Self-Assessment Income Tax Return

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Self-Assessment Income Tax Return

If HMRC require a Self-Assessment Income Tax Return (SAITR), this can be stressful and worrying for most people. This is because it increases your risk to HMRC and the potential for fines .
There are many ways you may have to pay tax. For example, on your personal income, gains from the sale or disposal of assets, and on inheritance. The amount of personal tax you owe will depend on many factors, and your individual circumstances, which can make calculating your tax bill a complicated task.
At AH Accountants we hold your hand throughout the process and ensure that you have everything that you need to minimise both your exposure and your personal tax.
We have provided tax advice to a range of customers to help them navigate the complexities of personal taxation. Our team of dedicated tax accountants keep on top of the latest legislation, so you don’t have to. We’re here to give you the best tax advice, help you plan, and make sure you don’t pay more than you should to HMRC.

Personal Tax Accountants

If you choose AH accountants to be your personal tax accountants, we will file your annual self-assessment return making sure that all your sources of income have been captured and submitted to HMRC. In practice, everyone who runs a Sole Trader Business, Partnership, or Limited Company will need to file a personal tax return. If we do the accounting for your business, we can then take the financial information from your business and use that as the basis of part of your personal tax return, thus creating a seamless service.

If you have one or more buy-to-let properties, you will also need to submit a Personal Tax return to account for your rental income, making sure that we have correctly claimed for all the expenses that can reduce your tax bill. Property tax is a complex area, so expert advice can stop you from making expensive mistakes.

Personal Tax Advice

As part of our personal tax services, we will, of course, give you great personal tax advice. Whether it is how to structure your income from a Limited Company or to convert your buy to let portfolio to a Limited Company, we can advise you on how to save tax on your income.
We can also advise on inheritance tax planning, capital gains tax issues, and other specialist tax issues. We can advise on all aspects of your personal tax affairs.

Personal tax planning

At AH Accountants, we work with you to help you understand the current tax landscape in order to reduce your tax liability to a minimum. This includes looking at areas such as:

  • How you pay yourself i.e. wages or dividends
  • Tax efficient investment vehicles, including EIS, VCT, pensions etc.
  • Sole trader vs Limited company
  • Bank accounts, savings and stocks & shares tax strategy
  • Pension drawdown
  • Capital gains tax planning
  • Inheritance tax planning

Preparation and Submissions

Once we have helped you to minimise your tax bill through the planning process, we prepare and submit your returns. This way, we ensure that you are fully compliant with all HMRC legislation. If you want to find out more about our self-assessment income tax services, please contact us.