Focus on your investments, we’ll sort your taxes

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.

Yes, after you’ve paid your one-off fee, you’ll get an accountant assigned to you, and you can communicate with them freely through our platform or by email.

Of course, if you have any questions beforehand, our support team also is available to help you, free of charge. Here’s how the TaxScouts self assessment tax returns process works.

No – unless you also need to file a Self Assessment.

You need to file a Self Assessment if:

• your income goes over or under the £50,000 threshold (there are different CGT rates)
• you earn income from self-employment, rent, dividends, or interest
• or you’re looking to claim a tax relief like SEIS/EIS/VCT
• here is a list of all the reasons why you need to do a Self Assessment.

Yes.

We don’t just take you halfway there – TaxScouts is a complete tax return service:

• We calculate your tax bill
• We help you find and claim eligible expenses and tax allowances
• And we actually file your personal tax return. All you need to do is approve it.

Making Tax Digital (MTD) is an HMRC initiative that is meant to replace annual Self Assessment tax returns by requiring you to report your income and expenses quarterly instead of once per year.

For the 2019/2020 tax year, only limited companies and self-employed people earning over £85,000 and who are already registered for VAT have to join the MTD scheme. So, in reality, most people don’t need to worry about it for a while.

Read more about preparing for MTD

There are two main ways to save money into your pension:

1. Net pay or salary sacrifice: your employer will deduct the pension contribution before calculating tax on your pay.
2. Relief at source: it means that your contributions are taken from your net pay (after your wages are taxed). Then your pension provider automatically claims tax relief for you from HMRC, adding the basic tax rate of 20% to your pension contributions. If you’re a higher rate taxpayer, you can submit a tax return and claim the rest (another 20-25%). This is how most private pensions and SIPPs work.

You can only claim the pension tax relief if your pension contributions are not made using “net pay” or “salary sacrifice” – check with your employer.