Self Assessment Accountant
Whether you are a Sole Trader, Self Employed or simply need someone to file your Self Assessment, we can help.
Courtier and Courtier provide preparation and submission of your Self Assessment Tax Returns.
Whether your'e an individual, Self Employed, a Sub Contractor, Landlord or a Director of a Ltd Company whos looking for an accountant near you, we offer a very affordable Tax Return preparation and submission service starting from just £99.
There are a number of reasons why you may need a personal tax accountant, you may be a sole trader, self employed partnership, a sub contractor, landlord or simply a director of a ltd company who needs to declare dividends.
As a result, you may require an Accountant who is able to prepare your self assessment acurately, whilst is also able to take advantage of the many tax allowances available to you, in order to make sure you pay the right amount of tax.
Income from a business operated by someone who is self employed needs to be declared via Self Assessment each year. Unlike someone who is paid by an employer, known as P.A.Y.E.
We calculate your turnover, deduct allowable expenses, as well as any capital allowances available, to obtain your tax position.
Once your tax position is established, we will provide you with amounts, dates they become due, as well as references needed to make payment.
In some situtations you may have tax deducted before you receive payment, this is known as CIS deductions better known as Construction Industry Scheme.
This only applies to businesses and individuals who operate as Sub Contractors. In these cases, after calculating the tax due, we offset the tax already stopped.
It is not uncommon for a sub contractor to receive tax refunds each year, because unlike other self employed businesses, tax deductions do not take in to account your Personal Allowance.
There are special rules when calculating profits and tax due for Landlords who own properties. Since 2017, mortgage interest payments have been phased out from being an allowable deduction to profits.
Instead this is now used as something called "Restricted Finance Relief", which in laymans terms means, 20% of the mortgage interest payments are used to reduce your basic rate tax.
Self Assessment Deadline
Self-Assessment filing deadlines are 31st October by paper, or 31st January for online, each year.
How is Self Employed Taxes Calculated
Tax is due by 31st January of each year and sometimes by 31st July also.
If your overall tax is more than £1000, HMRC also add something called "Half Estimates on Account".
These are payments towards your following years tax bill, and are based on the assumption that you will have similar profits.
As a result, if its your first year of trading, you may find your tax bill is double because of this, however the following year, you should only have balancing payments and the new years half estimates becoming due.
Balancing payments occur when the half estimates on account that you have paid, don't quite total the actual tax due.
These balancing payments can increase if your profit rises each year, or similarly, decrease if your profit reduces.
So it makes sense to seek an accountant who can accurately calculate your tax!
On accepting our services we will:
- Gather all information necessary in order to complete your Self-Assessment.
- Take in to account all forms of income, and allowable expenses.
- Ensure all correct pages are completed.
- Advise on the best methods to reduce your tax bill.
- Give a detailed analysis of tax due and when to pay.
- And our fees are tax deductable!
Capital Gains Tax
Capital Gains Tax is the tax you pay on profit arising from the sale of an asset.
The sale of a let property is the most common asset in which capital gains tax becomes due.
There are many ways in which you can reduce the amount of capital gains tax you pay. We can advise on the best methods to reduce your tax.
So why not contact us today to discuss your self assessment tax return filing requirements and whether we can become your personal tax accountant.
In this world nothing can be said to be certain, except death and taxes. -- Benjamin Franklin