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Fast, painless and done for you online – TaxScouts is the way tax returns should be done. Easy to use, language you can actually understand and no worrying about making a mistake.
And we mean a few. After a couple of minutes of answering questions online we’ll have everything we need to start working on your tax return.
That’s right, you’ll be matched with a real accountant who is best suited to prepare your return. Plus, they’re on hand for questions whenever you need.
Once you’ve signed off your return, your TaxScouts accountant will file your return online with HMRC. That’s it! We told you it was simple.
That’s right. No matter how complicated it gets or why you need to do a return in the first place, it’ll cost £107 to get it done. That includes VAT, last-minute changes and all the support you may need.
Your UTR number is a Unique Taxpayer Reference that you get when you register for Self Assessment.
It consists of 10 digits (sometimes with a letter K at the end) and is issued to you by HMRC.
Check out our guide to getting a UTR.
When it comes to Self Assessment mistakes, we’ve seen them all. Here are a few you’ll want to avoid:
Most people do not need to file a Self Assessment because they are taxed at source. But there are a few reasons you may need to complete a tax return:
If the value of the coins you got from mining or trading cryptocurrencies like Bitcoin or Ethereum is over £1,000 in GBP equivalent you’ll have to pay tax on your earnings.
HMRC treats cryptocurrency miners as traders, so you need to pay:
If you don’t declare yourself as a trader you will automatically be classified as an investor and have to pay Capital Gains Tax.
If you’re self-employed, you can get up to £1,000 each tax year as a tax-free allowance. This is called the Trading Allowance.
The UK tax year for individuals starts April 6th and ends April 5th of the following year. From then, you have until January 31st to complete your online tax return for the previous tax year.
Depending on your situation, you may be entitled to claim different expenses back on your Self Assessment.
If you’re self-employed you can claim expenses individually (full list here) or claim the £1,000 Trading Allowance.
If you’re a landlord, you can claim certain replacement items, renovations and if you live in the property (full list here) or claim the £1,000 Property Income Allowance.
Other general allowances can be found here for investors, high-earners and other taxpayers.