Tax Returns

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Tax Bite provides help and support throughout the country for individuals and companies that need to file tax returns to the HMRC.

Filing a self-assessment tax return can be a stressful, confusing, and frustrating process. It doesn’t need to be. With our tax return services, the team at Tax Bite can help ensure your tax return is filed correctly and on time.

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Why Choose Us For Your Tax Return?

If you are looking for help with self-assessment tax returns, and have run a search on different chartered accountants, based both locally and nationally. You may wonder who you should choose. While we can’t speak for any of the others, we can highlight the reasons why you should consider Tax Bite for all your business and personal tax return needs.

Tax Bite Accountants has a team of fully qualified, certified, and experienced tax advisors who have over 10 years’ worth of experience helping individuals up and down the country with filing self-assessment tax returns. The work conducted by our chartered accountants is fully compliant with governmental guidelines and we have gained an outstanding reputation within the finance and accountancy industry.

If you would like to learn more about the tax services our professional team can offer, get in touch with us today!

Tax Returns

Nationwide Services

Here at TaxBite we offer our services to clients and businesses across the UK. We have numerous headquarters in Scotland, England & Wales.

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What Is A Tax Return?

A tax return is a financial document submitted either in an online form or paper form to HMRC each tax year. It includes a full breakdown of business or personal income and other related costs and expenses. Using these figures, the tax return will calculate how much tax you need to pay.

The two basic types of tax returns are those for individuals, which are often better known as self-assessment tax returns, income tax returns or personal tax returns, and those from organisations like companies or partnerships, in the form of company tax returns and partnership tax returns.

Personal tax returns all feature the main section consisting of the most common types of income like bank dividends and interest received, donations to charities and other common tax reliefs. Other income included in the tax return in separate sections is any profits or salary from self-employment or a job.

Important to note not all kinds of income need to be included on your tax returns, including the interest earned on money kept in ISA.

Why Am I Required To Complete A Tax Return?

While you may realise you will be required to complete a tax return if you are self-employed, receive money during a tax year that tax is due on, or are a limited company director, you may not understand the ins and outs.

In addition to the above, other common reasons you may need to file a tax return includes:

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Can I Complete A Self Assessment?

Although you can, in theory, file your self-assessment tax return, you need to weigh up whether it is a good use of your time and if you are going to do it correctly.

To avoid a fine, you need to submit your correctly filled out partnership and individual self-assessment tax return by January 31st at the latest. While limited company self-assessment tax returns can be sent within 9 months of the end of the tax year.

As the process of filing tax returns is fraught with HMRC inquiry powers and penalties, you need to make sure it is filled correctly, it is filed on time and all your records are kept up to date.

As individual self-assessment returns can consist of more than 10 pages alongside supplementary information, it may not be something you want to handle yourself.

This is why we would recommend you consider hiring Tax Bite accountants to handle your tax return needs, including filing the return accurately and on time.

What Are The Deadlines For Self Assessment Tax Return?

For paper returns by post, you need to submit them by midnight on October 31st. Whereas if you are submitting your return online, you have until January 31st at midnight.

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How Much Do You Charge?

Generally speaking, we will normally charge a one-off fee for our client’s self-assessment tax return every year. This will normally be in the region of £150 to £250 or more. The actual price we charge depends on the scope and complexity of our finances. The basic rule of thumb, the higher the income, the more income sources you have, and the higher the fee for helping you file your self-assessment.

One of the things you need to keep in mind is we will try to provide the services and support you need for the most affordable and best price.

FAQ’s

Do I need an accountant to do my tax return?

It all depends on ability, confidence, and experience. You are not legally required to hire chartered accountants to do your tax return, but it can be helpful and will save you a lot of stress, confusion, frustration, and anxiety in the long run.

What is the difference between a tax agent and an accountant?

Many people consider the two titles to be the same, accountant and tax agent. However, there are differences between the two, you should know about. Tax agents generally work on your tax returns, always making sure they are filed correctly on time. While accountants are focused on the future and seen as financial business strategists.

I’m not VAT registered, do I still need to pay VAT?

The simple answer is yes, if you are based in the UK you will still need to add VAT to prices. If you are not based in the UK, there is a very good chance you will not have to pay VAT. One of our team will be able to help you figure out if you do or don’t have to pay VAT.

Summary

So, if you have a self-assessment you need to complete and are wanting to make sure it is accurate and dealt with quickly, speak to one of our team here at Tax Bite.

If you have any further questions regarding:

Get in touch with our expert tax return accountants team to discuss a fully bespoke self-assessment service.