Our Tax Return Process
You will be assigned an accountant who will arrange a meeting either virtually over skype or telephone or in person if you wish.
After our meeting, you may need to send over a couple of documents to us including your last tax return which you can send over using Accountancy Manager.
Once we have finished your tax return, we will send it to you to review online using Accountancy Manager and tell you how much tax you will need to pay.
We will amend the tax return based on any discussions. Once you are happy, all you need to do is sign it on your computer.
While tax is automatically deducted from wages, pensions and savings, a self assessment tax return is used to work out what needs to be taxed on other income a business or individual has earned including:
- Income from Renting property (if it was over £2500).
- Income from saving and investments (if over £10,000).
- Income from abroad.
- Profits made from selling assets or a second home.
You will need to submit your tax return to HMRC and pay any tax you owe by the 31st January 2019 if you are:
- A director of a limited company
- Employed and earning a salary of more than £100,000
- Earning more than £50,000 and receiving child benefit
- Receiving property income
- Earning any income that hasn’t been taxed
Failure to submit your tax return in time will result in a £100 fine being added for each day the tax return is late. This means that the longer you take to submit your tax return, the more you will have to pay HMRC.
The deadline to submit your tax return is by midnight on the 31st January 2019. You must also pay any tax you owe by then as well.