Each year over 8 million individuals are required to complete a self assessment tax return, of these 8 million over 900,000 file after the deadline of 31 January. Failure to meet this deadline results in punitive fines from HMRC.
In the majority of cases of delayed returns it is simple because the taxpayer does not realise that they have to complete a self assessment tax return. Just because you have a job and are taxed at source through the PAYE scheme you are not exempt from completing a self assessment return.
The following are a few examples of what would trigger the requirement to complete a self assessment return.
- Income from Land or Property (buy to let, holiday let, renting out a second home)
- Income from a pension and a salary
- If you become a 40% income tax payer and have savings income
- If you are a Company Director
We can take the pain out of self assessment, we have the processes in place to deal with large volumes of self assessment returns and by using these processes and transferring most of the data online we are able to provide this service at an exceptionally competitive cost. For more detailed information and access to our instant online quote tools please see our Personal Taxation Website at:
Individual self Assessment Tax Returns, and Landlord Tax Returns, prepared and filed online start from as low as £75, indeed over 90% of our tax returns cost less than £100.