Self-assessment Tax

Cost-Effective Self-Assessment Tax Services

Feeling overwhelmed by your tax return? Worried about tackling your self-assessment tax obligations? Thomas Stroud is here to provide professional self-assessment tax services tailored just for you.
We offer personalized tax guidance based on your unique income situation, assisting in identifying taxable incomes and eligible deductions. Through our Self-Assessment tax return service, we help optimize your tax bill and meticulously file your Self-Assessment return. Our belief in customization means crafting an approach specific to your individual tax profile.
Our accountants stay current with the latest tax laws, ensuring your compliance while minimizing tax liabilities. With diverse expertise, we serve various client types—from self-employed individuals to business owners, landlords, international workers, and those with multiple income sources.
Backed by decades of experience, our expert team manages all your tax-related needs. In this article, we delve into the specifics of self-assessment tax returns, their significance, and how our services can assist you.

What is a self-assessment tax return?

A self-assessment tax return is a process of calculating and reporting your income and paying the tax due to HM Revenue and Customs (HMRC). If you are self-employed, have rental income, or any other income, you are required to complete a self-assessment tax return. The process is complicated and requires expertise and skills, which is why it's recommended to hire a self-assessment tax accountant to help you.

Why is self-assessment tax return important?

Submitting your self-assessment tax return on time is important to avoid penalties. Failure to submit the tax return will result in a penalty of £1,800 by HMRC. There may be additional penalties you would have to bear if you do not make the returns on time. Additionally, if you have received child benefits in the last two years or if you or your partner’s income was over £50,000, then you must submit the tax return.

What do you need to include in your tax return?

Before submitting your tax return, you should determine if you are required to do so by HMRC. The following are the situations in which you are required to complete a tax return:

If you have earned £100,000 or more as wages or pension

If you have earned £10,000 or more from savings or investment

If you have earned £2,500 or more from commission or tips

If you are a higher or additional rate taxpayer

If you have sold assets at a profit

If you are getting child benefits and have a household income of more than £50,000

If you receive payment from outside the UK

If you are a business partner or company director

If you are a trustee of a pension scheme

If you are a trustee of a deceased individual

If you are an underwriter at Lloyd’s

If you are a religious minister

If you have received P800 from HMRC because you did not pay enough tax last year

Self-assessment tax return accountant:

Our self-assessment tax return accountants can help you in the following ways:

Help you claim tax benefits as per sections 80c, 80d, and other qualifying provisions

Assist you in calculating your tax return on Capital Gains income

Help you repay student loans

Determine your return on pensions

Determine the interest

Find out the return on charitable giving

Seek tax relief and allowances

Contentious HMRC Enquiry

Negotiations with HMRC are generally straightforward, but sometimes there may be an inconsistency between your point of view and HMRC’s. We have years of experience handling complex issues with HMRC and finding satisfactory solutions for our clients. If you feel that HMRC is at fault, we can help you file a claim against them. We understand that investigations against you can cause financial burden and stress, and we will work to get you compensation for this.

Voluntary Disclosure

HM Revenue & Customs (HMRC) suggests taxpayers notify the tax authority when they realize they did not disclose all the relevant information. Voluntary disclosure can help reduce the penalty, which could be severe if HMRC finds out by itself. Our team of experts can guide you through the voluntary disclosure process and ensure you comply with all HMRC regulations.

Why Choose Us?

At Thomas Stroud, we boast a decade-long track record of aiding individuals with their tax matters. Our self-assessment tax return experts possess profound expertise in taxation, catering comprehensively to your tax-related requirements. We prioritize our clients’ needs, adopting a partnership approach to guarantee timely services and meet crucial deadlines. Recognizing the complexity and burden of taxation, we stand committed to simplifying this process for you, ensuring a smoother experience.

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