Each year millions of people in the UK have the troublesome task of filing their self assessment tax returns. Unfortunately, the difficulty of this process is exacerbated by the UK having the longest tax code in the world, making it extremely difficult to file in an accurate and timely manner. However, we can help! The team here at LM Accountants knows the tax code like the back of our hands, we’ll take care of the nitty-gritty details so you can focus on growing your business.
There’s a myriad of reasons why someone might need to file a tax return, some of the most common include:
- You’re registered as self-employed or are a partner in a partnership
- You are the director of a company
- You own property or land that is currently being let
- You have sold or bestowed an asset (e.g. a holiday home or vehicle)
- You have income from overseas
HMRC staff aren’t required to inform you about how to get things organised or minimise the amount of tax you pay. Because of this, the sole responsibility falls on you. Understandably, trying to navigate through the ocean of tax codes to ensure you won’t get fined can be rather stressful and frustrating. However, the weight on your shoulders can be massively reduced by getting in touch with a professional to help you through the entire process. In fact, getting professional help with your self assessment can actually result in you saving money by ensuring you’re not overpaying on tax.
Some of the ways LM Accountants can benefit you when filing a self assessment include:
- Completing your tax return
- Filing your tax return
- Calculating tax owed
Furthermore, throughout the process of filing your tax return, we can help you save money by analysing expenses to make sure you’re not paying more than the required amount. This can result in large savings, particularly for those with lots of business-related outgoings. In conjunction with this, we can also ensure that there are no discrepancies between your financials and self assessment, lessening the chance of an inquiry from HMRC.
Additionally, we also offer an end of year accounts service. So, if you need a hand getting your accounts in order ahead of filing a self assessment, we’ve got you covered! LM Accountants is here to lessen the burden on you this tax season.
Self Assessment Tax Returns in Shetland