Self Assessment doesn’t need to be painful.
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Filling out your annual return needn’t be taxing. This start-up aims to take the pain out of many people’s biggest headache.
The Times
You’re not alone. If you’ve got a question about tax we’ve probably heard it before and have an answer, or we can walk you through what to do.
Most people in the UK don’t need to file a Self Assessment because they’re taxed through a system called PAYE and only receive their income after tax.
But, in other situations and for a variety of reasons, you might need to file a Self Assessment tax return.
Some instances include if:
Yes.
For example: you works as a restaurant waiter in the morning and drive an Uber in the evenings. You will have to file a tax return for your Uber income.
There are many tax-free allowances in the UK:
There are also a few tax-free allowances you can claim instead of expenses:
You can see a full list of tax-free allowances here
Yes! As part of the tax accountant service, your accountant can register you for Self Assessment for free.
This means we can let HMRC know that you’re earning untaxed income and send off for your Unique Taxpayer Reference (UTR) number which you need to file your tax return.
It usually takes about 10 working days to arrive, but be aware that we don’t have control over it being sent to you. If you need to chase it up, you have to speak to HMRC directly.
Read more about how to get your UTR here.
It usually depends on how complex your tax situation is.
Our standard is two days from the point where our accountant has all the documents they need from you.
One thing to keep in mind: if this is your first Self Assessment you’ll need to register and get a UTR number first. HMRC can take a few weeks to send it by post – so you should register early.
The documents we require depend on why you need to do a Self Assessment.
If your only reason to file one is because you’ve gone over the £150,000 earnings threshold, and your only source of income is employment (PAYE), then we only need a P60 (sometimes a P45 as well), and any P11D forms you might have received from your employer.
However, if you already have an HMRC Online Services account, we can simply connect to it and simply pull your information from there. And, in case you’re wondering, we’re authorised by HMRC to do this.
For any other reasons to do a Self Assessment, we have a longer list of documents here.
After your personal, accredited accountant has filed your tax return, all you need to do is prepare to pay your bill or, if you’re due one, wait for your refund.
You can do this either directly on HMRC online or via your TaxScouts account, where we’ll redirect you to HMRC’s payment portal.
