While most salary incomes are taxed through the PAYE system, all incomes that are not taxed at source should be stated in Self-Assessment reports. The minimum amount of untaxed annual income required for self-assessment filing is £1,000.

Before beginning any self-employment activity, you must acquire a Unique Tax Reference Number (UTR). We can assist you in applying for a UTR. We also ensure that you receive tax return guidance in the UK that will enable you to complete returns accurately and on time. We can assist you in understanding your specific personal income tax status, including which incomes are subject to taxation and which expenses can be written off against taxable income.

At WAYFINDERS Consulting, we take care of all of your annual return papers when you use our self-assessment tax return service. Our chartered accountants ensure there are no costly errors, missed opportunities, or incorrect calculations, so you won’t have to worry about deadlines. Reach out to one of our experienced tax assessment team members today to learn how we can help you with your self-assessment filing needs.

Who Needs a Self-Assessment?

It’s a prevalent misconception that only self-employed people in the UK need tax return services. Anyone who meets the following requirements must complete a self-assessment form with HMRC:

  • You receive pay via PAYE, and your work-related expenses total more than £2500.
  • You earn money through rentals as a landlord.
  • You have a salary of above £10,000.
  • Director of the company, you are.
  • You receive child assistance and make more than £50,000 annually.
  • You earn more than £10,000 each year through investments.

Capital Gains

The gain or profit from selling or giving away something you previously held, such as investment property, a portfolio of shares, a second house, or a stake in a firm, is subject to capital gains tax. We can assist with the tax-free allowance, extra reliefs that could lower a capital gains tax liability, and other related matters. From 6 April 2020, anyone who resides in the UK and sells residential property in the country must file a capital gains tax on UK property return and pay any taxes payable within 30 days of the sale’s completion.

Foreign Income

We can help you manage complicated double taxation arrangements if you have assets or income in multiple countries to ensure you pay the least amount of taxes overall. The total amount of money earned overseas is not subject to tax in the US. The foreign-earned income exclusion can only be used by those who meet the requirements for foreign residency or physical presence, have a tax residence in a foreign country, and have foreign income.

Late Return Penalties

Anyone can incur a penalty for filing a Self Assessment tax return after the deadline. The best course of action is to file your self-assessment tax return as soon as possible and, if you can, challenge any late fees. In many situations, HMRC can waive late filing fines if you provide a valid reason. WAYFINDERS Consulting chartered accountants can assist you in cancelling any unnecessary tax returns and in appealing any late fees. Contact WAYFINDERS Consulting today to speak with our knowledgeable chartered accountants. We can thoroughly discuss self-assessment filing services and how we can help you today.