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Self-Assessment Tax Returns

Need a tax return accountant? We save you time, money, and stress by ensuring your self-assessment tax return is accurate and submitted on time, giving you peace of mind.

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Let’s Get Started with your Self-Assessment

If you’re looking for an accountant for tax return purposes, our qualified team of expert accountants are self-assessment specialists.

We will complete your self-assessment tax return accurately, efficiently and with minimal fuss. Additionally, we can advise you on minimising your tax liability to ensure that your business is operating as tax-efficiently as possible.

Expert self-assessment accountants
We handle the whole process for you
Peace of mind that your tax affairs are in order
Your self-assessment completed from just £200 +VAT

Our fee is dependent on the work involved and will be quoted once we have received your personal tax questionnaire. Please click Get Started to begin the process.

Let Gorilla Accounting handle everything, saving you time, stress, and money. Enjoy peace of mind knowing your tax affairs are in order and your self-assessment will be completed and submitted accurately and on time.

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Join Gorilla Accounting and have your annual Self-Assessment Tax Return included as part of our service

As a Gorilla Accounting client, the preparation and submission of your annual Self-Assessment Tax Return is included in all of our accountancy packages. We’ll ensure your return is completed accurately, submitted on time and fully compliant with HMRC requirements – giving you complete peace of mind.

You’ll also benefit from unlimited support and advice from your own dedicated accountant, who will expertly manage your business and personal accounting needs. We guarantee a same working day response to all queries received before 3pm, so help is always close at hand.

As part of your package, you’ll have access to MTD-compliant cloud accounting software. FreeAgent is included at no extra cost, saving you up to £330 per year, while Xero is available at a discounted rate, allowing you to choose the platform that best suits your needs.

If you’ve previously used our Self-Assessment service, you can enjoy your first month free when you join us as a client.

MTD-COMPLIANT SOFTWARE ACCESS

FreeAgent included in package price. Xero included or discounted depending on license.

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Our accounting packages are all-inclusive with fixed-fees so there are no nasty surprises.

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Do You Need to Submit a Self-Assessment Tax Return?

Over 12 million people must submit a self-assessment tax return each year and you must file one if you fall into one of the below categories:

Limited company director receiving untaxed income such as dividends
Self-employed as a sole trader and earning more than £1,000 (before any tax reliefs)
Partner in a business partnership
Receiving a total taxable income over £150,000
You are required to pay the high income child benefit charge
A higher or additional rate taxpayer and paying into a personal pension
Earning additional untaxed income above a certain threshold, such as dividends or bank interest
Receiving rental income from property
Wanting to claim certain tax reliefs
Have sold or disposed of assets such as additional properties, crypto, shares or investments held outside of an ISA wrapper and have realised taxable capital gains

There may be other factors specific to your situation that would require you to submit a self-assessment tax return. It’s advisable therefore to consult with an accountant or check the HMRC website to determine your specific tax obligations.

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Other Useful Information

Why Complete a Self-Assessment Tax Return?

HMRC uses your self-assessment tax return to accurately calculate your tax liabilities each year and determine that you’ve paid the right amount of tax. This includes any amounts you have overpaid, and therefore whether a rebate is due, and any amounts you have underpaid.

Self-assessment tax returns promote transparency in the tax system as well as helping to ensure fairness.

HMRC calculates your total income using the information submitted in your self-assessment tax return which is then used to determine your tax bill. Here are some examples of what would be considered when determining your tax liability

Any income earned either working for an employer during or before you began working for yourself (this will be detailed on a P60 or P45 if applicable)
Any salary received from a limited company that you are a director of
Interest earned on money in your personal bank accounts – excluding ISA’s
Any profits earned in a self-employed capacity
Any profits made from renting out additional properties that you own
Any tax that has been paid already as a deduction from your income, such as via a PAYE role will be offset against your final tax liability
Any tax relief that you are entitled to, such as charitable donations made with gift aid or pension contributions made to a personal pension separate to any employments

It is worth noting that the additional relief for charitable donations or personal pension contributions will only be given if you are a higher rate or additional rate taxpayer (total taxable income above £50,270 for the current tax year).

