It might seem daunting but all it takes is a little preparation.
When it comes to filing your self-assessment tax returns, you might be hit by a pang of doubt. After all, tax returns can be difficult to get right and dangerous to get wrong. What’s more, they can be a risky thing to tackle alone if you’re not familiar with the process.
Fortunately, we are.
At Artema, we know that taxes are not only taxing but time-consuming too. Organisation and tenacity help when it comes to filing self-assessment tax returns. We’ll efficiently prepare and file your tax return in a manner that’s not only cost-effective but fast too.
Get your tax return right the first time, with Artema Ltd. We’re approachable, friendly accountants who work with fixed fees. Call us today for a free no-obligation consultation.
Our qualified team can help you with submitting your personal tax returns.
During the process we will:
Remind you when your tax return is due
That way, you won’t miss a deadline and receive unnecessary penalties from HMRC
Ensure you are on the right tax code
Otherwise, HMRC will request more or less money than is required
Deal directly with HMRC about any queries regarding your tax return
You can appoint us to deal with HMRC on your behalf
Prepare and submit your self-assessment tax return
Filling one can seem daunting. But good preparation can see you complete it ahead of time
Explain to you in plain language how much tax you have to pay, why and when to pay it by
We’ll run through your income, capital gains, and whether you can claim allowances and reliefs
Advise you what to do if you can’t pay your tax bill
More often than not, HMRC will charge you in two separate ways: late penalty and interest
What do I need to bring in?
Here is a list of things we need from you to complete your tax return:
Details of any bank interest received, including foreign income and income from trusts
Your P45 / P60 and P11d (income from employment where applicable)
Any private and state pension details
Any rental income you receive from a property
Details on Gift Aid, allowances, capital gains and student loan (if applicable)
If you have a limited company or partnership please also provide the information for the business, so that we can complete the accounts. This will be needed for your personal tax return
Remind you when your tax return is due
That way, you won’t miss a deadline and receive unnecessary penalties from HMRC.
At Artema, we’re not fans of nasty surprises and there’s nothing worse than being penalised for something that could have been easily avoided. That’s why we keep on top of tax return deadlines – so you don’t have to. HMRC recommend completing your self-assessed tax returns earlier to stay ahead of the curve.
Once you’re on our books, we’ll be in touch the following year to let you known ahead of time when they’re due. The majority of self-assessment customers choose to complete their tax return online. The move to cloud-based accounting software has helped automate time-consuming manual bookkeeping processes. All data is securely stored on the cloud so you don’t have to keep a physical copy of your paperwork.
Ensure you are on the right tax code
Otherwise, HMRC will request more or less money than is required.
Many workers across the UK take it for granted that they’re all set up on the correct tax code and are paying the right amount of tax – but are they?
It might look like a random assortment of letters and numbers but it’s far from it. In fact, the tax code you’re assigned plays a vital role in how much of your earnings are handed over to HMRC. A tax code is used by an employer or pension provider to work out how much Income Tax to subtract from the individual’s pay or pension. While HMRC does their best to give you the correct tax code, they issue over 20 million codes a year – so someone’s bound to slip through the cracks. We can not only help you see whether you’re on the correct tax code but we can help you read it and understand it too.
Deal directly with HMRC about any queries regarding your tax return.
You can appoint us to deal with HMRC on your behalf.
All taxpayers can hire someone to deal with HMRC on their behalf. By acting as an intermediary, we can help guide your actions and help implement positive strategies. However, before HMRC discusses your affairs with someone else, they will need you to confirm that you’re happy with this arrangement.
Once this has been certified, HMRC will send all correspondence to us, with the exception of tax demands or refunds which will continue to be sent to you. We won’t shuffle anything under the carpet and will discuss all matters with you – not just what we think might be important. Better still, Artema’s “Awesome Purpose” is to eschew accounting terminology wherever it’s appropriate. So we can discuss matters with our clients on their terms in an easy to understand way. We make every effort to explain, show, and clarify anything we discuss with you. If we don’t do that, then by all means just stop us in the middle of a sentence and make us start again.
Prepare and submit your self-assessment tax return
Filling one can seem daunting. But good preparation can see you complete it ahead of time.
The idea of self-assessment is that you are responsible for completing a tax return each year as a self-employed worker. HMRC traditionally collects Income Tax from employees directly through the PAYE system. However, self-employed individuals need to work out their income and expenses on their own merit each and every year. You might even need to complete a self-assessment tax return if you’re not self-employed – if you earn money from renting out a property, for example.
Services like ours are in place to ensure that you pay any tax due for that tax year. Filing a tax return online can seem pretty daunting. However, good preparation with one of our chartered accountants can take the sting out of the operation. That way, you can be ahead of the curve. Meet deadlines, avoid penalties and we’ll verify everything’s maintained in good working order.
Explain to you in plain language how much tax you have to pay, why and when to pay it by
We’ll run through your income, capital gains, and whether you can claim allowances and reliefs.
We’ve said it before and we’ll say it again: we’re constantly learning. Not so much when it comes to calculations and taxation – we know our stuff – but we understand that what might come naturally to us, doesn’t necessarily come naturally to our customers.
That’s why we developed our “Awesome Purpose”. We’re constantly learning from our clients – about their businesses, their skills, talents and terminology. What we try to explain should be as easily understood as a normal human conversation. We make every effort to explain, show, and clarify anything we discuss with you. If we don’t do it well, then by all means just stop us in the middle of a sentence and we’ll start over. We really don’t mind!
Advise you what to do if you can’t pay your tax bill
More often than not, HMRC will charge you in two separate ways: late penalty and interest.
No one wants to be in this position but it’s better to have someone have your back if you ever are. Firstly, we need to make sure why you owe tax and whether you’re satisfied with the charged amount. If you’re not, then you should ask for a detailed explanation. We’ll look over it with you and if it’s not, then you might have ground for an appeal. However, if any part of your bill is not disputed and you simply cannot pay your tax bill . . . then you should be prepared for them to take some increasingly severe measures to compel you to do so.
Our team offers pertinent advice to those facing the pressures of HMRC and will help you negotiate time to pay your tax bill. UK companies have a statutory right to request Time to Pay Arrangements (TTP) if they are struggling to pay on time. However, you should bear in mind that HMRC can liquidate your limited company, and also take you to court or force you to file for bankruptcy. Anyone who’s played Monopoly can tell you that that blind panic is not a whole lot of fun!
Here for you today, tomorrow
(and the days after that)
Artema is always open for business. We offer flexible ways to meet – either over the phone, via video consultation or safely in one of our offices.
If you’re facing any issue, we’re here to listen. We’re not your average high-street bean counter who just does your tax returns and files your accounts. Your own designated accountant will get to know you and your business inside and out – all so we can understand your motivation and your market. We’ll work hard to understand your problem and find a fast resolution.
We offer clear jargon-free advice, consistent personal support and the full value of our expertise. If you and your business are in need of advice, don’t delay. Book a free consultation today.
