Self Assessment Accountants | Accountants for Tax Returns

Self Assessment tax returns have to be completed by anyone who is self-employed, a company director or a partner in a business partnership, as well as anyone earning income from property and a variety of other income streams untaxed at source. Self Assessment returns also need to be completed by higher earners, even if they are taxed under PAYE.

There are no restrictions on completing a Self Assessment return yourself, but the potential risk in doing so is that it is not filled in correctly or missed opportunities to claim on available reliefs and expenses. By using a professional firm of accountants such as Perrys, you wouldn’t have to wrestle with your tax return yourself, and spend your valuable time doing so. Our expert accountants can make sure you avoid paying too much tax, and that your returns are completed accurately and on time.

We handle tax filing for clients in London and Kent including self-employed individuals, company directors and property investors.

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Why choose Perrys for self assessment tax returns?

We are expert Self Assessment accountants

Our expertise in all matters of taxation includes self assessment returns, and includes limiting tax liabilities through relevant allowances and expense claims.

We provide advice tailored to each individual client

Whatever the source of your income, we take an individual approach to each client, including sole traders, company directors, business partners or private individuals.

We dedicate a senior member of our team to you

We always ensure you have a senior member of the Perrys team looking after your interests. We never leave you in the hands of junior or inexperienced staff.

We deliver an exceptional as standard service

Every member of our team is committed to being open and approachable, and to upholding the Perrys ethos of being ‘exceptional as standard’ and making a real difference for every client.

Who do we help?

Self Assessment for company directors

Aside from their responsibilities for company tax reporting, directors also have to provide full details of their income through Self Assessment for personal taxation. Directors’ incomes can be based on a variety of income streams including salary, dividends and benefits in kind, each of which need to be provided to HMRC through self assessment returns. Our expert team can provide directors with full guidance on completing self assessment returns with maximum tax efficiency.

Self Assessment for partners in business partnerships

Partnerships have to be registered with HMRC for Self Assessment by the nominated partner in a business partnership. It is important to remember that unlike a limited company, partnerships are not taxed, but the partners are. There is a requirement to declare each partners share of the partnership profits (or losses) on a self assessment tax return.

Self Assessment for income from property

Rental income from property has to be reported on your Self Assessment return if it is:

between £2,500 to £9,999 after allowable expenses
£10,000 or more before allowable expense

The initial £1,000 of property income is entitled to a £1,000 property allowance that may not be known to all, that can be applied rather than relevant expenditure. This would of course be of benefit if rental costs are below this threshold.
Please note that rental income from property that is between £1,000 and £2,500 will still be subject to income tax.
It is also relevant to highlight that anyone selling property other than their main residence may also have to pay Capital Gains Tax. We offer comprehensive accounting advice for landlords and on buy-to-let, and can help you to optimise your tax position on income from property.
See more about tax returns for buy-to-let property and landlords.

Self Assessment for savers and investors

If you receive more than £10,000 a year from savings, investments and dividends from shares held, your income is required to be declared on your Self Assessment return. Income from savings falls into your personal allowance and is taxed at your marginal rate, once you exceed your savings allowance of £500 for higher rate tax payers and £1,000 for basic rate tax payers. Tax on dividends fall into a range of bands. We ensure your returns and allowances are properly reported.

Self Assessment for high earners

While most employed people do not need to complete a Self Assessment return, if you are in employment and earn over £150,000 you are required to do so.

Self Assessment if you sell online

Many people now use online trading sites such as Amazon, eBay and Etsy as platforms to sell goods. From a self assessment point of view, you need to know what sales you have to declare and what you do not.

The key question is whether you are running a business online. If you are selling unwanted items occasionally, there is probably no need to declare the income from them. But if you are buying goods in order to sell at a profit, or if you are selling frequently or regularly online, HMRC are more likely to determine that you are running a business and that your income from this trade needs to be declared on a self assessment return.

For advice on tax on online sales, contact our experts, and find out more about our accountancy services for ecommerce and Amazon sellers.

Who needs to file a self assessment tax return?

It is essential that you understand whether or not you need to complete a SA tax return. Our tax experts at Perrys can confirm whether or not you need to do so, and will provide all the help you need. The government has a helpful online guide.

Most taxpayers are in employment, and their income tax is paid through deductions at source through the PAYE (pay as you earn) scheme. If you are not covered by PAYE, or if you receive income above certain thresholds outside of your employment you are likely to be required to complete a self assessment return.

Victoria has looked after the tax affairs of my consultancy for 20 years. Throughout that time, her work has consistently met high standards of accuracy and presentation.

Don Brand

Steve makes me feel that I am his only client, perhaps I am?

Lionel Becker

Further issues for Self Assessment

Self Assessment returns also involve other detailed considerations as diverse as child benefit payments, foreign income, living abroad while you receive a UK income and underpayments from previous years.

Class 2 and Class 4 National insurance also falls under Self Assessment, for self employed individuals and these rates vary compared to individuals employed within PAYE.

Another consideration when preparing a self assessment return are payments on account, which requires two advance payments on account due by 31st January and 31st July based on projected earnings for the tax year. This occurs when the expected, uncollected tax liability for the year is to be in excess of £1,000.

Any outstanding tax liability for the period needs to be paid by 31st January following the tax year, along with potentially the first payment on account for the subsequent tax year, followed by a second payment on account due by 31 July.

Payments on account can involve overpayment or underpayment, and our guidance can help to ensure that you pay no more or no less than is required.

What software can I use for self assessment

A range of software is available which will help with the record keeping of data to assist with the preparation of your self assessment return, including Quickbooks and Xero.

Can you amend a self assessment tax return?

Yes, you can amend your online tax return within 12 months of the submission date (31st January). You can make an amendment outside of this window, but it will be more complicated. To amend your self assessment within 12 months, simply log into your HMRC tax account and edit the tax year that requires amendments.

What documents do I need for a self assessment tax return?

Before starting a tax return, you will need:

Your Unique Taxpayer Reference number
Your National Insurance Number
Records of your untaxed income from this tax year
Records of any business-expenses (if self employed)
A P60 or other record showing how much income tax you have already paid
Records of any contributions to charity or other things that make you eligible for tax relief

Get help from Perrys’ expert accountants

At Perrys Accountants, our team has extensive knowledge of UK tax laws and how best to handle them. Whilst you can submit tax returns independently, we recommend consulting an expert so that you never have to worry about doing things incorrectly.

For expert advice on self assessment tax returns, please contact Perrys Chartered Accountants now for a consultation.