Are you one of the hundreds of people looking forward to submitting their tax returns? Well, you have landed in the right place if you are looking for some help. I would help you with your basic queries and if you do not get that you can always reach out to our self-assessment accountants to study your case and guide in detail. This article would help you go through the following common issues.
Self-assessment is a short word used for self-assessment tax returns. You can also call it a tax return. Self-assessment is a calculation or estimation of all the taxes according to your revenue generated throughout the year and filing a tax return against that amount.
Who is a self-assessment accountant?
Most of the people here in London pay more than their taxes. A self-assessment accountant is an adroit person who calculates and helps people to pay their legit tax returns to the government.
Who needs a self-assessment accountant?
Most of the people here in London are self-employed, sole traders, and business partners. It is right to accept that they are not good at calculating their tax returns. It does not mean you should be worried about that. You can always seek help from our self-assessment accountants. Our Hounslow accountants are always ready and trained to welcome you anytime with their best capabilities
How self-assessment proceeds?
If you are about to proceed with the self-assessment tax return you need a self-assessment accountant, you should know the basics. Well for that I am here to help you out. Firstly you should know there are two ways to proceed. You can either go with filing on paper or you can file your return online. With that due, you should also know that if you go with filling on paper you have to submit till 31st October and before 31st January if you go with online submission. If you do not file before the mentioned dates you have to pay a penalty. Usually, HMRC fines 100 pounds in the next three months if a person misses his deadline.
You should also keep it in mind that when you have to be very precise with details such as marital status, dates, and figures. Whatever details you provide be prepared to pay the documental proof if required by HMRC.
Keep it in mind, providing obscene details would result in the monetary penalty as does in missing the deadline.
How can a self-assessment accountant support?
You might be wondering why an accountant is so important. Well, you cannot neglect the business community and self-employed personals off the table. These groups collect a bunch of revenue throughout a year. It is not at all easy for a normal person to proceed with numbers. A self-assessment accountant is a professional and they are adroit in numbers. A normal person might not be able to calculate their legit tax return.
Along with their skill, they know the laws, which is a great plus point. They happen to know a lot and are good at keeping numbers in low figures to reduce your legit tax return. They get to know all your responsibilities and statuses that help reduce the big figure into relatively less value.
The fee of an average accounting firm revolves around two hundred and fifty pounds in London. Some firms might offer basic services in fewer packages depending on your case.
Although this amount seems a lot, you should keep it in mind that an accountant would help you in taking your part of the stress. Not just your stress will be reduced, you would save several hours by calculating your tax return on your own and still the quality of work would never be close to equal.
How much time is needed to file a tax return?
You might be wondering if such an extensive process might take your valuable time. Well, it cannot always be the case. Exact time would always depend on your particular case, which can vary from person to person and firm to firm. On average it takes only two days from the time when our accountant receives all the necessary documents from you and filing your tax return. But you should also remember that when you are applying for the first time to file a return tax, you should always register two weeks earlier because HMRC takes about two weeks to send the UTR number by post here in London.
What is the UTR number and how to apply for one?
The UTR (unique taxpayer reference) number is the one you get by HMRC to apply for Self-assessment.
It is distinctive for each company or individual. This UTR number is a code based on ten numeric digits and sometimes with an alphabet ‘K’ at the end.
You can apply for UTR number either by applying for self-assessment or our accountant can do it for you for only twenty-five pounds. If you are willing to do it on your own you can by following the steps mentioned below.
1. Register at the official website of HMRC for self-assessment.
2. HMRC will send you a UTR number for enrollment in self-assessment (it would take about one week).
3. Then enroll yourself in for self-assessment on the HMRC website.
4. After the procedure of enrollment, HMRC will send you an activation code for the UTR number (it would take one week as well).
5. Activate your UTR number and you are all geared up for self-assessment. It would take around two or three weeks to proceed for your self-assessment.
Note: keep it in mind that when you get the activation code for UTR number, it would stay valid for only twenty-eight days, you have to proceed in the given time.
What if I have lost my UTR number from HMRC:-
We are humans and yes, we forget, it can happen to anyone, you can lose your UTR number, but relax! It is not a big deal. I will help you out with this too! In case you lost the UTR number you can search it on the papers of previous tax returns, you can also find it on every document posted by HMRC to you for self-assessment, and in your online HMRC account under the section, and you applied for self-assessment
Why do you require an UTR number, anyhow?
I know after all that bash about the UTR number, you might be wondering why do I even want that? It is normal and I would brief you through it. UTR number is essential to keep your income and assets legitimate, for that you have to file a tax return through self-assessment, either on your own or by our self-assessment accountants. You also need a UTR number to achieve a tax benefit or relief.
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