Self-Assessment Tax Returns for Businesses
The end of the tax year can be a hectic time for businesses. We take some of that stress away, with our efficient and cost-effective service for handling your self-assessment tax returns.
Stress-free Self-Assessment Tax Returns
When you file a self-assessment tax return, you need to ensure your records and details are up to date and handled correctly so you pay the correct amount of tax, national insurance, recording expenses and receive the right deductions. Whether you’re a sole trader, in a partnership, or are a director of a limited company, or have untaxed income such as rental income, dividends, or interest payments, you will need to complete a self-assessment tax return.
We offer a simple service for handling your tax returns. This includes reviewing your records, creating the tax return, and liaising with HMRC. By leaving your self-assessment tax returns to us, you can make the end-of-year business rush a little less hectic, freeing up your time for more productive endeavours.
You need to submit a tax return if you are:
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Self-employed
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A sole trader
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In a partnership
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A director
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A CIS subcontractor
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Receiving rental income
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Receiving income from investments
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Receiving foreign income
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Receiving £150k+ in taxable income
It’s completely refreshing to work with the team at Savage Accountancy. At our initial meeting, Leon and his team took time to understand our business model and began to apply their expertise to it immediately. They’re quick, responsive, and proactive. Highly recommended!
A Streamlined Service for Self-Assessment Tax Returns
With our experience in handling self-assessment tax returns for individuals belonging to businesses small and large, across the UK, we have the necessary expertise to complete your returns quickly and accurately. You can relax knowing we’ll get everything in order taking away the stress from HMRC deadlines and requirements.
We also offer a range of other services including payroll, VAT, and bookkeeping, all matching the scale of your organisation. We’re here to help you grow through quality accounting services you can rely on.
Self-Assessment Tax Return FAQs
How much can I earn before doing a self-assessment tax return?
If you are a self-employed as a sole trader, you will need to submit a self-assessment tax return if you earn over £1,000 before tax relief deductibles. Otherwise, there are many other criteria that could mean you need to submit a tax return. In terms of income, these include:
- Having a taxable income of over £150k
- Paying Capital Gains Tax
- Receiving income from:
- Rent
- Tips
- Commissions
- Savings
- Investments
- Dividends
- Foreign sources
Does HMRC automatically refund overpaid tax self-assessment?
HMRC refunds overpaid taxes on self-assessments, but this isn’t always automated. Sometimes, you will need to go through a refund application process. Working with a reputable accountant like Savage Accountancy streamlines this by leaving the returns process up to us.
We take your records and create accurate income and expenditure accounts which we process into your self-assessment tax return. After you’ve reviewed and approved the documents, we submit them to HMRC on your behalf and handle any subsequent transactions and returns.
What records do you have to keep for a self-assessment tax return?
To help us accurately process your self-assessment tax return, you will need records of:
- Income
- Expenses
- VAT records (if applicable)
- PAYE records (if applicable)
- Grants (if applicable)
These records help to paint an accurate picture of your financial situation, helping to determine how much you owe or are owed.
Do you need an accountant for a self-assessment tax return?
If you are self-employed, run your business, or have income from sources other than employment, you are legally obligated to complete a self-assessment tax return. You can complete this yourself, but you may find it to be a complex, painstaking, and stressful process – especially when you’re also continuing your normal operations. An accountant like Savage Accountancy offers in-depth knowledge into the process, as well as acting as a helping hand, ensuring your tax return is completed on time and to the highest standards.
Begin Your Journey to Better Business Accounting
Whatever the scale of your organisation, we have the resources and expertise needed to take your business accounting to the next level. Get in touch today to get started.
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