You may be asking yourself “why would I need to file a self-assessment?” you may also be saying to yourself “I need to file my self-assessment return!” Whatever the case, we’ve got you covered; so let’s break it down for you in any event. There are a number of reasons why you may be required to file a self-assessment. You could be a landlord and receiving rental income, in which case you will need to report the income and expenditure on an annual self-assessment to HMRC. If you are a director of a limited company, you’ll need to report your earnings on a self-assessment tax return. If you have invested shares in a company, this may also be a reason why you need to file a return.
One of the most common reasons to file a self-assessment is to declare sole trader profits. If you are an unincorporated body in trade, you will need to report your earnings annually on your tax return.
Let us handle everything for you and take the weight off your shoulders. If you are a newbie, we can get you registered for self-assessment, consult on how you should be operating your sole trader business including which expenses are deductible, and ensure you remain HMRC compliant by making sure your tax returns are filed on time, with full guidance on when and how to pay HMRC.
If this game isn’t new to you, and you need to file your yearly return with trusted accountants, get in touch and we’ll ensure your tax return is filed promptly. You may be under a strict deadline to get your tax return submitted – the need for an SA302, or proof of earnings statement. Just let us know and we will make sure your deadline is met.