Self Assessment Tax Returns

An individual has to submit a Self Assessment Tax Return to HMRC every year if they have more than one source of income or any other source of income other than employment.

When it comes to self assessment tax returns Liverpool businesses generally prefer to use the specialist services of professional accountants for peace of mind, tax-efficient scheme maximisation and to outsource the time and complexity of managing financial accounts and tax burdens.

MJF Accountancy provides a high-quality personal financial service within the Liverpool, Greater Merseyside and wider North West area. As Liverpool personal tax returns specialists, we can provide our clients with a top-quality service that helps sole traders and businesses to meet their tax obligations.

Do I need an accountant if self-employed?

We are often asked, ‘Do I need an accountant if self-employed?’ The answer is no, it isn’t essential, but it could be highly beneficial to reduce your tax liability.

Becoming self-employed can be an attractive option for many people. Being self employed provides you with greater freedom and flexibility, resulting in a better work-life balance. But self employment can be challenging as you are solely responsible for tax implications and financial obligations.

When first becoming self employed, the temptation is to save money by cutting as many none essential corners as possible. But by adopting this approach, you could be costing yourself more money, as knowledgeable and experienced accountants for self employed, sole trader or contractors will not only complete your tax return but also ensure you are meeting all of your obligations, reducing the chance of further problems with HMRC in the short, medium or long-term future.

Is it worth getting an accountant to complete your self assessment?

Is it worth getting an accountant to complete your self assessment? The simple answer to this question is Yes, an accountant could reduce your tax bill. If you complete your self assessment, you may be paying hundreds or thousands of pounds more taxes than you would pay if an accountant offering a self assessment tax return service completed it on your behalf.

What does an accountant do for self-employed?

What does an accountant do for the self-employed? An accountant can offer so much more support to a self employed person than simply completing their annual self assessment tax return. Engaging with an experienced accountant will allow you to not only obtain their financial expertise when it comes to completing and filing your tax return, but an accountant can also be a valuable asset to help guide you through the potential minefield that is your self-employment.

Most chartered accountants also provide additional services that can save your business a considerable amount of time and can act as an adviser who can support you in many aspects of business, from its financial health to business and planning tax affairs to calculating pension contributions.

Can I claim accountant fees on my self assessment tax return?

Can you claim accountancy fees on my self assessment tax return? According to HMRC, the answer is Yes. The costs associated with accountancy, legal and the associated professional fees are all allowable business expenses.

Leading self employed accountants in Liverpool

When you need specialist support with self assessment tax returns Liverpool-wide, MJF Accountancy provides a cost-effective, expert package around your needs.

Your self-employed tax return obligations

Remember that every individual is obliged to submit a self assessment tax return to HMRC each year if they have multiple income sources or an additional income source beyond their immediate employment. In today's gig economy age, where many people have side-jobs, businesses, buy-to-let properties, dividend income, pensions and other sources of income, it makes sense to use Liverpool personal tax specialists to ensure you are paying the right amount of tax, that you are staying within the law (which changes regularly!), and that you are not paying over the odds.

As specialist self employed accountants in Liverpool, we are perfectly placed to ensure that our clients follow the taxation regulations without needing to manage the onerous administration required for self assessment and that they don't pay over the odds! We can often provide information and advise on legal measures and allowances that help our clients to avoid paying an excess tax bill.

When does the tax year run?

Each tax year runs from 6 April to 5 April and self assessments have to be submitted to HMRC by 31 January the following year. In the tax return, all income received by the individual is collated, along with their allowable expenses. This information is used by HMRC to calculate how much income tax and national insurance the individual needs to pay. The self assessment tax return is fairly long and can be complicated, with some complex questions about accountancy calculations and provisions for areas such as adjustments and balances.

MJF Accountancy – Liverpool Premier Self Assessment Specialists

MJF Accountancy takes the hard work off your hands. We can prepare your books and will use your bookkeeping information to produce your tax return in a timely fashion before submitting it on your behalf. We will check that any calculations for income tax or NI contributions are correct and answer questions with the relevant information on your behalf if these arise from HMRC.

Contact the Liverpool personal tax returns specialists to find out more about tax return service and discuss your tax sitatuation on 0151 724 3960 or email for your free consultation.

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