Get the advice and support you need
With the ever-increasing tax legislation, preparing even a comparatively straight forward self-assessment can be a bit daunting. Our experienced team can help.
Not everyone needs to file a self-assessment. Generally, only individuals who have income which is not taxed at source will need to file a return. Typically, these would include: a director, a partner in a partnership, someone who has rental income above a certain level or someone with high levels of investment or savings income. A return must be filed by 31 Jan and there are substantial penalties for filing or paying late. Payments on account may also be required and if so then these are due twice a year i.e. 31 Jan in the tax year and 31 Jul after the tax year.
Things to Consider
Some self-assessments can be relatively straight-forward but care is required here as mistakes are easily made e.g. expense deductions or pension relief not claimed, child benefit not repaid or a pensions annual charge overlooked. Payments on account need to be checked and paid over on time i.e. 31 Jan & 31 July. Self-assessments can become more complex where there is overseas income, issues regarding domicile, residence or split year treatment or capital asset disposals. Therefore, for all but the most straight-forward returns we would always suggest seeking professional advice. It might be the case that some guidance is all that is required.
Boxwood have been our accountants for a number of years and provide us with advice and support for our year-end Statutory Accounts and Corporation Tax Return. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.
John at Bentley Consultancy Services Ltd
How We Can Help
Regardless of whether you have a question relating to a relatively straight-forward personal tax matter or something much more complex, the friendly and experienced team at Boxwood will be able to assist. We will be happy to chat though your circumstances and help you decide on the best approach for you. We can prepare and file your return and help make all relevant claims as required. The experienced team will always be available if you have any questions and we will always agree a fixed fee with our clients prior to any work being carried out.