SELF-ASSESSMENT TAX RETURN WITH MID-YEAR DISCOUNT

The Self Assessment Tax Return for the 2023/24 tax year must be prepared and submitted to HMRC by  31 January 2025.

This is also the deadline for any tax payments due.

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The last deadline for
the tax return:

Who needs to file a Self-Assessment Tax Return?

In the UK, individuals may need to prepare a Self-Assessment Tax Return (SATR) for several reasons as prescribed by HMRC:

  • Sole Trader with an income over £1,000 - If you have earned more than £1,000 from self-employment during the tax year.
  • Company Director - This typically applies to directors of companies, except for those who are directors of non-profit organizations and do not receive any pay or benefits, like a director’s loan.
  • Dividend Income - If you have dividend income from shares in a company, particularly significant amounts that need tax adjustments beyond the basic rate.
  • Property Rental Income - Earning over £1,000 from renting out property.
  • Foreign Income - If you have income from abroad, whether you live in the UK or are a non-resident with UK income.
  • Income over £100,000 - Higher income levels have additional tax considerations and require a detailed declaration.
  • Child Benefit - If you or your partner earn over £50,000 and one of you is claiming Child Benefit, a High-Income Child Benefit Charge may apply.
  • Tax Owed from Previous Years - If you have unpaid taxes from previous years.
  • HMRC Notification (Notice to file a Tax Return) - Receiving a specific notice from HMRC requires you to file a tax return to avoid penalties.

These are common triggers for needing to complete a Self-Assessment Tax Return. If any of these situations apply to you, it's important to meet the deadlines to avoid any fines.

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What needs to be submitted?

In addition to personal information, the following information will be required to prepare the tax return:

  • All income affecting the tax year. The tax return is a complete personal income tax declaration, so all income, even if already taxed, must be reported. These incomes are added together to calculate the current tax liability. The tax paid during the year reduces the final tax liability.
  • Income statements: P45/P60 forms from employers, CIS deduction statements for construction industry subcontractors, and income-expenditure summaries for self-employed business profits.
  • ID and address verification as required by the 2017 Anti-Money Laundering regulations.
  • If income-expenditure summaries are not available, all invoices and receipts are needed, and in this case, we can also prepare full accounting for a separate fee.
  • If you need help with deductible expenses and preparing the income-expenditure summary, please contact us to arrange a consultation.

Why is it Worth Having a Tax Return Prepared by an Accountant?

  • Expertise and Time-Saving: You don't need to search for tax laws yourself to determine what is deductible and what isn't, or how to report different types of income. An accounting firm already has years of experience in this area.
  • Clarity of Tax Language: The technical jargon can be challenging even for those familiar with the subject, significantly extending the preparation time. Accountants can interpret and navigate these complexities efficiently.
  • Provision of References: In the UK, references are required for Self-Employed individuals when they rent or purchase property or apply for a loan, typically provided by accountants. If you plan any of these in the future, it's worth thinking ahead.
  • Accuracy and Trustworthiness: Statistics show that tax returns prepared by accounting firms are error-free, which makes them more reliable in the eyes of HMRC.
  • Deductible Expense: The fee for an accountant-prepared tax return is itself a deductible expense.

Conclusion

While anyone can prepare their own tax return via the HMRC website, an accounting firm offers many advantages. Consider this option to save time, avoid errors, and gain access to valuable references that will support your financial plans in the future.

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What happens after the documents are submitted?

We prepare your tax return and send it to you for review along with the tax calculations. The prepared tax return can always be corrected or modified if there are any discrepancies, and only the final, checked return will be submitted to HMRC. You are always responsible for the accuracy of the tax return before the tax office, regardless of who prepared it, but we strive to provide all the necessary assistance to ensure you understand exactly what needs to be submitted to the authorities.

Once the approved, verified return is submitted online to the tax office, we will send you the submission reference number. If you have a tax liability, it must be settled by 31 January 2025, and we provide the options for making this payment.

TAX RETURNS PRICES FOR INDIVIDUALS AND SELF-EMPLOYED PERSONS

TR-1TR-2TR-3TR-4TR-5TR-6
TAX RETURN PREPARATIONXXXXXX
GUIDE TO PREPARING YOUR RETURNXXXXX
INCOME VERIFICATION IF NEEDEDXXXX
FULL ACCOUNTING AND TAX RETURN FOR 0-50 INVOICESXXX
FULL ACCOUNTING AND TAX RETURN FOR 51-150 INVOICESXX
FULL ACCOUNTING AND TAX RETURN FOR 151-200 INVOICESX
FULL ACCOUNTING AND TAX RETURN OVER 200 INVOICESX
FOR MATERIALS SUBMITTED AND PAYMENTS MADE BY 31 JULY 2024, 50% DISCOUNT£100£150£170£260£370
FOR MATERIALS SUBMITTED AND PAYMENTS MADE BY 30 NOVEMBER 2024, A 25% DISCOUNT£150£180£205£310£430
FOR MATERIALS SUBMITTED AND PAYMENTS MADE AFTER 30 NOVEMBER 2024£200£240£270£365£490£650
 

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