Tax Return Accountant
Tax Return Accountant referred to as a Tax Return or SA100 is form in which you report details of your income and capital gains if applicable as well as claiming any allowances you may be entitled to.
The characters SA100 is shown at the bottom of each page of the tax return,
A Tax return only applies to the minority of the working population as most employees working in the UK have all their taxes deducted through the Pay As You Earn (PAYE) and are not required to complete a tax return.
The tax return applies to all self employed and directors of limited companies.
For most people, filling in such a form looks complicated and usually left to the side resulting in penalties for late filing etc.
We at Professional Bookkeeping Services (PBS) will do all the work for you and file and submit on your behalf.
Call us at 020 7788 7744 for a free consultation.
Off-Site Dedicated Sage Expert Bookkeeper.
On-Site Dedicated Sage Expert Bookkeeper.
What are the Self Assessment deadlines ?
Tax years run from the 6th April of one year to the 5th April of the following year.
For example for the Tax Return 2019 will run from 6 April 2018 to 5 April 2019 (2018-19)
You have 2 options to submit , either on paper or online.
You must submit your return
- by midnight 31 October 2019 if filling a paper tax return.
- by midnight 31 January 2020 if filing online
- pay the tax owed by midnight 31 January 2020
A Late submission will be fined a minimum of £100 by HMRC.
What information will be requested to fill in a Self Assessment tax return?
Professional Bookkeeping Services (PBS) will send you a template to complete to cover the following:
The allowable expenses to include if you are self employed are
- Cost of stock you bought to resell
- Cost of any equipment you use at work
- Wages and other staff costs
- Payments to any subcontractors
- Motor and travelling exoenses
- Rent,light and heat, insurance
- Office costs such as tel ,internet,stationery
- Interest on loans taken
- Bank charges, credit card charges
- Accountancy, bookkeeping and legal fees
HMRC will not ask you to send proof of your expenses like receipts or invoices but it is important that you keep all your records for up to 6 years from your last tax return in case HMRC ask you to produce them.
Do I need to fill in a Self Assessment tax return?
The answer is “yes” any of the following applies: I will only list the main categories.
A more comprehensive list is available.
- your income from self-employment was more than £1,000
- your income from renting out property was more than £2,500
- you earned more than £2,500 in untaxed income, for example from tips or commission.
- your income from savings or investments was £10,000 or more before tax.
- you need to pay Capital Gains Tax on profits from selling things like shares or a second home.
- you are director of a company
- your State Pension was more than your personal allowance and was your only source of income
You also have the option to voluntary fill in a Self Assessment tax return if you want to make voluntary Class 2 National Insurance Contributions which will help you qualify for benefits such as the State Pension.
Yes, the minimum is £100 and the penalty will continue at a rate of £10 a day
So someone 3 months late will receive a £900 penalty
Most accountants will charge £300. We only charge between £100 to £150.
Contact us and we will send you a template to complete so we have the required info.
to complete the tax return for you.
The tax return 2019 due in by 31 October 2019 if paper return or 31 January 2020 if online
Professional Bookkeeping Services (PBS) offers bookkeeping packages specifically for small clients at a small fee.