Looking After Your Self-Assessment
Self-assessment tax returns must be filled out by individuals who fall under various categories, such as the self-employed, company directors, partners in business partnerships, those earning income from property, and individuals with diverse income sources. Additionally, high earners, even if subject to PAYE (pay as you earn) taxation, are obligated to complete SA returns.
While it’s possible to complete a self-assessment return on your own, there’s a risk of missing out on potential tax reliefs and expense claims. Our tax experts specialise in ensuring that you don’t overpay your taxes and that your returns are accurate and timely. We handle tax filing for clients in London and Kent, catering to self-employed individuals, company directors, and property investors.
Our expertise in taxation encompasses self-assessment returns and includes optimising tax liabilities through relevant allowances and expense claims. We provide personalized advice to each client, irrespective of their income source, including sole traders, company directors, business partners, or private individuals. A senior member of our team is assigned to personally oversee your financial interests.
We pride ourselves on delivering an exceptional standard of service. Our entire team is dedicated to being open and approachable, upholding the Future Insight ethos of being ‘exceptional as standard,’ and making a tangible impact for every client. If you’re uncertain about whether you need to file a self-assessment tax return, our tax experts at Future Insight can provide the necessary guidance and determine your obligations. The government offers a helpful online guide to assist in this process.
For most taxpayers, income tax is automatically deducted through the PAYE scheme. However, if you fall outside the PAYE system or earn income above certain thresholds, you will likely need to complete a self-assessment return.
Sole Traders and Self-Employed Individuals Embrace the Digital Revolution in Taxation
The landscape of income tax is undergoing a significant transformation, impacting millions of individuals, including sole traders and landlords. This change is being ushered in by Making Tax Digital (MTD), and it’s poised to reshape the way people handle their tax obligations.
Under MTD for income tax, the new regulations exclusively target individuals whose income from properties or business operations exceeds £10,000.
It’s essential to note that the £10,000 threshold is based on gross income or turnover rather than the profit margin. Furthermore, it applies cumulatively to the total gross income if you engage in multiple trade or property ventures.
Commencing on April 6, 2024, all eligible businesses and landlords will be mandated to maintain digital records of their income and expenses through compatible software. Compliance necessitates the acquisition or use of software, and there are options available, including free software versions.
In anticipation of this transition, HMRC is collaborating with software providers to ensure that small businesses have access to cost-effective software solutions. The government is firmly committed to offering free software options to small businesses with straightforward financial affairs.
If your income falls below the £10,000 threshold, you retain the choice to adhere to the existing self-assessment system.
There are specific exemptions to MTD, which include cases where using digital tools is unreasonable due to age, disability, or limited internet access in remote locations, a situation often referred to as digital exclusion.
Additionally, insolvency proceedings and businesses run by members of a religion with beliefs incompatible with electronic communication are also exempt. If you seek an exemption, you must directly apply to HMRC, providing your reasons.
It’s worth noting that Trusts, Estates, Trustees of Registered Pension Schemes, and Non-Resident Companies are exempt from MTD requirements.
Our core areas of service provision include in the UK and Malta
- Self Assessment Accounts
- MTD Software
- Self-Assessment Tax Return & Submissions