax return until the day of the deadline. By submitting earlier, you’ll know your amount of owed tax earlier, so you’ll be able to plan ahead all the sooner. A failure to submit your return on time means an instant £100 fine, which can easily increase if you continue to delay.
The good news is that if you have prepared well, the actual final completion of the Self Assessment tax submission form shouldn’t be that arduous. It should simply be a case of logging into HMRC Online services with your username and password before working your way through the form with your records to hand. But if you are still in doubt about anything, feel free to contact the small business accountants here at Freelancer Accounting (http://www.freelanceraccounting.com) for prompt, professional and informed advice.