Self Assessment Tax Return

What should you know!
What HDH Accountants can help with

Self Assessment Tax Return

Self Assessment Tax Returns (SATR’s) are a necessary document which is required to be submitted to HMRC on an annual basis if you are in receipt of income which is not categorised by PAYE.

SATR’s are fairly complicated and require detailed information in order to be completed and submitted compliantly. If these aren’t submitted on time or correctly it can be quite a stressful and costly time as HMRC impose multiple fines.

With updates to tax allowances and legislation each year it is always better to get professional advice to see what incentives and allowances you are eligible for to reduce your tax liability each year.

We provide a complete personal tax service for sole traders, partnerships, directors of limited companies and private individuals.

If you are unsure if you are required to complete a self assessment tax return or what information should be submitted then please contact us today.

Self Assessment Legislation

Ensuring your SATR is correct is the keystone to the overall health of your tax affairs. Legislation changes annually (and sometimes more often) and the penalties for failure to file on time or accurately can be severe. Enquires are also expensive, time consuming and stressful. We will work with you to ensure these potential issues are avoided.

  • Automatic penalties apply for both late filing and late payment. For late filings up to 3 months late, a £100 fine will be charged, which can be increased if no filing is made after 3 months. Interest on underpaid tax will also be charged

How We Can Support Your Self Assessment

  • Let us check if you need to submit a SATR and if so what income do you need to record?
  • We will help you compile all of the supporting documentation and avoid submission errors
  • We will prepare and complete each relevant section of your tax return
  • Calculate your tax liability so you know how much you need to pay to HMRC and where to pay
  • Complete and file your SATR so that you can sit back and relax
  • We will guide you through proper record keeping so that your next SATR will be stress free
  • We will point out any tax saving opportunities which you are eligible for
  • We will communicate with HMRC on your behalf and keep you up to date when necessary

 

Self Assessment Tax Return Additional information

Do I Need To File?

If you're a sole trader, in partnership, a landlord or director of a limited company, or have investment income, you are required to file an annual self assessment tax return to HMRC. 

Do I Need To File?

If you're a sole trader, in partnership, a landlord or director of a limited company, or have investment income, you are required to file an annual self assessment tax return to HMRC. 

Tax Refund

HMRC may over tax you if you have overpaid. In general, allow 4 weeks from the date of submission to be refunded to your bank account. To ensure any refund is issued promptly and directly to your bank account, it is important to include your nominated bank details on your self assessment tax return in the relevant section

Tax Refund

HMRC may overtax you if you have overpaid. In general, allow 4 weeks from the date of submission to be refunded to your bank account. To ensure any refund is issued promptly and directly to your bank account, it is important to include your nominated bank details on your self-assessment tax return in the relevant section.

For any help or advice please contact us:

Get in touch today to discuss your Self Assessment Tax Refund

At HDH Accountants we use technology to make the completion of your self assessment tax return as easy as possible. We will prepare the return for your approval, which will then be filed with HMRC.

For any additional information on: 

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Just fill out the contact form with a short message about what your query is and one of our experts will get in touch with you. 

Take advantage of our FREE 1 hour consultation for any additional services that you’d like to take advantage of today. 

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