SA Tax Returns Southend

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SA Tax Returns in Southend

If you’re self-employed, you’ll almost certainly understand the stress of completing a self-assessment tax return every year. Whether you file your return on April 6th, or whether wait all the way until January, filing an SA tax return can be a long and complex process. What’s more, mistakes are common, and these can lead to extra expenses and even legal problems.

At MCL, we take the hassle out of self-assessments, collating the figures, calculating tax, and submitting the document online. This allows you to concentrate on your business, free from the worry of having to complete a seemingly endless list of questions in the self-assessment document. Why not call us today and find out how we can help you with your self-assessment?

Self-assessment is a tax return completed by every self-employed person in the UK, along with those who receive income not taxed at source. Examples of this would be dividend income and those needing to declare capital gains. High earners, meaning those earning over £100,000 per annum, must also fill out a self-assessment form every year.

But why do self-assessment tax returns need to be filed? Well, quite simply it’s so that HMRC can determine how much income tax and National Insurance an individual must pay. The self-assessment, at its most basic level, shows turnover and expenditure, with the latter subtracted from the former to calculate taxable income.

Those wanting to file their self-assessment on paper will have to submit it on or before midnight on October 31st. Those filing electronically have until midnight on January 31st. All tax owed must also be paid by midnight on January 31st. Failure to submit your return on time or pay on time can result in a financial penalty.

What is a Self-Assessment Tax Return?

Why Work with MCL Accountants?

At MCL, we take the hassle out of self-assessment returns. Instead of you devoting hours to putting together the return, let us take the load. This means you can use your time in a wiser way, benefitting your business.

Self-assessment returns can also sometimes be notoriously tricky, especially for those without large amounts of financial knowledge. The result is often incorrectly filled-in returns, which not only means you could pay more tax than you should, but could also result in an investigation by HMRC. You’ll protect yourself from both these outcomes when you work alongside us here at MCL.

If you’re a Southend-based self-employed and in need of assistance with your self-assessment return, MCL represents the perfect choice. We’ve submitted thousands of SA tax returns over the years, for businesses of many different sizes, and continue to work with clients from Southend and beyond.

We also offer plenty of other financial and accounting services that could benefit the self-employed, including a bookkeeping service. Why not combine SA returns and bookkeeping into one handy package and remove the stress they both usually entail?

If you’d like to find out more about our self-assessment tax returns service, or if you’d like to get a quote from one of our team members, please don’t hesitate to contact us today. Call us on 01702 593 029, or alternatively, email us via our contact form.

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SA Tax Returns FAQs

Do you have a question about our self-assessment tax return service? If so, take a look through the FAQs below, where you might find the answer you need.

All sole traders and partners must file an SA tax return every year, providing they earn over £1,000 in the tax year. Anyone needing to file must first register for self-assessment – once done, the individual is registered indefinitely. If you need help registering for self-assessment, we can assist you.

You are under no obligation to use an accountant for your SA tax return. However, filling out the return can be complex and is therefore best left to a professional. Not filling out a tax return correctly could lead to you paying an excessive amount of tax, plus it could lead to legal problems.

Failure to file your tax return on time will result in a fine, unless you contact HMRC before the deadline and arrange a plan with them. The late filing penalty is £100, and if you’ve not filed your return by three months after the deadline, you’ll be fined an extra £10 per day. There is a further increase in the fine if you’ve not filed within six months of the deadline. You’ll also be penalised if you fail to pay your tax bill on time. If you work with us, we can assure you that you won’t receive any charges for late submission.

Yes, we cover a broad area outside of Southend, including Basildon, Grays, Chelmsford, Brentwood, Colchester, Maldon, Tilbury and Wickford. We also cover areas of Greater London, including Romford and Hornchurch.

We do not charge one flat rate for our self-assessment service. Instead, we tailor a price to each client, based on the complexity of their return and the time it will take to complete and submit. Please contact us today if you’d like to receive a free quote from a member of our team.

Get in touch if you need further advice, have any questions about our self-assessment tax return service or would like a FREE consultation

MCL Chartered Accountants