Welcome to Daniel Wolfson, Self-Assessment tax returns made easy
Are you feeling stressed at the thought of filing your Self-Assessment tax return? You’re not alone. Many business owners and self-employed individuals find the tax season overwhelming. But you shouldn’t spend your precious time worrying.
At Daniel Wolfson, we simplify the Self-Assessment process, take care of the finer details and make sure you never miss a deadline. Our Self-Assessment accountants cover every step, from calculating your tax bill to filing your returns, all while saving you as much of your hard-earned profits as possible.
Great service! The team at Daniel Wolfson handled my tax returns with professionalism and precision. I highly recommend them.
– John S.
Contact Daniel Wolfson today to hand over your tax troubles.
What is a Self-Assessment tax return?
A Self-Assessment tax return is a digital or paper form that sole traders, contractors, landlords and limited companies with “other income” use to report untaxed income to HM Revenue and Customs (HMRC).
Employers automatically handle employees’ tax affairs by sending Income Tax and National Insurance contributions directly to HMRC through PAYE. Depending on the provider, similar automatic deductions may occur for pensions, savings, and investments. But, any additional revenue that is not taxed at source requires taxpayers to complete a Self-Assessment tax return.
Who has to do a tax return?
Over 12 million UK taxpayers are required to complete a Self-Assessment tax return and file it with HMRC by 31 January each year (or for the 4% of taxpayers who still file paper returns, the deadline is 31 October).
Wondering if you need to file a tax return? See if you fit into the categories below:
- Self-employed sole traders and contractors
- Entrepreneurs, angel investors
- Limited company directors with untaxed income, such as dividends
- Landlords, property income
- Online trading businesses
- Taxpayers with a capital gain in the applicable tax year, including the sale of property and assets (land, cryptocurrency, shares and investments that are not ISA)
- Partners of business partnerships
- Trustees
- PAYE income over £150,000 (as of 2023/24)
- Recipients of child benefits with personal or partner income over £50,000
- High earners or additional-rate taxpayers paying into a personal pension
- Additional untaxed income above a certain threshold (e.g. dividends or bank interest)
- Claim certain tax reliefs
- Claim a tax rebate
Is it worth getting an accountant for Self-Assessment?
As a self-employed sole trader, you already have a lot on your plate. Hiring an accountant for Self-Assessment can lighten the load, leaving you with more enjoyable tasks.
Now, this isn’t something you have to do, and many individuals battle through their tax obligations on their own to begin with. But, if you find you have less time to handle your tax affairs properly or are unfamiliar with UK tax laws, then it could be time for some help. That’s why a qualified tax accountant like Daniel Wolfson is the best person to provide tax advice and help you work out the correct amount of tax owed.
We’ll help you claim tax relief and every eligible allowable expense (including your accounting fees), saving you time and stress and reducing your tax liability. Most importantly, you will not be at risk of any fines or penalties for errors, non-compliance, or late filing.
Our Self-Assessment tax return service
At Daniel Wolfson, we’re known for our empathetic and holistic approach to tax and accounting. When we believe tax planning could save you money, we will review your tax position. This includes assessing your earnings from employment, self-employment, investments, and property and comparing them to your previous Self-Assessment returns to ensure you never pay too much tax.
We’ll prompt you at the most convenient times for information so you can compile your return well before the filing deadlines.
Here’s how our Self-Assessment tax service works:
- Sign your service agreement with us and start your onboarding process;
- Choose to use our online bookkeeping software and get in-depth training from our experts;
- If necessary, we can assist you in registering for Self-Assessment;
- Collate all tax documents (proof of earnings, expenses, receipts, bank statements, etc.);
- Request further documents and information as required;
- Fill in the tax return (we’ll calculate your tax bill, including profit, expenses, deductions, and reliefs);
- Draft the return for you to check and approve;
- Confirm how much tax and NI you will owe;
- File your return electronically before the deadline.
We handle your taxes, and you focus on your business. Choose Daniel Wolfson
Managing your bookkeeping and accounts requires just as much time, energy and focus as running your business itself. Why not let the team at Daniel Wolfson take care of the numbers so you can focus on growing your business? Plus, if you’re looking for more than just accounting, we offer expert business advisory services to help your business thrive.
We’re here to make you as tax-efficient as possible. As specialist Self-Assessment tax accountants, we work with businesses of all sizes, including partnerships, limited companies and sole traders.
Along with our advice on Self-Assessment tax returns, we offer free cloud bookkeeping software. We’ll train you up or take on the work ourselves, but either way, you’ll have a smoother, more efficient accounting process. You can access your accounts in real-time, automate time-consuming tasks and work with us more efficiently.
Want to lower your tax liabilities? Contact us today to get started!
Frequently asked questions about our tax return service
Can I amend my tax return after submission?
If you want to correct an error, you can make a change to a tax return or ask us to do it for you within 12 months of the Self-Assessment deadline. You can do this either online or by sending another paper return, but you can’t make any changes until three days (72 hours) after filing it.
Once the bill is updated, you may be able to claim a refund, or you might need to pay more tax.
To make a change to an earlier tax return, you will need to write to HMRC.
What records do I need to keep for my tax return?
All taxpayers must keep records of their profits, expenses, and bank accounts. As a minimum, these are the records you are legally obliged to keep:
– Self-employment profit and expenses (invoices, expense receipts, bank statements, etc.)
– Rental income and expenses (if applicable)
– Employment and pensions (including P60, P11D, and P45)
– Interest certificates from banks or building societies
– Pension contribution details (especially those related to relief at source schemes)
– Details of any chargeable capital gains made in the relevant tax year
– Records for residence and domicile status
– Records for remittance basis of taxation (if applicable) and records of what you have or haven’t remitted to the UK
What if I miss the registration deadline?
If you fail to register for Self-Assessment before the deadline and are late paying tax, you could face a few penalties. This includes a ‘late filing penalty’ (initially at a fixed rate of £100, up to three months late), a ‘late payment penalty’ (based on the amount of tax outstanding) and a ‘failure to notify penalty’. HMRC will not penalise you twice, so if you have a ‘failure to notify penalty’, you are not liable to pay a ‘late payment penalty’ (for that same year), but you will have to pay the highest of the two penalties.
Although you should try to meet the registration deadline, try not to panic if you miss it. You should register as soon as you can and pay any tax owed. Get in touch with us, and we’ll guide you through it.
