Self Assessment

The immense number of UK tax codes can make preparing even the most straightforward self-assessment tax return complicated, not to mention time consuming. There are numerous deadlines and responsibilities taxpayers need to consider.

You are likely to need to file a return if:

• Your taxable income was over £100,000
• You have savings over the HMRC allowance
• You receive untaxed income not collected through a PAYE tax code
• You own land or property that is being let
• You are a director receiving income from a UK company
• You are self-employed or operating as a partner of a partnership or LLP
• You have income from overseas
• You lived abroad and had a UK income
• You are a trustee or Minister of religion
• You or your partner receive child benefit and your income is over £50,000

If you’re self-employed or a pensioner, you may also need to file a self-assessment tax return depending on circumstances.

Taxpayers have a legal obligation to notify HMRC of tax chargeability and failure to do so results in an immediate £100 fine. HMRC do not advise you on how to organise your financial affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult a tax specialist.

CP Tax has a team of chartered tax advisors who are specifically trained, highly experienced, and on hand to help you and your business. Our service includes:

• Free consultation and no-obligation quote
• Fast turnaround
• Team of dedicated and experienced tax advisers
• Expertise in a wide range of complex circumstances
• Ongoing support. We value long-term relationships

Once you’ve confirmed, your tax return specialist will prepare your tax return. For more accountancy advice for yourself or for your business, get in touch with CP Tax today.