Do I have to complete a tax return?

Perhaps unsurprisingly, we hear this question a lot.

Generally, the most common circumstances requiring Self Assessments are:

  • Self employment or being a partner in a business.
  • Director of a limited Company.
  • Receipt of rental income.
  • Receipt of any other untaxed income.
  • Annual claims for expenses or other tax reliefs.

HMRC have also listed all of the people on their website that they believe should be within Self Assessment and therefore are required to complete annual tax returns.

Should I use a tax adviser to complete my tax return?

Some people choose to tackle their tax returns on their own. However, by doing this, they will miss out on the numerous benefits that utilising a professionally trained and experienced tax adviser brings to the table.

Some people choose to tackle their tax returns on their own. However, by doing this, they will miss out on the numerous benefits that utilising a professionally trained and experienced tax adviser brings to the table.

Some of these benefits include:

  1. You will be asked to provide your tax return information with an aide memoire specific to your personal circumstances.
  2. Assuming that you provide the necessary information on a timely basis your return will be completed accurately and filed with HMRC within the statutory deadline.
  3. In accordance with 2) above you will not incur late filing penalties.
  4. You can have peace of mind that your tax returns is being completed correctly.
  5. You will be told what your tax liability is prior to filing with HMRC and will therefore have time to plan or save for any tax payments required.
  6. You will be offered planning advice if we feel that you could alter your affairs or make any claims to reduce your tax payments.

More on tax returns…

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