If you have to complete a self-assessment return then you may find that you need experienced help
Self-Assessment involves completing a tax return in order to tell HMRC about your income and capital gains or to claim tax allowances or reliefs against your tax bill.
The Revenue use these figures on the tax return to work out your tax bill due.
Most people with income that isn’t generated through standard employment (PAYE) will need to complete a self-assessment return.
This can mean income from things such as;
- Online trading (eBay etc.)
- Rental properties
- Income from savings
- Capital gains
- PAYE income of £50,000 or more
- Untaxed income of more than £2,500
Anyone who acts as a company director, is part of a partnership or is a minister of religion will also need to complete a self-assessment return.
The self-assessment regime can be confusing and getting it wrong can cause problems in the future or even penalties from HMRC.
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