Tax Return Accountant from The Kelvin Partnership
Are you looking for a new tax return accountant? The Kelvin Partnership will help you manage what can be a stressful process. We understand that filling out a self assessment tax return can seem daunting, and that’s why we offer additional guidance, for those of you who feel a bit lost when it comes to taxes.
After years working with self-employed individuals and those required to fill out a tax return, we have gained valuable experience, and have the expertise to provide you with the most beneficial service. Aside the help from the tax return accountant team from The Kelvin Partnership, we offer lots of other extensive accounting services, there for you!
What is a Tax Return?
A tax return is a piece of documentation that is required to be completed annually and submitted to HMRC. It provides HMRC with information about your income and personal financial circumstances. It needs to be accurate and submitted on time to avoid penalties and any investigation.
HMRC uses the information provided in your tax return to calculate any liabilities, amounts you owe and amounts that you have overpaid.
Who Needs to Complete a Tax Return?
Most people who are employed by someone else have their tax deducted before they receive their income, via the PAYE system. However, if you are self-employed you need to file a self-assessment tax return to HMRC every year. This is in order for your earnings to be taxed appropriately by HMRC. A tax return can be filled online and/or physically.
What Needs to be Included in a Tax Return?
Included in a self-assessment tax return:
- The annual turnover of your business and the annual income from your business.
- Any other income earned from other employment during that year, including part-time and full-time hours – the details of which should be included in a P45 or P60
- Income from renting out property or amounts related to letting property
- National Insurance contributions you have paid over the past year
In order to ensure your tax return is completed correctly it is worthwhile to keep good records, receipts and paperwork relevant to making the tax return submission process easier. Also, it is a legal requirement to keep back up documentation for 6 completed years. Make sure you spend the time maintaining and organising your books!
Why use a Tax Return Accountant from The Kelvin Partnership?
There are many benefits in using the tax return services from an accountant. Not only does outsourcing the task of tax return submission to an accountant ensures it is completed on time, without hassle, stress or inaccuracies; it also reduces the chances that your business will incur penalties for being completed incorrectly.
Our team at The Kelvin Partnership has years of experience when it comes to filing tax returns, so you can trust that we will comply with HMRC’s requirements. Hand over the relevant paperwork and leave your tax return worries with us.