Self Assessment tax
return services

When you do your own Self Assessment, you run the risk of making mistakes and also potentially losing out on tax benefits you could be eligible for. By working with a Self Assessment tax return accountant, you get tailored advice on how to minimise your tax bill while staying fully compliant.

Missing your Self Assessment deadline will incur a penalty of up to £100 if you’re less than three months late, and higher as more time goes by. You’ll also have to pay interest on late payments. It’s more vital than ever now to have a reliable tax plan, as laws become more stringent and penalties become heavier. Do the right thing and talk to one of our experts today – we’d be happy to help.

Missing the Self-Assessment deadline can be stressful, but don’t panic! Here’s what you can do:

• Act immediately: Submit your tax return as soon as possible. Even though you’ll incur a penalty, filing late minimises further penalties and interest charges.
• Pay any tax owed: HMRC will advise on payment options while submitting your return.
• Explain the reason for the delay: A brief explanation within the return or a separate letter can help mitigate penalties. Be honest and explain any extenuating circumstances.
• Expect a penalty: HMRC charges penalties for late filing and late payment. You might appeal these penalties if you have a reasonable excuse.
• Seek professional help: At Golding Accountancy, our tax accountants can help you navigate the late filing process, calculate penalties, and ensure your tax return is accurate. We can also negotiate with HMRC on your behalf to potentially reduce penalties.

• Register for Self Assessment: If you haven’t already, register with HMRC for Self Assessment. You can do this online at the HMRC website.
• Keep records: Keep accurate records of your income and expenses for your side business or freelance work, such as invoices received, receipts for business-related expenses, and bank statements.
• Identify income sources: List all sources of income from your side business or freelance work on your tax return. This includes earnings from online platforms, client payments, and cash sales.
• Calculate profit/loss: Deduct all allowable business expenses from your income to identify your taxable profit. Allowable costs may include travel, equipment, marketing, workspace rent (if applicable), and professional fees.
• Report on your tax return: Include your additional income and expenses in the appropriate sections of your Self Assessment tax return.
• Seek professional help: Navigating business expenses and maximising deductions can be complex. We at Golding Accountancy can assist you in optimising your tax return for your additional income.

• Calculate your net rental income: Subtract your rental expenses (e.g., mortgage interest, repairs, insurance) from your rental income.
• Report your income: Include your net rental income on your self-assessment tax return (SA100)  in the relevant section plus on the supplementary page (SA105).
• Claim deductions: You can claim deductions for allowable expenses related to your rental properties.
• Consider property relief: If you meet certain conditions, you may be eligible for property relief (e.g., capital gains tax relief).
• Keep records: Maintain detailed records of your rental income and expenses to support your tax return.
• Capital allowances: You can claim capital allowances for wear and tear on your property. This can help reduce your taxable income.
• Seek professional help: Tax implications for rental properties can be complex. We can help you maximise allowable deductions and ensure your tax return for rental income is accurate and efficient.