How We Help With Self Assessment

How our Accountants can help you!

• Who We Help With Self Assessment

  At MJ Kane, our self assessment accountants can assist with anyone that needs to file a tax return including:

  • Those claiming Tax relief
  • Those claiming Tax refund claims
  • Self-employed individuals
  • Directors and Business Partners
  • Freelancers & Contractors
  • All forms of investors – this could be in property or crypto etc
  • High earners (£100K+ per annum)
  • High savers
  • Landlords including those who let through a third party i.e., Airbnb
  • First timers filers
• What is a Self Assessment Accountant?

  A Self Assessment accountant is a tax accountant that specialises in self assessment tax returns. In general, these specialist accountants provide up-to-date tax advice and help, and ensure your compliancy with any new tax legislation in the UK.

  Their job also involves reducing your your tax liability and identifying any opportunities to reduce taxes owed legally. Some accountants will also assist in effective record keeping and bookkeeping to help ease the process the following tax years.

• Why You Should Hire A Self Assessment Accountant

  Tax legislation is getting increasingly dynamic in the UK, which makes it difficult to keep up with current regulations and understanding tax returns for business owners, directors and self employed people. But in order to meet the tax return deadline, individuals need to be able to ensure that complex tax returns are submitted correctly. That’s why having access to professional expertise in the form of a dedicated self assessment accountant is encouraged. Some of the main benefits also include:

  Saving time and hassle

  Completing a self assessment form requires an intensive amount of time and record keeping to be able to complete it properly. Outsourcing this process to a self assessment accountant can save time that can invested elsewhere such as your business or family.

  Avoiding frustration and confusion

  Like any tax issues, it takes time to work your way around the system and understand what is required from you. A self assessment accountant can help simplify this process.

  Avoiding potential fines or late submissions

  Our self assessment accountants ensure that your form is submitted accurately so there are no risks of receiving fines or the attention of HMRC when filled incorrectly. We’ll also ensure to have effective time keeping so that everything is done well before any deadlines.

  Avoiding mistakes and misinformation

  Filling it out correctly can be confusing, especially if you are new to all this. Mistakes can be made, and these can be costly. A self assessment accountant will review and ensure all information is correct before submission.

  Being up to date on tax legislations

  Tax legislation changes all the time, and our self assessment accountant are keep up-to-date with it so you don’t have to

  Getting potential savings

  An experienced self assessment accountant will know where to find deductions so you could reduce your tax bill legally. There’s also the risk of paying too much tax if you fill in your Self-Assessment form yourself. When you use an accountant you may be able to save more money than you spend on the service, which could be hundreds of pounds or more.

  Professional record keeping

  A self assessment accountant can help you to organise your files to make the process easier and quicker in the next tax year. Our accountants can also provide tips on managing your finances to make record keeping and bookkeeping easier.

• What’s included with Our Self Assessment Accountant Service?
  • Get professional help from a self assessment accountant.
  • Help to claim eligible expenses and tax reliefs
  • Full calculation of your tax bill for you to review and approve
  • Your tax return filed to HMRC
  • Professional record keeping
  • Current or previous tax year filing
• What Do I Pay Taxes On?
  • Money you earn from employment
  • Profits you make if you’re self-employed – including from services you sell through websites or apps
  • Some state benefits
  • Most pensions, including state pensions, company and personal pensions and retirement annuities
  • Rental income (unless you’re a live-in landlord and get less than the rent a room limit)
  • Benefits you get from your job
  • Income from a trust
• When Do I Pay Income Tax?

  The tax year runs from the 6th April to the 5th April the following year.

  The first payment on account for the tax year ending the following 5 April is due on the 31st January.

  If you have a second payment on account due for the tax year ending the previous 5 April it is due for payment on the 31st July.

  It is worth remembering that not everyone has to pay these payments on account.

• What types of businesses do MJ Kane Accountants serve?

  MJ Kane specialises in serving serves small and medium-sized businesses of all kinds (sole-trade, limited, partnership, contractor, charity etc..), but we are best known for our expertise in these industries:

  • Professional services – Real estate agents, insurance agents, financial advisors and more
  • Personal service contractors – HVAC technicians, plumbers, electricians, painters, mechanics and more
  • Retail – Clothing store, e-commerce sellers, convenience stores, coffee shops and more
  • Health and wellness – Gyms, salons, spas, dentists and more
  • Restaurants – Quick-service restaurants, fine dining restaurants, coffee shops, caterers, specialty food providers and more
• I am a Sole Trader, do I need to complete a Self Assessment?

  Yes, Sole Traders are required to submit a self-assessment tax return.

• I am a Partner in a partnership, do I need to complete a Self Assessment?

  Yeas, Partnerships are required to submit a partnership tax return, and each partner must also submit a self-assessment tax return.

• I am a Director of a limited company, do I need to complete a Self Assessment?

  Limited Companies are required to submit an annual return, CT600 company accounts, and directors are all required to complete a self-assessment tax return. You can learn more about our guidance on self assessments for directors. We also have provide advice for limited companies and self assessments.

• How Long Do I Keep Self Assessment Tax Records For In The UK

  Self-employed individuals or those required to submit a Self Assessment need to keep their self assessment tax records for at least five years after the 31 January deadline of the relevant tax year. View our guide that extensively covers on how long you should keep your self assessments records in the UK.