Outbooks Self-Assessment Tax Returns- Smart Tax Assistance
Self-assessment is a method that the HMRC uses to collect income tax.
Individuals file a self-assessment tax return with HMRC if they have earned revenue, including company profits.
Keeping up with your self-assessment tax returns can be a time-consuming endeavour. Free yourself from stress and spend more time doing what you do best with Outbooks in the UK.
We assist self-employed individuals in completing their self-assessment tax returns. We guarantee time and cost savings with our efficient self-assessment tax returns.
Keep yourself covered by the ever-changing tax laws and the fines imposed by HMRC with seasoned professionals from Outbooks. While you concentrate on running your company, we ensure you are up to date with HMRC.
Ease returns with Outbooks’ hassle-free self-assessment services!
Self-Assessment Tax Returns: Who Has to File?
- Self-employed or a partner in a business.
- A director of a firm.
- Savings or investment income is substantial.
- Savings and investment income are not subject to taxes.
- Land or property is rented.
- Earn more than £50, 000 per year, and your family gets Child Benefit.
- Your source of income is overseas.
- Your property, like a vacation home or shares, was sold.
- You have lived or worked overseas or are not a UK resident.
In 2020, Outbooks filed 12,000+ Self-Assessment Tax Returns for our clients
Self-Assessment Tax Returns: What We Do?
Everybody knows some tax returns are generally precise and effortless, while those for high-net-worth clients ordinarily require a more strategic methodology.
By allowing our firm to deal with the standard Self-Assessment Tax Returns, doing the calculations and finishing the paperwork, you'll be able to offer the best service to those high-esteem clients.
After outsourcing accounting work to India, UK accountants bring down their expenses, increase their customers’ value as qualified and experienced bookkeepers work for them, and deal with terrifically significant parts of Self-Assessment Tax Returns.
You may likewise decide to outsource Self-Assessment Tax Returns during those difficult times, such as the end and the start of every year, diminishing the pressure of January and furnishing your clients with consistent support.
Our experts can work with multiple software, from SAGE, Xero Nomisma, etc., so you and your client can keep getting real-time data with accuracy.
How can Outbooks help?
Outbooks offers clients HMRC tax computation, filing of returns, and assistance in presenting the same to tax authorities. The number of personal tax returns filed from our end on behalf of our UK accounting clients is impressive.
With sound knowledge of the system and its provisions, we are equipped to offer professional advice and assistance that has helped our clients comply with HMRC Self-Assessment Tax Return guidelines over the years.
Also, with more than twenty years of experience with tax-related activities, our expert tax consultants can offer a master Self-Assessment Tax Returns service to guarantee that your tax return is exact, submitted before the deadline, and has been organised to limit tax liability.
With Outbooks, you can:
- Quickly and effectively complete your self-assessment tax returns.
- We suggest reducing your tax burden so your company pays the lowest taxes.
- We provide a comprehensive self-assessment tax return solution, handling from start to finish.
- We will handle all communication with HMRC, including submitting your tax return and confirming the amount and due date of payment.
- You can be sure with Outbooks that your tax returns will be filed appropriately and on time with HMRC.
Contact us today to learn how we can assist you with your self-assessment tax return!
Capabilities
- As a landlord, you might not think of yourself as self-employed or a small business owner. HMRC, however, does, and if you’re making money from renting out your properties you’ll need to fill in a Self-Assessment Tax Return. The Self-Assessment process can seem rather daunting at first, especially given how many changes to tax are announced every year.
- We have been dealing with the landlord and property tax since 2013.
- We can keep track of rental income
- We can claim all allowable expenses on rented property.
- We can calculate tax on number of properties owned.
- We can submit tax returns and all necessary schedules.
- We can deal with revenue department on your clients’ behalf.
Capital gain is an increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.
The amount of income earned from a foreign source that is excludable from domestic taxation. The foreign earned income exclusion can only be claimed by those who meet the foreign residence or physical presence tests, who have a tax home in a foreign country, and have foreign income.
Distribution of earnings to shareholders that may be in the form of cash, stock, or property. Mutual fund dividends are paid out of income, usually on a quarterly basis, from interest generated by a fund's investments. Also known as a dividend distribution.
- Income from salary is the income or remuneration received by an individual for services he is rendering or a contract undertaken by him. This clause essentially assimilates the remuneration received by a person for the services provided by him under the contract of employment.
- This amount of remuneration will be considered as income for the purposes of Income Tax Act only if there is an Employer and employee relationship between the person who is making the payment and the person who is receiving the payment.
- Other complicated income on your self-assessment tax return would include, e.g.:
- Grant income, for example if you took any of the self-employed income support grants (SEISS), these will need to be declared in the relevant tax year and under the relevant section. Any public or private grants should also be included, but remember that a grant is money that you are not expected to pay back, it is not money that you received in exchange for goods or services.
- Pensions are also other income, so if you’re self-employed and receiving a state pension and/or other pensions, you must declare it, as you may have to pay tax on it.
- Other income can include interest on savings in a bank, building society of national savings account. Savings interest is not the same as income received from shares, which is dividend income.
FAQs
Answer: Self-Assessment Tax Return is when you complete and pay your annual tax to HMRC. For this, tax return forms are given in April to show proof of the past year. Outbooks can help you file tax returns so that you can have more money and time on your table to do more important activities.
Answer: You will have to pay a penalty of £100 on the off chance that you miss the due date time for presenting your tax return or covering your bill. When you miss the due time by over 90 days, then you will have to pay a £10 per day fine till the time you complete the payment. That is why outsourcing Self-Assessment Tax Return is essential to support your accounting firm and meet compliance requirements.
Answer: You should know that Outbooks UK is a leading bookkeeping services provider and has served more than 10,000 clients till now. We are an ACCA approved employer with strong GDPR compliance. We are also a BSI registered and ISO certified accounting outsourcing firm. Our experts are proficient in XERO, SAGE, IRIS, QuickBooks, Taxcalc and many more.
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Services Offered
Remote bookkeeping services that keep clients books in perfect order, updated as per agreed/desired turnaround time, without interrupting routine operations.
High calibre, dynamic resources for secretarial duties, to meet statutory requirements, compliance and services of a transactional nature.
Elevate your cash flow management, streamline invoicing, and optimise AR efficiency, all while reducing overhead costs.
Timely computation of various types of tax, hassle free filing of returns, and expert assistance in making a fully compliant presentation to tax authorities.
Clutter free, cost efficient, and hassle free submission of year end accounts and CT returns to fully avail legitimate exemptions.
Ensure financial efficiency, manage vendors effectively, and streamline payment processing while adhering to compliance and risk regulations.
Customized payroll to handle complex unique requirements, backed by specialist accounting knowledge for HMRC complaint and BACs approved solutions.
KPIs and crisp real time reports to help clients gain an edge over competition, charting a path to steady growth and expansion across domains.
Our audit and assurance support services provide comprehensive solutions to enhance transparency, compliance, and financial integrity.