Self Assessment Tax Returns

We can prepare and file your self-assessment tax return professionally and effectively so you can get back to running your business with one less thing to worry about.

You are already too busy with the day-to-day. You need someone to organise your tax return promptly and reliably so you can get ready for the next challenge.

The Future Strategy team can help ease the stress of the annual self-assessment tax return:

• Don’t be daunted by such a time-consuming task. Let us do the work for you.
• Don’t spend hours working through endless spreadsheets. Putting together profit and loss accounts is a big task for a small business.
• Do away with the fear that your return will be wrong, sparking an investigation by HMRC.
• Instead, put it in our experienced hands, ensuring it is completed correctly together with potential areas where you can save. 

Let us take the strain off your next self-assessment tax return, and we’ll make sure it’s completed in a timely, professional manner while working with you to identify savings.

Contact the Future Strategy team today to find out more.

What are self-assessment tax returns?

Self-assessment tax returns are one of the ways HMRC works out how much UK taxpayers owe.  

When you file a self-assessment tax return online, you’re telling the taxman what income you have and what you’re spending to stay in business.

They are designed to be as simple as possible, but it’s very easy (and often expensive) to get them wrong. That’s where we at Future Strategy can help – investing in us means investing in your time and peace and mind.

Who needs to do a self-assessment tax return?

You’ll need to submit a self-assessment tax return if:

• You made £2,500 or more in untaxed income. For example, money from renting out a property or savings and investments.
• Your savings or investment income was £10,000 or more before tax.
• You have profited from selling things like a second home, shares, or other chargeable assets and need to pay Capital Gains Tax.
• You were a company director – unless it was for a non-profit organisation (eg, a charity), and you didn’t get any pay or benefits, like a company car.
• You’re a nominated business partner – when you set up a Partnership and get it registered with HMRC, one of you becomes the “nominated partner”. 
• Your income (or your partners) was over £50,000 and one of you claimed Child Benefit as there are the High-Income Child Benefit Tax Charges to consider.
• You had income from abroad that you needed to pay tax on foreign income for.
• You lived abroad and had a UK income.
• You have received dividends from shares and you are a higher or additional rate taxpayer.
• Your income was over £100,000.
• You were a trustee of a registered pension scheme or trust.
• You had a P800 from HMRC saying you didn’t pay enough tax last year – and you didn’t pay what you owe through your tax code or with a voluntary payment.
• You make a substantial amount of money from selling items online. 

What do I need to do?

Filling in a self assessment tax return is a way of keeping business records if you’re self-employed. Be sure to keep your business records to hand when the time to file comes. 

You will also need to consider other factors such as payments on account each year. These involve paying 6 months’ worth of tax in advance on the 31st of January and 31st of July each year. You should also work out what you can claim on your expenses.

There are lots of common, painful mistakes made when people file self-assessment tax returns, so it’s well worth talking to the experts before you attempt it.

What happens if I don’t get my self assessment tax return in?

You can face a number of self assessment tax return penalties if you miss the deadline. They include:

• A £100 automatic fine for filing even a single day late.
• Up to £900 in penalties which can mount up over the following three months.
• £3,000 for each year you cannot provide the necessary records.

What are my allowable expenses?

Expenses for self-employed people are the costs of doing your work or running your business.

When you fill in your self assessment tax return each year, this reduces the amount of profit on which you end up paying tax. The specific rules for this depend on how you do your accounting, and whether you’re a sole trader or a limited company.

Examples of common allowable expenses include:

• Travel costs.
• Specialised clothing, equipment or tools.
• Any stock you buy to sell on.
• Anything you’re spending on advertising or marketing.

We can help you identify expenses that will reduce your tax bill. Don’t spend days lost in spreadsheets – speak to the Future Strategy team and we can painlessly process your self assessment tax return.