You may have a very simple tax return to file and it can still be fairly complex to carry out in practise as the UK happens to carry one of the largest tax codes in the world. You have to be aware of the taxpayers responsibilities.
Here are some usual grounds why a tax return will be required:
- You are self employed or a partner in a partnership
- You are a company director
- Large amounts of savings or investment income
- Untaxed savings or investment income
- Letting land or property you own
- Your household receives Child Benefit and you have income in excess of £50,000
- Overseas income
- Sold/given an asset away (e.g. holiday home or shares)
- lived or worked abroad or aren’t domiciled in the UK
HMRC staff will not give advise how you should organise your affairs to minimise the tax. The most feasible plan is to get a Pegasus Accountant to verify you do pay neither too little nor too much tax.
Pegasus Accountants uses software approved by HMRC to:
- Complete your tax return
- Calculate your tax liability
- File the return online
- Liaise with you on the amounts to be paid and when they are due
Pegasus Accountants can also consult you with self assessment tax return to see if some savings can be made. We will go over the form to check whether there are some inconsistencies that need to be corrected before submitting your tax return.
In this way it is possible to minimise the risk of HMRC wanting to investigate your business. Should you have cashflow issues a Pegasus Accountant can come up with options for suspending the tax payments or a payment plan with HMRC.
By taking care of your self-assessment tax returns Pegasus Accountants enables you to focus on your core business.