Tax Return

Simplifying self assessment

It is not always straightforward to complete a Self Assessment Tax Return. If you make a mistake you may end up paying too much tax.

Why do I need to complete a tax return?

There are millions of people who receive a tax return through the letterbox in April each year, and there are a number of reasons why you may be required to complete one. If this is the first year that you have received a tax return, it is likely that you fall into one of the categories noted below:

  • You’re annual income is £100,000 or more
  • You’re self-employed or a company director
  • You have high levels of income from either savings, investment or property
  • You’re over 65 and receive a reduced age related allowance
  • You need to claim certain expenses or reliefs
  • You have received income from overseas
  • No matter which category you fall into, if you have been issued with a tax return, it may not be straightforward to complete.


Our Team Can Help

I have completed my tax return for years, why would I need help?

The simple answer is that you might not – however, just because you have been submitting your tax return for years doesn’t mean that you have been getting it right.

As you know it is called a “Self Assessment” Tax Return which means that you are responsible for ensuring that the form is completed correctly and that you pay the correct tax. If you make a mistake you may end up paying too much tax or if you pay too little you could become liable to interest and penalties. At cleartaxation we provide a service that provides you with peace of mind and in a number of cases, our fee can be offset to reduce your tax liability.


What should I do?

Remember, it is your responsibility to advise HM Revenue & Customs if you need to complete a tax return. The tax authorities don’t claim to be mind readers, so it isn’t necessarily the case that you don’t have anything to worry about because they have not been in touch…. If you think that you should be completing a tax return, but have never notified HM Revenue & Customs, we can help you bring your tax affairs up to date.

It is also worth adding, even if you do not receive a tax return, your tax affairs can be wrong if your PAYE coding notice is incorrect. This can quickly and easily be reviewed to put your mind at rest and avoid any unexpect tax bills.


What is the worse that can happen?

There are two deadlines to submit your self assessment tax return. If you send in a paper tax return, it must reach HM Revenue & Customs by midnight on 31 October. If you miss this date, you should submit your return online to avoid any penalties.

If you do decide to submit your tax return online it must reach HM Revenue & Customs by midnight on 31 January. If you don’t make it in time, you’ll have to pay a £100 penalty. As you would expect, the later you send your return, the more penalties you’re likely to pay!

the team at cleartaxation have helped me each year complete my tax return – this is one less thing for me to worry about.


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