Self Assessment Tax Return

Expert Self Assessment Tax Return Service in the UK

Are you tired of tax complications and want a hassle-free way to handle your finances? Say hello to ease and accuracy with our specialized Self Assessment Tax Return Service at GoForma. Our dedicated team of accountants is committed to your smooth and successful tax journey. Let's simplify your tax obligations and help you achieve financial peace of mind.

The deadline for self assessment tax returns is fast approaching, and the thought of completing it can be a nightmare for you. But don't worry, we have a solution for you! Our tax return service takes care of everything for you, from managing the complex self assessment filing to handling all the necessary documentation.

What is Self Assessment?

Self Assessment is a system implemented by HMRC in the United Kingdom to collect income tax in a structured and accountable manner. It requires individuals and businesses to assess and report their earnings, income sources, capital gains, and any other relevant financial details over a specific tax year. The primary purpose of Self Assessment is to ensure that taxpayers accurately calculate and report their tax liabilities, enabling HMRC to determine the correct amount of tax bill.

Self Assessment Tax Returns Overview

Self assessment tax return involves assessing and reporting various sources of income, including employment earnings, rental income, self-employment profits, dividends, and more. Taxpayers are responsible for accurately calculating their tax liabilities, allowable deductions, tax reliefs, and any tax owed. The purpose of the Self-Assessment Tax Return is to promote transparency, accuracy, and compliance with tax laws.

Who Needs to Submit a Self Assessment Tax Return to HMRC?

• Self-employed individuals working as a sole trader and earning more than £1,000
• Landlords
• Earning PAYE income over £100K in 2022/23 or £150K from 2023/24 onwards
• Company directors
• High-income individuals earning untaxed income above a certain threshold, such as dividends or bank interest
• Businesses with taxable profits or gains
• One who receives child benefit with the income over £50,000
• Partnerships and partnership members
• Trustees and personal representatives
• Foreign income earners residing in the UK
• Individual who want to claim certain tax reliefs
• The one who has sold assets in the tax year, like properties, crypto, shares or investments excluding ISA

Why Should You File Your Self Assessment Tax Returns?

1. Legal Obligation and Compliance: Filing a Self-Assessment Tax Return is a legal requirement adhering to which ensures that you are compliant with tax laws and regulations in the United Kingdom.
2. Accurate Tax Calculation: By filing a Self-Assessment Tax Return, you can accurately calculate your tax liabilities. It allows you to assess the correct amount of tax you owe based on your income, gains, and allowable deductions.
3. Claiming Tax Reliefs and Allowances: The Self-Assessment Tax Return provides a platform to claim eligible tax reliefs and allowances such as contributions to pension schemes, charitable donations, and other reliefs that may reduce your overall tax liability.
4. Avoiding Penalties and Legal Actions: Timely submission of your tax return helps you avoid penalties and legal actions imposed by HMRC for late filing.
5. Financial Planning and Budgeting: Filing a Self-Assessment Tax Return enables you to plan your finances effectively. It gives you a clear understanding of your tax liabilities, allowing you to budget and save accordingly.
6. Mortgage Applications and Loan Approvals: Many financial institutions require tax return documentation for mortgage applications and loan approvals. Having up-to-date tax records through regular Self-Assessment submissions can facilitate these financial processes.
7. Enhanced Credibility and Financial History: Consistent and accurate tax filing improves your financial credibility and history. This can be beneficial for various financial activities, such as securing business loans or attracting potential investors.
8. Facilitating Government Services: Accurate tax records through Self-Assessment contribute to government revenue and aid in the provision of public services and infrastructure. By fulfilling this obligation, you play a vital role in supporting the community and nation-building.

Why Do You Need Self Assessment Accountants in the UK?

