The UK Self Assessment tax deadline is coming up on 31 January 2017. Never fear though, 1st Contact Accounting can make this process quick and easy.
What is Self Assessment?
Employers usually deduct tax from employees’ wages, pensions and savings automatically by means of PAYE. However, if you’re self-employed, or a director of a company, and live in the UK you must submit a Self Assessment tax return.
Completing and filing this return is time consuming and should be done well in advance to avoid penalties and unnecessary stress. To avoid the frustration of navigating UK tax codes, and wasting hours on the phone to HMRC, we recommend using experienced tax consultants like us.
Who needs to complete a Self Assessment?
The following is a list of some of the individuals who are required to complete a Self Assessment:
- Self-employed individuals
- Company directors
- Those who earn £100,000 a year or more
- Individuals who receive taxable income from abroad while living in the UK
- Trustees of registered pension schemes or trusts
- Those who received £2,500 or more in untaxed income – including renting out a property or earning interest on investments or savings
The full list of who needs to complete self assessment tax returns can be found here.
How 1st Contact Accounting can help you
A great way of making sure your Self Assessment is always done correctly and on time is to hire a tax adviser.
Ensuring clients complete their Self Assessment is just one service we offer our registered clients. With our expertise and experience, our clients rest easy knowing their tax affairs will be dealt with efficiently.
This year, the average waiting time for getting through to HMRC was 47 minutes, with some tax payers reporting waits of up to four hours. As the Self Assessment deadline nears, you can expect the staff at HMRC to come under increasing pressure due to the surge in the number of queries. This will make it even harder for tax payers to get their submissions in on time.