Self Assessment Accounting

If you are one of the 7 million or more UK taxpayers who are required to complete a self-assessed tax return each year, So this page can provide you some help in completing this interesting task. The UK tax year runs from 6 April to 5 April each year and requires anyone who completes a self assessment accounting return.He has to disclose all his taxable income for this period.

Most UK taxpayers have tax collected at source through the Pay as You Earn scheme, Under which employers run a payroll plan that deducts the correct amount of tax and national insurance every month. The employer is then legally obliged to pay this amount to HMRC every month or every three months depending on their size.

This is the easiest and most efficient way to deposit tax; it only works though when the taxpayers have full time employment and the tax payable through this employment is recovered. PAYE schemes do not collect tax payable on income from other sources or can. This is where self-assessment Accounting return Tax Return is required; it consists of one main tax return and 11 subsections to cover every occurrence of income. Which can be received and taxes are payable. Below are the most common reasons why a taxpayer would be required to file self assessment accounting tax return

• Their income from land or property exceeds £2,500
• They are a company director or if you are self-employed
• They have income from pension and salary
• They are 40% income tax payers and have savings income
• They receive income from investments that are not taxed at source
• They receive income from foreign sources
• their income is subject to capital gains tax

There are also several reliefs that can be claimed and re-included in the tax return. It is possible to collect all the data required and submit your tax return although it is not the easiest way to do things it has the advantage of being free.

Another way to get this annual job out of the way is to outsource it to a specialist. When it comes to self-assessed tax returns, these specialists are often fully qualified accountants who choose to deal with individual tax matters rather than general accounting. They can provide excellent value for money compared to traditional high street accountants who charge up to 4 times the amount of an online specialist.

The tax return accountant will probably provide you with a year-end checklist to make sure you don't miss out on anything important. And also making sure you claim all the perks you are entitled to, can be very helpful if you are a landlord and have property income because it is a specialist area and not everyone who has bought to give income, nor does it seek to gain knowledge of what is and is not acceptable against rental income.

Once all income is disclosed on the return, the tax return account will calculate the amount of tax payable, discuss the return with the customer and will submit the return online on your behalf. Online returns must be submitted by January 31, following the end of the tax year to which they pertain.

Online tax return accountants provide value for money and take the stress out of annual tax returns. Enter a search term on your favorite search engine and see what a difference a little professional help can make.

My account filing specializes in providing a self-assessed accounting service to purchase landlords and individual tax payers required to complete self-assessed tax returns,