If you are unsure if you need to submit a Self Assessment tax return, get in touch with us for help. We work with clients in West London, including Acton, Hammersmith, Chiswick, Ealing, Hanwell and any surrounding areas and have experience in all accounting matters.

You can also check HMRC’s online tool to check if you have to return your tax assessment.

Normally, you need to complete tax return if:

• are newly self-employed and have earned more than £1,000
• have multiple sources of income
• have received any untaxed income, for example earning money for creating online content
• earn more than £100,000 a year
• earn income from property that they own and rent out
• are a new partner in a business partnership
• are claiming Child Benefit and they or their partner have an income above £50,000
• receive interest from banks and building societies (more than £10,000)
• receive dividends in excess of £10,000
• need to pay Capital Gains Tax
• are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits

If you are not sure if you fall under one or more of these categories, contact us – we are waiting to hear from you for friendly, jargon-free advice.

Xero accounting software has become a top choice for accountants and small business owners over the last years, offering a host of advantages, which we also recommend. Get in touch with us if you want to learn more, as we are a Xero-certified bronze partner.

The advantages of using Xero are:

• Real-time Financial Visibility:
  Access real-time financial data, effortlessly reconcile transactions, monitor cash flow, and track financial performance with automatic bank feeds.
• Simplified Invoicing and Billing:
  Create professional invoices, track payments, and send automated reminders, eliminating paperwork and streamlining billing.
• Efficient Expense Management:
  Capture, categorize, and securely store digital receipts, simplifying expense management and ensuring accurate reporting.
• Seamless Integration with Third-Party Apps:
  Integrate Xero with payment gateways, inventory management systems, and payroll solutions, with less manual data entry.
• Collaborative and Secure Environment:
  Collaborate in a secure cloud-based platform, allowing multiple users to access and work on financial data simultaneously, with robust security measures in place.
• Time and Cost Savings:
  With Xero, you’ll be saving time and reducing errors. Xero’s affordability makes it suitable for businesses of all sizes.

We would recommend that small and medium businesses embrace Xero for efficient, accurate, and time-saving accounting practices – and we’re here to guide you.

The  deadline of returning your online and paper self assessment on 31 January is approaching, and we’d like to remind you that we are here to support you with every step of it.

If you need any help, clarifications and guidance with these dates, let us know. All the financial and accounting vocabulary used by HMRC can sound overwhelming and confusing, but we can explain everything in an accessible, supportive way and help you with all your self-employment needs.

Below are some resources for self assessment returns:

Contact Us

HMRC guidlines

File your online return

More information on HMRC website.