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The annual Self Assessment Tax Return (SATR) is something that many business owners and sole traders understandably put off until the last minute. After all, the forms can be confusing and time consuming, and there are usually many other demands on your time. But failing to complete and file your tax return by the deadline can result in costly penalties.
At SAS Yorkshire Accountants, we’re here to lift the burden from your shoulders. Our experts are experienced in tax matters of all kinds, and can calculate your liability and submit your return in good time, ensuring you avoid repercussions.
We can calculate and file your return from just £199.
If you’re employed and pay tax via PAYE, you won’t need to submit a Self Assessment Tax Return. Many people, however, receive income that isn’t taxed at source, and therefore need to complete their SATR on an annual basis.
Those who must file a Self Assessment include people who:
Most people who are required to complete a Self Assessment do so online. The deadline for submission is 31 January after the end of the tax year you’re filing for. If you’re filling in your return for the 2022/23 tax year, it will need to be filed by 31 January 2024. This is when the tax bill is also due.
Those who owe less than £3,000 and want HMRC to collect the money by adjusting their tax code for the following year must submit a paper return by 31 October or an online return by 30 December. If you do not file your Self Assessment on time, you will automatically incur a late fee of £100. The amount increases the longer you delay.
Payment for your annual tax return is typically required on 31 January. Some taxpayers must also make a ‘payment on account’ on 31 July each tax year. This contributes to their Self Assessment bill for the following year.
You can be charged a penalty for late payment of your tax bill. This is calculated according to the amount of unpaid tax on the due date.
Depending on the reason you’re filing a SATR, you may be able to make savings. For example, those working from home can claim tax relief on some of their household bills. This can be done with either a flat rate or by calculating the respective running costs of your business and home.
Higher rate and additional rate taxpayers can also claim relief on their charitable donations, while married couples can benefit from being able to transfer some of their personal allowance to their spouse.
If you want to find out how you can reduce your tax bill, SAS Yorkshire Accountants can help. We can identify opportunities for you to make tax savings, meaning you have more money in your pocket for the things that are important to you. Whether you’re a sole trader or have a rental property, we’ll ensure you’re not paying more tax than necessary.
Here at SAS Yorkshire Accountants, our experts are qualified to handle your tax return on your behalf. Not only can we offer advice and support that is tailored to your situation, but we will also calculate and complete your Self Assessment, leaving you free to dedicate your time to other tasks.
As part of our service, we’ll identify any areas where you can save, and resolve any anomalies that may be present. That means HMRC will receive accurate information and that there will be no need for enquiries.
As a leading accountant in Yorkshire, we are fully compliant with Making tax Digital, and will use the necessary software to ensure your tax return is filed in accordance with HMRC guidelines.
Engaging us to do your SATR is simple. First, contact us to discuss your situation, then we’ll gather all the information required to complete the tax return. We’ll also determine if there are claims you can make to reduce your tax liabilities. Once you’ve confirmed everything, we’ll file your return online and let you know how much tax is owed.
In order to complete your Self Assessment Tax Return, we’ll need to know what your total income was for the relevant tax year, and if you received any additional employment benefits. These might include a company car, interest-free loans or health insurance.
We’ll also need details of any income you’ve received from property, as well as any associated expenditure, such as buildings insurance and maintenance fees. Our team will chat to you about any further income from sources such as savings or dividends too.
We recommend that you keep a record of all your income and expenses as a matter of course, so that there’s no need to hunt for the information we require or make calculations last-minute.
If you suspect you may not be able to pay your tax bill, you’ll need to contact HMRC. You may be able to spread your payments over several months. Alternatively, if you owe less than £3,000, you can choose to have HMRC collect your tax from your income in the following tax year using an adjusted tax code.
If you have overpaid your tax, you’ll get a refund plus interest. Our team will inform you if you are due a rebate.