Imagine having stress-free taxes, clear pricing that doesn’t leave you guessing, and a trusted team that understands you. Well, with Guildford Accounting, you don’t have to imagine.
We’re offering a full Self-Assessment tax return service that is friendly, direct and jargon-free.
Whether you’re a one-person band or part of a small business navigating your way to success, we’re here to make the tax journey smooth sailing.
Welcome to Guildford Accounting, accountants for Self-Assessment tax returns
Are you looking for someone to take the tax burden off your shoulders? Then look no further than Guildford Accounting.
We are a dedicated team of Self-Assessment accountants here to help make your life easier. With over 30 years of post-qualification experience behind us, we are in the best place to help small and growing businesses, self-employed individuals and everyone in between get their tax affairs in order.
Whether you’re looking for support with a specific tax situation or the full accountancy package, our team will ensure you get the results you need.
Get in touch with an expert today and start your journey towards financial success.
What is a Self-Assessment tax return?
A Self-Assessment tax return is a form you fill out to declare your income and capital gains to HMRC. It determines how much tax you owe or how much will be refunded for the tax year.
Who needs to file a Self-Assessment tax return?
Generally, if you are a sole trader or self-employed and make a profit, then you will be expected to pay tax on your income, much like how employees pay tax through their salary.
Since employees pay tax directly through their salary, they don’t have to worry about working out the numbers. Working for yourself, on the other hand, means filing a yearly tax return to ensure HMRC is notified and you pay the correct amount of tax.
Unsure whether you need to file a Self-Assessment return? There are various reasons why you might need to, including if:
- you are a self-employed sole trader with annual profits of over £1,000;
- you are a partner in a business partnership;
- your total taxable income is over £100,000;
- you receive £2,500 or more in untaxed income, such as renting out property;
- you receive £10,000 or more in savings or investments.
If any of these sound like you, then get in touch, and we can help you with your tax liabilities. HMRC also has a helpful online tool to help determine whether you need to file a Self-Assessment return.
When should you do a Self-Assessment tax return?
When it comes to your finances, timing is everything. For online Self-Assessment returns, the deadline is 31 January, following the end of the tax year.
To reduce the risk of a hefty fine or financial stress, you should submit your Self-Assessment tax return long before this deadline.
At Guildford Accounting, we are committed to ensuring you don’t pay the consequences of a late tax return. With a mix of accounting expertise, experience and the latest cloud accounting software, we implement a robust tax strategy that means no late payments.
What is the fine for a late Self-Assessment tax return?
While we make every effort to ensure you don’t experience the consequences of a late tax return, it’s important to be aware of the impact. Missing the January deadline results in an automatic fine of £100. You will also start accruing interest on late payments from 1 February.
We understand that managing your own financial affairs can be challenging – especially while running a business. To help take some of the weight off your shoulders, we are helping you with our personal tax returns service.
Our Self-Assessment tax return service
Make your finances as tax-efficient as possible with the help of our skilled accountants at Guildford Accounting. We’ll take care of everything from calculating your tax liability and meeting demanding deadlines to providing expert advice on tax relief and other smart strategies to help you optimise your income.
Let us take care of the headache that is Self-Assessment. Here’s how we help:
- Maximising your income: We’ll help you claim tax relief and deduct relevant allowances so you are left with more money in your pocket.
- Keeping you compliant: Our proactive approach means your tax returns are always accurate and timely, giving you peace of mind.
- Reducing your admin burden: We handle the paperwork and admin so you don’t have to, giving you more time to focus on other important business tasks.
- Saving you valuable time: With our experts taking care of your taxes, you’ll gain back more valuable time to spend growing your business or taking a well-deserved break!
- Giving you clarity: With transparent pricing and accessible support, we’re always just a message or phone call away, ready to answer any questions you may have.
Choose Guildford Accounting as your Self-Assessment tax accountant
In the tricky world of taxes, every decision can make a huge impact. We understand the daily struggles of managing finances alongside building a thriving enterprise, which is why we are here to help.
At Guildford Accounting, we are helping sole traders, self-employed individuals, and landlords save time, money and stress with our Self-Assessment tax return services. With decades of experience, we have the expertise to ensure accurate, on-time filing while saving you money on your tax bill.
Our commitment to clarity, efficiency, and personalised support means we’re not just managing your tax returns but also shaping your financial future. Contact us today for professional tax management.
If you are looking for more information to help you understand how Self-Assessment tax returns work, please look at some of our frequently asked questions below.
How many years of Self-Assessment tax returns should I keep?
Generally, you’ll be required to keep your Self-Assessment records for at least 5 years after the submission deadline (31 January) in the relevant tax year. This ensures you have the relevant documents to refer back to if needed.
What is the difference between Self-Assessment and tax return?
Self-Assessment refers to the system used by HMRC to collect tax from self-employed individuals. Whereas a tax return is the actual form that is submitted to detail the amount of tax owed.
How often should you do a Self-Assessment tax return?
If you work for yourself, then you are expected to file annual Self-Assessment tax returns to HMRC and pay the relevant amount of tax due. The deadline is 31 January for online returns and 31 October for paper returns.
How long does it take for HMRC to process a Self-Assessment tax return?
The amount of time it takes HMRC to process a Self-Assessment return varies depending on whether you submitted it online or via post. Online returns tend to have a faster turnaround, while paper returns can take much longer.