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A Self Assessment tax return isn’t just a way for HMRC to ensure you’re paying the correct level of taxes, it is also an opportunity to claim tax allowances and tax reliefs on any eligible expenses, which could reduce your tax liability. If you’re the director of a limited company, self-employed or have received income during the tax year which hasn’t been taxed at source, you must complete a Self Assessment tax return. However these aren’t the only reasons why you may need to complete an annual Self Assessment return.
If from the 25/26 tax year your annual earnings are over £60k and you or another person in your household was in receipt of child benefit.
If you’ve received any untaxed income under £10,000 which hasn’t been reported to HMRC to be collected via your tax code.
If you’ve received additional income from a rental property.
If you’ve received additional income from a trade business or family partnership.
If you’ve received untaxed income such as dividends over £10,000.
If you’ve receive capital gains of £3000.
In this video we go over a few of the reasons why you may need to complete a Self Assessment tax return and how PayStream can help.
Our Self Assessment tax return service will ensure your tax return is completed correctly and on time, keeping you safe from an HMRC tax penalties. But that's not all. We'll also chase any refunds that might be due and warn you of any possible tax liabilities, so you know exactly what lies ahead.
We have been completing tax returns for over 20 years now, so you can feel confident that your tax return is in safe hands. Simply complete our tax questionnaire and leave the rest to us.
With 20+ years’ experience, we’ll complete your self assessment quickly and professionally, helping you avoid HMRC penalties, contact the team today.
Take a look at what Donald had to say about his experience of our Self Assessment tax return service.
Read the full case study
