Where to get help with your self-assessment
Every year around 11 million Brits are required to submit and pay a self-assessment tax return by January 31.
Many people are already way ahead of the game, with around 3,000 people completing their returns on Christmas Day and about 50,000 filing on New Year’s Eve and New Year’s Day.
But with the deadline looming large, many more are looking for help to fill in their online forms. In this blog post, we look at some of the best sources of help for self-assessment strugglers, but first, we’ll find out who actually needs to complete a tax return.
Who needs to file a return?
If your earnings are solely from wages or pensions, you probably won’t need to fill in a return.
The most common suspects are the self-employed, company directors and people earning more than £100,000 per year.
You may also have to complete a self-assessment if you have complicated tax affairs, taxable gains to declare, untaxed income from property or income from savings, investments, dividends or foreign countries.
Get help from your accountant
Getting stuck on your self-assessment is very frustrating. And you don’t want to get anything wrong in case you get the Revenue knocking at your door.
In these situations, having your own accountant on hand to either look over your self-assessment or answer any specific questions that you have about the process can be extremely useful.
Accountants work on hundreds of these documents every year and there is very little that they haven’t seen before. They can also give you advice on the best ways to reduce your tax liability both in the current tax year and in future.
is a cloud accounting specialist. Our customers have all signed up to use accounting software like FreeAgent or Xero, which tracks your self-assessment liability throughout the year.
This means that if you ever need any help with your tax return or anything else related to your accounts, you can just give us a call and one of our qualified accountants will be able to log in to your account and see what the issue is.
Join one of FreeAgent’s live sessions
FreeAgent is a cloud accountancy software provider that caters primarily with freelancers and other micro businesses.
They have a superstar team of support accountants that run a range of helpful events during self-assessment season. If you have a question about your self-assessment or the FreeAgent software, joining in could be a great way to get an answer.
On Tuesday January 14, FreeAgent will be running a as well as text-based on January 15 and January 22.
You can also at their live self-assessment Q&A event at FreeAgent’s Edinburgh headquarters.
Speak to HMRC
This is often seen as a last resort for self-assessors, because it can take a long time to get through and HM Revenue and Custom often can’t give you the kind of practical advice you need.
They’re unlikely to tell you, for example, that you can reduce your bill by putting savings in your partners names or advise you on what expenses you can claim to reduce your tax burden.
With that said, HMRC advisers can be a great help when it comes to asking some basic questions and it’s important you talk to them if you think, for example, that you can’t afford to pay your tax bill.
If you do need to get through to the taxman, the best time to call is usually between 8.30 and 9.00am or 12.00 and 12.30pm, so you don’t spend a long time waiting in the queue.
For more information about cloud accounting software and our accountancy services, speak to a member of the team today. Call: 0808 281 0303.