Self assessment accountant
Self assessment
As HMRC says, “tax doesn’t have to be taxing”
Self-assessment is proving to be one of the great misnomers of all time and seeking a self assessment accountant can make the process clearer.
Many taxpayers struggle to understand the complex tax returns and complete them correctly.
In the first year of the regime alone, 775,000 taxpayers received £100 penalties for failing to submit their returns on time, and some 400,000 incurred further penalties because their returns were still outstanding six months later.
The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand, but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.
Thomas Barrie can save you a lot of time, worry, and money by handling your self-assessment. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.
We can act as your agent, dealing directly with HMRC on your behalf and, should you be selected for a self-assessment inquiry, act for you at any meetings.
All our returns are filed electronically meaning the information we submit is fed directly into HMRC’s computers, cutting out potential errors.
Our fees for this start at £150 (excluding VAT) per annum. Do you require a professional self assessment accountant or tax return advice in Glasgow? Contact us today.
Contact us for a free consultation
Self Assessment Accounting – Our Guide
In the world of self assessment tax returns there are key things to get your head around. We help you with the nuts and bolts of dealing with HMRC and the complexities that self employed and business owners face when it comes to their personal tax returns and affairs.
HMRC and Self Assessment
Self assessment is the mechanism by which you report your income to HMRC. It mainly applies to the self employed or business owners but others can be liable if they have complex tax affairs such as income from investments or property.
As self assessment accountants we know how complicated submitting a self assessment tax return can be. Accurate reporting to tax accountant is key as any mistakes can lead to big problems or penalties. With our expertise we guide our clients through this process, ensuring compliance whilst maximising allowable deductions and reliefs.
Filing requires attention to multiple income streams including dividends and foreign income. Accounts must be complete and HMRC compliant, so income tax is calculated and paid on time to avoid interest or fines. The full completion of these returns is what we do to offer professional but approachable accountancy services.
How We Help Small Business Owners
At our firm we help small business owners with their financial responsibilities. We focus on the key areas of P60 and P45 forms, tax liabilities, taxable benefits, rental income and expenses so our clients have the information to manage their finances.
P60 and P45
The P60 and P45 are important documents for both employers and employees, summarising year end tax and pay and employment details respectively. We help small business owners to get these documents right with HMRC.
By keeping accurate records and processing on time we help prevent errors that can lead to penalties. We guide you on how to produce and distribute these forms to your employees so all the information is up to date and correct.
We also help you understand how these documents affect each employee’s personal tax status so you can make informed decisions.
Tax Liability for Small Business Owners
Tax liability is key for small business owners as it’s what HMRC want back. We demystify the calculation and management of these liabilities. We offer a full service from forecasting future taxes to identifying areas of savings through allowances and reliefs.
By monitoring income and expenditure we ensure our clients are tax ready. We offer bespoke tax advice to avoid underpayment or overpayment and protect our clients’ financial well being.
Our proactive approach to tax relief aims to show you the way to tax planning and give you confidence and clarity in your financial responsibilities.
Taxable Benefits and Expenses
Taxable benefits and expenses can be a minefield for small businesses with big financial implications. We help our clients identify what benefits are taxable and make sure expenses are categorised correctly.
By offering bespoke advice and robust systems to track and report these items we reduce your administrative burden. We give you clarity on claiming tax back for allowable expenses, maximise tax relief and ensure accuracy in self assessment tax returns.
Our expertise in this area saves resources and makes our clients’ financial operations more efficient.
Our Tax Services
Our team offers a range of tax services to suit different clients. We help high income earners with bespoke strategies, through assessment tax return service we offer guidance on maximising allowable tax reliefs and detailed planning for inheritance and estate management.
Assessment Tax Return Service for High Income Earners
We know the challenges of high income earners and our assessment tax return service is designed for this group. Our approach as tax return accountant involves a thorough review of all income streams including salaries, property income, dividends and international income. We focus on compliance and make sure each tax return is optimised for best possible outcome.
Proactive engagement with tax laws allows us to navigate the complexities with confidence so our clients get the best treatment. Our service is full and cost effective, reducing the administrative burden on high income clients.
Allowable Tax Reliefs and Allowances
In allowable tax reliefs and allowances we use our knowledge to find the opportunities that many miss. Our team reviews all potential claims including investment reliefs and expenses related to property income so every deductible item and claim is explored.
Understanding these reliefs not only saves you money but also ensures accurate and efficient tax filing. We engage with changing tax laws to give you up to date advice that suits your circumstances and tax bill.
Tax Reduction Strategies
Our client centric tax reduction strategies are designed to meet individual financial goals whilst complying with all the rules. Through thorough review of financial portfolios we find ways to reduce liabilities including investment diversification and tax efficient savings accounts.
Planning for personal and business assets is key to tax optimisation. We approach each situation with forensic detail and integrate innovative solutions, always putting our clients’ long term financial well being and sustainability first.
Inheritance Tax and Estate Planning
Inheritance tax and estate planning is important for those who want to secure their family’s future. We offer expert advice on structuring estates that align family goals with the law. Our service includes thorough estate reviews, use of gift allowances and setting up trusts where applicable.
By anticipating the liabilities we help you preserve wealth for generations. Our promise is to not only reduce taxable estates but also to preserve the integrity and wishes of each client’s personal and family legacy.
Simplify Bookkeeping
In bookkeeping efficiency makes a big difference. Our service simplifies bookkeeping processes, giving clients a single and tidy way to manage their transactions. We set up bespoke systems that increase accuracy and reduce administrative time.
Clients get clarity on their financial situation and peace of mind knowing we are on top of the detail. By removing the complexity we make it easy to deal with your financial records with confidence.
Pension Contributions and Tax Benefits
Knowing that securing financial future and getting tax benefits now we see pension contributions as part of tax planning. Our advisors review individual circumstances to recommend the right pension scheme for maximum tax benefits.
We explain contribution limits, tax relief and long term growth. By investing in pensions clients can reduce their tax liabilities and ensure their future financial needs are met fully.
Digital Accounting Tools
In this digital world technology is key to accounting. Our use of the latest software means accuracy, efficiency and security in accounting tasks. We use cloud based solutions that allow real time monitoring and access to financial data.
Reducing human error and improving user experience our digital tools make it seamless. Clients get simpler processes and can rely on us to use technology to raise the bar on service.
Peace of Mind with Our Support
Our support is more than just crunching numbers; it’s about trust and reliability. By putting personal interaction and expert advice first we build relationships based on open communication and understanding. Our promise is to give you peace of mind in everything tax.
Through ongoing support and access to our team clients feel secure in the knowledge they are being looked after by professionals who want to help them succeed financially. We love being able to help them with their financial security and peace of mind.