★★★★★
NTM Financial Solutions has transformed our approach to bookkeeping. Their expertise in self-assessment tax returns and payroll management has been invaluable. We appreciate their professionalism and attention to detail, which has made our financial processes seamless and stress-free. Highly recommend their services!
Maya Davis
NTM Financial Solutions
Expert Tax Solutions
Comprehensive Self-Assessment Services
01
Tailored Tax Planning
Our tailored tax planning services ensure that you maximize your tax efficiency while remaining compliant with UK regulations. We analyze your financial situation to provide personalized strategies.
02
Efficient Filing Process
We streamline the self-assessment filing process, ensuring timely submissions and minimizing the risk of penalties. Our team handles all the paperwork for you.
03
Dedicated Support
Our dedicated support team is always available to answer your questions and provide guidance throughout the self-assessment process, ensuring peace of mind.
What is a self-assessment tax return?
A self-assessment tax return is a form used by individuals to report their income and calculate their tax liability. It is essential for those who are self-employed or have additional income sources.
Who needs to file a self-assessment tax return in the UK?
In the UK, individuals who are self-employed, earn over £1,000 from side jobs, or have income from savings, investments, or property must file a self-assessment tax return. This ensures that all taxable income is reported accurately to HMRC.
What are the deadlines for submitting self-assessment tax returns?
The deadline for submitting your self-assessment tax return online is usually January 31st following the end of the tax year. For paper returns, the deadline is October 31st. It’s crucial to meet these deadlines to avoid penalties.
How can I prepare for my self-assessment tax return?
To prepare for your self-assessment tax return, gather all necessary documents such as income statements, expense receipts, and bank statements. Keeping organized records throughout the year simplifies the process significantly.
What happens if I miss the self-assessment deadline?
If you miss the self-assessment deadline, you may face penalties from HMRC. The initial penalty is £100, and additional fines may accrue over time. It’s important to file as soon as possible to minimize penalties.