In addition to the above student loan deductions and a high income child benefit tax charge may also apply but this depends on your personal circumstances.

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Penalties For Late or Inaccurate Submissions?

If you’re looking for an accountant for tax return purposes, we can save you a lot of time, money and stress. We give you peace of mind that your tax affairs are in order and that your HMRC self-assessment will always be completed and submitted accurately and on time.

If your self-assessment tax return contains errors or inaccuracies, or if it’s filed after the deadline, it’s possible that you will receive a penalty from HMRC.

The penalties for submitting your self-assessment tax return late are:

1 day late – You must pay a penalty of £100
3 months late – You can receive a penalty of £10 a day for a maximum of 90 days (£900)
6 months late – You can receive a further penalty of 5% of the tax you owe or £300, whichever is greater
12 months late – You can receive a further penalty of 5% of the tax you owe or £300, whichever is greater. It’s possible that you have to pay up to 100% of the tax you owe

The penalties for paying your tax late are:

30 days late – 5% of the tax owed at that date
6 months late – A further penalty of 5% of the tax owed at that date
12 months late – A further penalty of 5% of the tax owed at that date

Penalties for errors and inaccuracies in your self-assessment tax return are derived using a behaviour-based system which is outlined below.

If the error is due to a lack of reasonable care, the penalty will be between 0% and 30% of the extra tax due
For deliberate errors, the penalty will be between 20% and 70% of the extra tax due
For deliberate and concealed errors, the penalty will be between 30% and 100% of the extra tax due

If you do receive a penalty from HMRC, you have the option to appeal it once you’ve submitted your tax return. There is, however, no guarantee of success and appealing can be a time consuming process. It’s therefore best to avoid penalties altogether by ensuring your tax return submissions are both accurate and timely.

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Navigating Self-Assessment Tax Returns

Completing your own self-assessment tax return can present various challenges. The difficulty is dependent on several factors including how complex your financial affairs are, the quality of your record keeping, how comfortable you are with numbers and your knowledge of tax regulations.

Completing your own tax return involves understanding tax rules and regulations which can be very complex to someone unfamiliar with them. For example, you’ll need to establish which income sources must be included, which expenses can be claimed and your tax liability will need to be accurately calculated.

In addition, tax legislation is also dynamic and constantly evolving which makes keeping abreast of the latest changes and current regulations challenging for self-employed people. Failing to comply with the latest regulations can result in errors and penalties.

Completing a self-assessment tax return can also take a significant amount of time, something that can be in short supply for self-employed people! You’ll need to collate all relevant financial information, get your records in order and complete the necessary forms while ensuring accuracy. Keen attention to detail is needed.

If your self-assessment tax return becomes overdue, HMRC will issue you with a late filing penalty starting at £100. This charge will increase depending on how long it takes to complete and file your late submission, and the costs can quickly increase. HMRC will rarely waive penalties for late submissions irrespective of whether any tax is due.

Once you know your tax liability, you can make a payment from your online bank into HMRC’s account. It can be paid over the phone, from your bank or building society branch or by cheque.

Even innocent errors on a submission can be a red flag to HMRC which can bring you unwanted attention and potentially lead to a lengthy and time-consuming investigation and penalties. It’s crucial, therefore, that your submission is both accurate and on time.

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Let Gorilla Accounting Save you Time, Stress and Money

As online tax accountants, we can help you regardless of your location in the UK. We just require copies of your records to complete and file your return

Our self-assessment tax return service starts at just £200 + VAT for a basic tax return with no additional pages. If you have any queries regarding your self-assessment tax return or our accounting services, contact us today to speak to our friendly team to learn more about how we can help you.