Self Assessment

The UK’s self assessment tax regime requires taxpayers to calculate and pay their own tax liability within set deadlines. It can apply to company directors, business partners and the self-employed, but also to anyone in employment who receives untaxed income from other sources - property or the sale of assets, for example. 

Given the complexity of calculations, and background of fines and penalties for non-compliance, the support of a qualified professional is invaluable. Handpicked Accountants can quickly recommend fully-qualified accountants with proven track records of reliability and technical know-how.

We have longstanding professional relationships with accountants around the country, so what can our handpicked accountants help you with? Here are some of the self assessment areas they will cover:

• Appeals

A qualified accountant understands the reasons behind the imposition of penalties and fines, and how you should respond. When you need to appeal a tax decision or late filing/payment penalty, having professional support increases your chances of a favourable outcome, and provides insight into how HMRC works.

• Key dates and deadlines 

Missing an important tax deadline can lead to penalties and fines, so it is crucial to stay ahead of your self assessment obligations. With the demands of a busy life, however, these administrative responsibilities can feel particularly burdensome.

• Accountants and costs

Finding a good accountant to help with your self assessment tax return can be difficult without a reliable recommendation. Accountancy costs and services vary greatly, and it is easy to assume the person you hire is competent. When mistakes are made, however, it is you who is held responsible by HMRC, not your accountant, so you need to find someone you can trust.  

• Fines and late payment penalties

Fines and late payment penalties are very common, and can trigger unwanted attention from HMRC. Being able to choose a dependable, qualified accountant in your area will help you avoid HMRC sanctions now, and in the future.

• Capital gains

When you sell an asset, you may incur a capital gains tax charge on any profit made. Calculating whether you are liable for capital gains tax is complex, however, but doing so accurately is vital to ensure you meet your full tax liability.

• Income from property

The different tax rules for property income mean that extra care is needed when completing your tax return if you are a landlord, or own property abroad. A qualified accountant will be aware of any legislative changes in this respect that could affect the figures included in your tax return, or the methods of calculation.

• Expenses

Our handpicked accountants will help you with any expense-related issue - whether you are eligible for the simplified expenses system, for example, how much you can claim for a vehicle, or which work from home allowances are available. 

• Dividends

A high potential for error exists when calculating dividend income, and the amount of tax due. This is partly due to the change in dividend tax rules introduced in 2016.  

The recommendations provided by Handpicked Accountants removes the uncertainty of finding an accountant you can trust. Rely on our knowledge and extensive practical experience of working with each referral, to relieve the stress of self assessment and make sure you comply with all HMRC requirements.