Without knowing what tax you’re liable to pay, your business can never be fully compliant. Self-Assessment is the process of determining where you’re liable, and how much you need to pay – and while the financial and administrative aspects running an enterprise can be tricky, it’s a box no business can afford to leave unchecked in the face of an otherwise time-consuming investigation from HM Revenue and Customs.
Without submitting full and accurate tax returns, your business could face an unwanted HMRC enquiry – but by guaranteeing total compliance, you can avoid HMRC investigation and keep your business completely secure.
What is Self Assessment?
Following Self-Assessment, business owners submit a tax return form which breaks down income and personal circumstances in the form of an annual statement. This tax return is used by tax authorities to assess your company’s tax liability. Self-Assessment is an essential part of maintaining a legally compliant business – with the all-important tax return guaranteeing that you pay what you owe and hold on to what you’re entitled to.
If your business is registered for Self-Assessment, you’ll usually receive a letter in April or May from HMRC (HM Revenue and Customs) letting you know you’re due to submit a tax return form. Whether or not you have any tax to pay, you should send the return – especially considering there are submission deadlines and penalties when they’re missed.
If you aren’t registered yet, there are a few things you need to know before you can get the ball rolling – and a number of ways to register depending on the legal structure of your business.
Is there an easier way?
HMRC forms can be time-consuming to fill in – by finding an accountant, you won’t have to. At Insight Accountancy, we’re experts in Self-Assessment, and we can protect your business from potentially stressful and inconvenient investigations from HM Revenue and Customs.
As part of our professional Self-Assessment service, we safeguard SMEs from HMRC investigations – and here’s how we do it:
Provide an initial consultation, free of charge
Complete your tax return in full
Send a copy of the return and explanatory notes direct to you
Submit your completed tax return to HM Revenue & Customs
Offer additional support on any of your tax queries
Outsourcing your accounting guarantees compliance without shifting your focus away from business development. By seeking the help of a professional Self-Assessment accountant, you can ensure that your business is as profitable as possible, guaranteeing all boxes are checked without losing out on what you can claim back.
At Insight Accountancy, our experienced Self-Assessment accountants have the skills and the expertise to help keep your company finances in check – and keep your money in the business where it belongs.