Self Assessment Income Tax

SELF ASSESSMENT
INCOME TAX

Self assessment tax return can be somewhat of a daunting process, with many putting off doing their tax returns till as late as December and January, when the submission and payment date is 31st of January (for online returns).

We can help take the stress out of your tax return.

Whether you’re a self-employed holistic therapist, a plumber or a small business owner, at Taxfile we can bring experience and expertise to your accountancy and tax needs. We have established the foundation of our business on providing a high level personal service at a realistic rate. Working as an independent organization and therefore dealing with HMRC on your behalf. We ensure you only pay as much tax as you really need to, offering advice as to which allowances, reliefs and deductions are available to your particular situation, and can help you to claim them. This is even true when your business ceases trading.

You will need to register for submitting a self assessment income tax return to HMRC if any of the following criteria are met:

You are self-employed
You are a landlord or have holiday lettings
You are on PAYE but have income from other revenues
You are a director
You are in a partnership
You are on PAYE and earn above £100,000 per annum

It is a legal requirement that you keep full and accurate records of your business transactions. Every year you will then be required to fill in a Self-Assessment tax return to show your profits from the business plus any additional income (e.g. from property rental). Your tax and National Insurance contributions will then be computed.

What help can I get with my self assessment tax return?

At Taxfile we can help with all aspects of the process, from the book keeping (& therefore making sure that you are claiming business expenses correctly and where you can), to compiling your tax return & creating a profit/loss account for your business, to finally submitting your figures to HMRC. All tax returns calculated and submitted by our tax agents have an insurance cover, so if anytime in the future HMRC were to investigate your return, we would at no extra cost to you manage the investigation on your behalf.

If you are just venturing out into self employment & setting up a new business, Taxfile can also help you set it up and register with HMRC for National Insurance and tax purposes.

At Taxfile, we provide accountancy and tax-related services for:

people in the entertainment & hospitality industry
landlords & holiday lettings
barristers & legal services
doctors
taxi & mini cab drivers
construction industry and individuals enrolled on the Construction Industry Scheme (CIS)
beauticians, holistic therapists, private trainers & educators
technical engineers, musical engineers & many more

I’ve been a Taxfile customer for several years now. Evelina is absolutely lovely, very professional, friendly and extremely patient, as I usually end up giving her my accounts in late January.

Great people! Very helpful! Very polite! And they save you money! Could you want more!

Our tax agents are experienced to offer you great advice and a peace of mind that you will only be paying the amount of tax that you really need to. They will help you calculate the correct amount of tax you need to pay to HMRC along with your national insurance liability calculations.

Covering the South London area, we are local tax accountants near you, providing tax return services for a variety of trades whether sole trader or SMB. We cover all aspects of business taxes, and our tax preparation fees are realistic and competitive. For your local tax professional near you, give us a call on 020 8761 8000 and come and see us for a free 20-minute consultation and let us help you with filing your taxes.