Our team of chartered accountants and tax advisers at DNS Accountants ensure that our clients pay the minimum amount of tax each year. In this new world of technological advances, automation and vast communication, we advise and guide our clients on tax liabilities with paper or computerized tax returns and electronic filing (e-file).

DNS Associates - hmrc tax return

Accountants and tax advisers at DNS Accountants take away the hassle and worry of self-assessment with our HMRC Tax Return service. Many people find it complicated and time-consuming to do the Self Assessment and almost a million people are fined in a year for failing to file the returns within the deadline to HM Revenue & Customs. Also, a lot of errors are regularly reported by HM Revenue & Customs as not everyone is well versed with the taxation guidelines and other formalities such as uploading the correct form etc. Our team can provide the following self assessment tax return services at very nominal charges:

Our services include

  • Preparation of self assessment tax returns for:
    • Individuals, including company directors
    • Sole traders, freelancers and contractors
    • High net worth individuals
    • Business partnership
  • Calculate the tax position, complete tax returns and all necessary schedules
  • Yearly review of tax affairs, tax planning opportunities & claims
  • Capital gains tax advice, such as;
    • transferring assets between spouse to take benefit of each individual’s capital gains annual tax exemption
    • gift relief and other reliefs such as rollover and holdover
  • Checking and adjusting pay-as-you-earn (PAYE) tax
  • Dealing with all the tax affairs no matter how complex they are including employment income, pensions, benefits and expenses
  • Advising businesses on the most tax efficient form of remuneration
  • File the tax return online to HM Revenue & Customs
  • Deal with the Revenue on the clients behalf
  • Be available for all tax related queries and questions

What is Self Assessment?

Self Assessment is a system used HM Revenue and Customs (HMRC) to collect Income Tax. For freelancers and contractors, tax is usually deducted automatically from wages, pensions and savings. Individuals and businesses with other income must report it in a tax return. Our accountants at DNS Associates help businesses and individuals with all the formalities of filing a tax return. Returns can be filed online with a unique login id.

HM Revenue and Customs (HMRC) must receive the amount the business or a taxable individual owes and the tax returns by the deadline. HMRC operate on a tax year basis and not on a calendar year basis. A tax year runs from 6th April, up until the 5th April the following year.

Key dates in the UK Tax calendar

Key Dates Events
6 April 2016 First day of the new tax year – 2016/17
6 April 2016 Time to gather detailed documents for the tax year 2015/16, for self-employed or others who have income from property in the year ended 5 April 2016
31 May 2016 Copies of 2015/16 P60 documents issued to employees
6 July 2016 Copies of 2015/16 P11D documents issued to employees
31 July 2016 Deadline for the second self assessed payment for tax year ending 5 April 2016- This does not apply to individuals for whom 2015/16 is the first year of submitting a tax return
5 October 2016 Normal deadline to register with the HMRC if an individual became self-employed or started receiving income from property. One needs to submit a form CWF1 for self-employment or form SA1 for non-self-employed income to HMRC
31 October 2016 Deadline for paper submissions of self-assessment tax returns for the tax year ended 5 April 2016. Paper tax returns need to be in by this date or fined will be imposed, but still returns can be filed online until 31 January 2017
30 December 2016 To send online self assessment return by 30 December 2016 if the individual wants HMRC to collect the 2015/16 tax liability via future years pay-as-you-earn (PAYE) tax code. This is intended to spread the liability over a 12 month period

Filing for a HMRC Tax Return

Our accountants and tax advisers can help businesses/individuals understand what to do if they have paid too much tax and what is the time limit for making a claim.

Freelancers/Contractors may be able to get a tax refund (rebate) if:

  • they are employed and had too much tax taken from their pay
  • have stopped work
  • filed a tax return and paid too much tax
  • too much tax is paid on pension payments
  • bought a life annuity

Reclaim Tax

  • For overpaid tax, fill in form R40 for each tax year. The R40 is the form which taxpayers can use to claim a repayment of tax deducted from savings income.
  • Deadline for claims:
    • A tax payer has four (4) years from the end of the tax year to claim a refund. If a claim is not made within the time limit the refund amount is lost and the tax year becomes ‘closed’ to reclaims.
      • Tax year 2012/13 (year ended 5 April 2013) – claim by 5 April 2017
      • Tax year 2013/14 (year ended 5 April 2014) – claim by 5 April 2018
      • Tax year 2014/15 (year ended 5 April 2015) – claim by 5 April 2019
      • Tax year 2015/16 (year ended 5 April 2016) – claim by 5 April 2020
  • P800 tax calculation – On the basis of the details received by HMRC from the employer or pension provider, HMRC carries out an automatic reconciliation at the end of each tax year. If HMRC think that the right amount of tax is not paid, they will send a P800 tax calculation. This calculation will show the tax amount HMRC thinks is due.
    • Our tax advisers, will check the P800 tax calculation carefully, as the HMRC may not have all the correct information or even inaccurate information to calculate the exact tax dues

Our expert’s Tax Tips for Clients

For Self-Employed individuals, if the gross turnover is less than £73,000 per year, the individual only need to show the total turnover, less total expenses and net profit on the HMRC tax return. However, detailed accounting records need to be kept should HM Revenue & Customs requires them.