How a self assessment tax return works

How does a self assessment tax return work with Future Strategy?

Step 1:  Agreement and Identification

All we need to get started is for you to digitally sign our self-assessment agreement and make the agreed payment.  As an existing dissolution client, we have already proven your identity during our initial contact with you so we do not need to do this again!

Step 2:  Authority to act

Next, we require your consent to use our preferred partnered, chartered accountancy practice who will be provided with your personal information which will be used in line with their privacy policy, which is available on request. They will finalise and submit your personal accounts from the information we collate from you and provide to them in their approved accountancy format.   A signed authority, known as a 64-8, will allow the accountant to speak to HMRC on your behalf, should the need arise. 

Step 3:  Create income and expenditure records

This is a critically important document within the self-assessment process.  It summarises all of your assets, liabilities, income and expenditure in a recognisable format for the accountant to use, in order to prepare your final fiscal year-end personal accounts.  It is essential it is done accurately to ensure your personal tax position is representative.  Our experienced team will compile your records on your behalf.  We will send the final copy to yourself for your confirmation/signature before we send this onto our accountancy partner to input onto your personal self-assessment tax return.

Step 4:  Confirmation of your draft tax return

Once our accountancy partner has prepared your draft personal self-assessment tax return for you, this will be sent back to you for your final sign-off and approval.  It is essential that you check this document carefully to ensure the information is correct.  It remains your overall responsibility to ensure your tax affairs are accurately reflected. Once signed as correct by you, this will be sent back to our accountancy partner to submit.

Step 5:  Final Tax return and Tax payment

Once your personal self-assessment tax return has been successfully submitted by our accountancy partner, you will receive a final copy for your own records which we advise that you keep somewhere safe.  You will also be sent information on how to pay any personal tax liability, complete with details of any payment deadline dates you may have.