Finsol Tax Advisors is a professional firm of Accountants Uxbridge offering accounts, taxation and business advisory and support services to a wide range of businesses and individuals.
Self Assessment Tax: It is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
If you get an email or letter from HM Revenue and Customs (HMRC) telling you to send a return, you must send it – even if you don’t have any tax to pay.
If you used to send a tax return but don’t need to send one for the last tax year, you can contact HMRC to close your Self Assessment account.
You must also tell HMRC if you’ve stopped being self-employed.
Claiming tax relief
Fill in a tax return to claim money back from HMRC for:
• Donations to charity
• Private pension contributions as a higher or additional rate taxpayer, or if your scheme isn’t set up for automatic tax relief
• Work expenses over £2,500 – if they’re less and you don’t need to send a return for any other reason, contact the helpline instead
Registering for Self Assessment
You need to register if you didn’t send a tax return last year. How you do this depends on whether:
• You’re self-employed
• You need to send a return for another reason
If you’re new to Self Assessment, you’ll need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly.
Our accountants have a fully knowledge and they are experts in their field. We provide you the friendly and correct advice so if you want any kind of service contact us today!