File your Self-Assessment tax return online in the UK.
Self-assessment tax returns
The UK is one of those countries with several tax codes to comply with while preparing UK tax returns. So, even when you prepare the upfront tax returns, things may get complicated. The taxpayer must be aware of their tax obligation and tax deadlines.
Before getting started with SATR, everything you must know.
Self-employed in the UK? If yes, then you have a legal obligation to submit UK tax returns to HMRC for every year of self-employment. Even if you have paid income tax as PAYE, you still have to file a UK tax return to declare other income sources and claim a refund.
Who needs to file self-assessment tax returns?
Filing a SATR to complete UK tax returns is not limited only to self-employed individuals. Here is a list of reasons that may legally require you to file a UK self-assessment tax returns:
- Receipt of any form of rental income (even with losses).
- Any overseas income taxable in the UK.
- Holding a Company director position.
- Total annual income from all sources exceeds £100,000.
- Incurred employment expenses excess of £ 2,500 and are eligible for “allowable” employment expenses.
- Receipt of substantial investment income exceeds £10,000 annually.
- Earnings more than £50,000 and you or your spouse claims Child benefit.
- Partner in partnership business.
Filing SATR on time is very important or else you may attract HMRC penalties for missing tax deadlines. Seeking professional help can reduce tax return stress. Unlike other accounting firms, we file UK tax returns at £8 per hour of service.
Tax Deadlines for Self-assessment tax returns
If you submit a paper tax return, then the deadline for submitting a SATR is 31st October following the tax return. And if you are filing SATR online, the deadline is 31st January following the tax return.
What document do you need to file a Self- Assessment tax return?
To file a SATR, you need the following documents:
- Form P45, if not working for an employer during the tax year.
- Form P11D, for ‘benefits in kind’ for example, a company car.
- Form P60, exhibit your tax paid.
- Record of redundancy payments and tax benefit scheme.
- Income such as untaxed tips, incentive payments, or benefits such as meal vouchers.
While filing a Self- assessment tax return may look like a simple process. But when you start your filing you must have vivid answers to the following questions.
- What is your employment status? Can you choose whether to be self-employed or employed?
- How do you know if you are employed or self-employed?
- What are the penalties for missing tax deadlines?
- Do you need a UTR number for filing SATR?
- How to register for self-assessment tax?
C’mon, you don’t need to waste your valuable time in finding answers when Meru Accounting has got all the answers for you!!
Self- assessment Tax Returns with Meru Accounting
At Meru Accounting, we have qualified tax professionals certified in the best accounting software such as MYOB, QuickBooks, etc. We assist you in all paperwork for filing your annual returns. With us no worries of deadlines, penalties, costly mistakes, and missed opportunities. We charge only £ 8 per hour of service.
At Meru Accounting we help our clients in:
- Completing tax returns.
- Tax Calculations.
- Online tax return filings.
- Liaising with you regarding payment of tax dues.
We analyze your SATR returns to look out for tax savings and review them for any king of anomalies before submission of return. Thus, we make sure to minimize the HM Revenue and Custom inquiry into our client’s tax affairs.
To know more contact us now.
