3 Hill StreetRedcarNorth YorkshireTS10 1BU

Accountancy Services in Redcar

Phone Number: 07855 326 609

SELF ASSESSMENT & TAX RETURNS

When you are a company director or self-employed, it is often difficult to arrange and organise your taxes if you are unsure of the correct procedures. Our team, here at {company_name}, work with you and your account to ensure the right amount of tax comes out of your income. 

Our services also apply to those who gain extra income from other properties and previous investments. You must make sure that your taxes are all in line to avoid further charges as it is a crime not to follow the regulations. Our team are always on hand to offer professional advice. We will help you decide which route you need to take to sort our businesses tax situation out properly and legally.

If you fit into the following categories then you may need to return a self-assessment tax form:

  • Self-employedI
  • ncome of over £100,000
  • Extra income from savings, investments and properties
  • If you are claiming expenses or tax reliefs
  • If you pay capital gains tax
  • If you are a company director

If you find that your circumstances do match with these criteria’s, then you will need our assistance to move forward with the correct procedures. We make it our priority to fill out your self-assessment tax form so that you do not have to take time out of your day to do so.

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LET’S WORK WITH YOU

Do you need help with Self Assessment & Tax Returns? We work alongside your company, offering an unparalleled service to you in terms of providing self-assessment or tax return advice.

Our team work around Redcar, Middlesbrough and North Yorkshire, and offer professional advice to all our clients. We will help you decide which route you need to take to sort our businesses tax situation out properly and legally.

We work with you and your account to ensure that the right amount of tax is going out. Call 07855 326 609 today.

What is Self Assessment? 

A self-assessment is basically a form that you must fill out correctly and accurately, and it is an official Government tax return form. You must report your exact earnings, and where each of your earnings come from. You must also state any allowances you may have that reduce your tax deductions.

This is all the taxpayer’s responsibility, whereas this wasn’t the case in previous self-assessments. The taxpayer must work out how much tax they need to pay and report it to HMRC at the end of the year. They must also make the owed tax payments and ensure they are correct.  

What Does the Form Look Like?

You can either choose to complete the online self-assessment form or the paper-based form. On this form, you will be required to accurately share your details from all of your earnings and incomes. This includes your employment and any dividends or invoices. You must also include any allowances you may have that reduce your tax payments.

However, based on yourself and your current circumstance, you may have to fill out more than one form. These include the UK property form, the self-employment form, the capital gains summary form, the tax calculation summary form, the partnership form, and many others too. 

How to Make A tax Return

To make a tax return, the first thing you need to do is register for the self-assessment tax return. You will be given a form, which must be filled out correctly and accurately. If you require any help with this, it is important to get in touch with a professional.

You also must make sure that you pay the bill before the stated deadline. Here at Penny & Pounds, we provide expert and professional advice and guidance for all our clients, and we have years of experience in the industry. We are always here to help you with your tax returns. 

What are the penalties? 

The penalties will depend on what you have done wrong. However, usually, the penalties are given due to being late filing the forms. A £100 penalty is given straight after the due date of the form, even if the actual tax amount has been paid, or no tax was due. 

The later you are with the form, the higher the penalties will be. For example, if you are three months late, you will be charged £10 every day, up to £900. If you are over six months late, then you will be charged £300 or 5% of your due tax.   

Should I use an accountant for my tax return?

It is definitely the best idea to hire an accountant for your tax return, as they will help you ensure everything is correct and accurate. They can also advise you if you have any problems along the way. Hiring an accountant will also speed the process up, saving you more time.

In the long run, you could be saving more money hiring an accountant, as this will help you to avoid any penalties for false details or late forms. If you would like to speak to us about our tax returns services, then please get in touch with us today.   

What Paperwork Does my Accountant need? 

Accountants will need all of your business expenses and incomes so that they can work out the profit of your business. The documents required will pretty much remain the same at the end of every tax year. If you have any further questions, please get in touch with us, here at Penny & Pounds today!

Here is a list of the main documents that accountants require:


Finance Agreements


Loan Statements


Payroll Records


Stock Value


Petty Cash Records


Cheque Book


Bank Statements


Purchase recipts and invoices


Sales income records


credit Card Statements


other Expenditure


any purchased assets or equipment


Any sold or scrapped assests


vat Returns


Mileage records


Dividends

Self Assessment Accountants Near Me

If you need help with your tax returns, contact our self assessment accountants to discuss your requirements. We work with businesses throughout Redcar, Middlesbrough And North Yorkshire. Call 07855 326 609 today.

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