Self Assessment Accountants in Southend 

You’ll need to register for Self Assessment in the UK if you are self-employed, a partner in a partnership, a company director, a landlord or receive any form of rental income, receive foreign income that is taxable in the UK, earn over £50,000 and claim Child Benefits, or if your total annual income surpasses £100,000. If you’re still unsure whether or not you need to register for Self Assessment, book a free consultation with ARB Accountants to help you understand what is required of your business.

Yes, if you earn more than £1000 per year in self-employment you will need to register for self-assessment. On your tax return you will need to fill in the Employed section and the Self Employed section. ARB Accountants are here to help you understand the complexities of self assessment tax returns whether you’re fully self employed, a freelancer or have a side business to your regular job.

ARB Accountants can help you with registration for Self Assessment. If you prefer to go it alone, you’ll need to register online with HMRC. They’ll then be in touch with your Unique Taxpayer Reference (UTR), which you’ll need when you file your tax return.

You must submit your Self Assessment Tax return each year by the given deadline or face penalties. For paper tax returns the deadline is 31st October. For online tax returns the deadline is 31st January. With our Self Assessment service, ARB Accountants will ensure that your tax return is filed accurately and on time giving you peace of mind and saving you a lot of administration.

You have to make two payments on account every year unless your last self assessment tax bill was less than £1,000 or you’ve already paid more than 80% of all the tax you owe through PAYE. Each payment on account is half of your previous year’s tax bill, and they are due by 31st January and 31st July. For example, for the tax year 2020–2021, the first payment on account is due by 31st January 2021 and the second by 31st July 2021.

If you are late filing your self assessment tax return, or paying your income tax, HMRC may impose penalties or fines upon you. Missing the filing deadline results in an immediate £100 penalty. If your payment is 30 days late, you’ll be charged 5% of the tax due. Filing your return three months late incurs a daily penalty of £10 for up to 90 days, with a maximum of £900. At six months late, you may face a penalty of 5% of the tax due or £300, whichever is greater. Additionally, if your payment is six months late, another 5% of the tax outstanding is charged. After twelve months, the same 5% or £300 penalty applies unless HMRC determines that the taxpayer deliberately withheld information. If deliberate withholding is confirmed at twelve months, penalties are based on behaviour: for deliberate and concealed withholding, the charge is 100% of the tax due or £300, whichever is greater; for deliberate but not concealed withholding, it is 70% or £300, whichever is greater. Reductions may apply depending on whether the disclosure was prompted or unprompted and based on cooperation through telling, giving, and helping.

Self assessment accountants in Essex help ensure your tax return is submitted on time and advise you on the necessary steps to make payments promptly, avoiding any late fees or penalties. Whether you’re in Southend or elsewhere in Essex, professional support can keep you compliant with HMRC deadlines.

Self assessment accountants in Southend and Essex provide comprehensive services, including tax return preparation, compliance guidance, payment reminders, and representation in dealings with HMRC. Local accountants, such as ARB Accountants, offer tailored support to meet your specific tax needs.

A self assessment tax accountant will help you understand your tax obligations, ensure your tax return is accurate and submitted on time, and provide advice on tax-saving opportunities. Many businesses and self-employed professionals in Essex rely on local accountants to handle all HMRC communications efficiently.

Yes, if you’re self-employed, a self assessment tax return accountant is essential. They will guide you through the process of filing your tax return, ensuring compliance with UK self assessment regulations. In areas like Southend and Essex, accountants can provide local expertise and personalised support for your business.

Hiring a self assessment tax accountant ensures accuracy, compliance, and timely submission of your tax return. They can also provide tax-saving strategies and handle any complex issues or disputes with HMRC, helping self-employed individuals and businesses across Essex manage their finances more effectively.

Self assessment accountants in Southend, such as ARB Accountants, can help you navigate the complexities of UK tax self assessment. Their services include tax return filing, payment reminders, assistance with claims and disputes, and ensuring compliance with HMRC regulations, making tax season stress-free for individuals and businesses in Essex.