1. Tax return accountants have in-depth knowledge of tax laws, they stay updated with the latest tax law changes to optimize your tax situation.
2. Professional accountants carefully review your financial data, reducing errors that could lead to penalties or legal issues.
3. Self assessment accountants identify all eligible deductions and credits, ensuring you get the maximum tax savings.
4. Hiring an accountant saves you time and effort, letting you focus on your core business activities.
5. Accountants offer personalized advice for tax-saving strategies and financial planning based on your situation.
6. Professional accountants help minimize the risk of penalties and audits by ensuring accurate and timely submissions.
7. Accountants are skilled in managing complex financial situations, like multiple income sources or investments.
8. Knowing a qualified professional handles your tax affairs provides peace of mind and confidence.

Why Choose GoForma for Tax Return Service?

1. Low One-Off Fee: GoForma offers a cost-effective solution with a low, fixed fee at £149 including VAT without any hidden charges. Our transparent pricing ensures you know exactly what you're paying.
2. Dedicated Accountant: When you choose GoForma, you're assigned a dedicated tax accountant who understands your financial requirement and provides personalized tax advice.
3. Guidance on Tax-Saving Opportunities: Our experienced accountants provide expert guidance on potential tax-saving opportunities, helping you minimize your tax liability and maximize savings.
4. Partnership with Freeagent Accounting Software: We've partnered with FreeAgent, a leading accounting software, to streamline your financial data management, making the entire process efficient and organized.
5. Hassle-Free Filing: GoForma ensures a hassle-free tax filing experience. We submit necessary forms, communicate with HMRC om your behalf and provide you support throughout the process.
6. Certified Accountants: Our team comprises certified accountants with the necessary qualifications and expertise to ensure accurate and compliant tax returns, giving you peace of mind.

We File Self Assessment Tax Returns for:

• Self employed individuals
• Sole traders
• Freelancers and Contractors
• First-time filers
• High earners (£100K+)
• E-commerce
• Investors (property, forex, crypto etc.)
• Digital Nomads
• Landlords
• PAYE (over £100k)
• Tax relief/refund claims
• Construction workers (CIS)

How Does Our Self Assessment Return Service Work

1. Some quick questions on your Self Assessment to get the overview on your finances
2. You'll complete a spreadsheet detailing your expenses or income, receipts which will be uploaded along with your questionnaire and any additional supporting documents on to our online accounting software.
3. We will calculate your tax bills and payments on the account.
4. A tax accountant will review your Self Assessment and carry out a thorough quality check
5. We will file your tax return online so that you know when HMRC has received it, and if you are entitled to a tax rebate, you will get it much faster.
6. We will deal with all communications related to your Tax Return from HMRC

Don't let the complexities of self assessment tax returns weigh you down. Trust GoForma to streamline the process and ensure accurate, on-time tax return submissions. Read our Google and Trustpilot reviews to entrust us without a second thought! By choosing our self-assessment service, you can benefit from the expertise of tax return specialists who will handle all the paperwork for you, saving you time and minimizing the risk of penalties or late submissions. Contact us today to take the first step toward a hassle-free tax compliance experience. Let's maximize your tax efficiency and help you take the stress out of tax season.

Frequently Asked Questions on Self Assessment Tax Filing

Why Should I File My Self Assessment Early?

Filing your self assessment as early as available i.e 6th April, you get the time until 31st January for paying tax self assessment. If you owe any rebate, you can find and claim tax refund sooner. Also, you can avoid penalties up to £100 for missing self assessment deadline.

How Long Does It Take to Get My Tax Rebate after My Self Assessment?

If you entitled to refund, HMRC will transfer the amount to your bank account within four weeks. If you owe any tax, within 35 days of your Self Assessment submission, your refund will be deducted from your total tax amount.

What Documents Do You Need to Submit My Tax Return?

We require your:

• income records
• expense receipts
• P60 form or P45 form and P11D form

What are self assessment deadlines?

The deadline for self assessment tax returns submission is as below:

• for paper return - midnight 31 October 2023
• for online return - January 31st 2024

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