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Collection of tax by Self Assessment

Finsol Tax Advisors are an innovative group of tax Accountants in Stanmore. We are a professional firm who offering accountancy services to both business and individuals in Stanmore.

Collection of tax by Self Assessment: You have to pay tax direct to HMRC through the system of Self Assessment where the full amount you owe was not, or could not be, paid by deduction at source. For example, this will happen with:

  • Profits from self-employment
  • Rental income from property
  • Interest received gross, for example, on National Savings investments accounts
  • Income from overseas
  • Employment-related benefits in kind

Child Benefit where a member of the household has taxable income of over £50,000. For more information, see Child Benefit and tax if you have a high income.

The Self Assessment process:

If you have to pay tax through Self Assessment because, for example, you are self-employed, then you must fill in an annual tax return. HMRC will calculate your tax bill based on the figures in your tax return. You can also work out the amount of tax due yourself if you want to.

We offer a wide range of accounting and tax services for companies and individuals. So contact us to know more information regarding any of our services!

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