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Kirk Rice Blog

The Burden Of Self AssessmentWritten on September 10, 2019 by Kirk Rice LLP

The Burden Of Self Assessment

Hardly a week goes by, when someone says to me that they are too busy to prepare their tax return. Some say they cannot cope with the complexities of the Self Assessment system, or they are nervous about making a mistake. Others don’t know what they must disclose to HM Revenue & Customs (HMRC).

Others complain that the system is designed to trip them up, penalties are too quickly imposed. and When a tax bill arises they cannot understand where the tax liability is coming from, or what they could have done to reduce their exposure to the tax to ensure they are paying the right level of tax.
All the above are legitimate concerns, but there are positives to being within the Self Assessment tax return system.

The main advantage is that provided you have disclosed everything correctly in your tax return, you should know for certain what your correct tax liability should have been for the tax year in question.
If you have overpaid tax or can make a claim to certain tax reliefs to reduce your tax bill, you may ask HMRC for a tax repayment. If you have underpaid tax, then you will need to settle the balancing tax liability arising for the tax year. Provided this is done by the payment and submission deadline, no interest or penalties will be levied.

 

Could your business be eligible for R & D Tax relief?

The R&D Tax Relief Scheme is an HMRC incentive designed to encourage innovation and increased spending on Research and Development activities by companies operating in the UK.

 

Once you understand what your tax liability was for the year, you can then think about strategies to help reduce your exposure to a similar tax bill in the following and future years.

Kirk Rice LLP have a friendly tax team, able to take from you the burden of preparing and filing the tax return and also discuss with you things you should do in the future to help ensure you pay the right amount of tax.

For those too busy to tend to their personal tax affairs, we can take that responsibility from you, allowing you to concentrate on other things in life. For those who are afraid of making a mistake, or getting on the wrong side of HMRC, we can offer peace of mind as we are well qualified to ensure that we prepare your tax return to the standards required.

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Any reader interested in getting some help with their Self Assessment Tax return, should email info@kirkrice.co.uk to arrange a call with one of our tax specialists.

Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The information is based on current tax legislation which may change in future. The FCA does not regulate tax and trust advice.

Further information on Self assessment tax returns can be found at www.gov.co.uk.

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