If you are registered for self-employment you must file your tax return to HMRC every year. If not, you will be fined up to £100 every month from the due date.
As per HMRC guidelines, the tax preparer must obtain client’s ID before submitting their tax return. If not, HMRC will fine both client and tax preparer for not following HMRC guidelines.
Usually HMRC will take up to 4 weeks to provide you a refund. In some cases it may get delayed depending up on the refund claim and previous years status.
If you missed the end of the previous tax year and need to submit two returns to bring your account up to date please see How do I file my self-assessment tax return?
Yes, if you are registered for self-employment you must file your tax return to HMRC every year. If not, you will be fined up to £100 every month from the due date.
Click here to pay your self-assessment tax bill.
Once we have received your information we calculate based on your income, minus your expenses to gives us a total profit. Click here to claim your tax rebate.
For example, if you earned £15,000 in the tax year 2019/20 this is how we would calculate it; Total income; £15,000 minus expenses; £2,000 equals total profit; £13,000
We use the profit to work out how much tax you either owe to HMRC or if you need to get a refund from HMRC for the tax year* and then we send you a copy of the draft for your approval. Once you have confirmed the draft we forward it to HMRC to get it processed. This can take up to 4 weeks for HMRC to process.
*If you are under CIS and have been paying tax throughout the year you may be eligible for a tax rebate.
Work related expenses are TAX DEDUCTIBLE which is not the same as being refunded.
For example, if you earned £15,000 in the tax year 2019/20, this is how we would calculate it; Total income; £15,000 minus expenses; £2,000 equals total profit; £13,000*
*Please note that this does not consider any National Insurance contributions.
We have set up a hassle-free approach to helping you complete your self-assessment tax return.
Please send the following information to firstname.lastname@example.org
• Payslips/wage slips/invoices or bank statements to prove your income
• Work related receipts expenses for what can be claimed back on
• CIS Deduction Certificates (applies to CIS employees only)
If you are self-employed for any period during a tax year then you will need to complete a self-assessment tax return this includes;
A full tax year self employed
Part tax year as PAYE* and part self employed
Not working and then going self employed
*PAYE is the tax you pay under The Pay as You Earn (PAYE) system. This is how you pay both your income tax and national insurance (NI). Every time you’re paid, your company takes your tax and NI from your wages and sends it on to HMRC.
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