At Eildon Finance we offer a friendly, reliable and professional self-assessment compliance service and you can be confident it will be completed accurately. Let us take away the stress of completing your self-assessment and dealing with HMRC on your behalf in so far as is possible.
We offer a complete service to include:
· Completion of self-assessment tax returns
· Preparation of rental accounts
· Preparation of sole trader and partnership accounts
· Computation of payments
· Dealing with HMRC on your behalf wherever possible
· Responding to HMRC notices of Enquiry*
Completing a Personal Tax Return, commonly known as a self-assessment ("SA"), involves reporting personal earnings, including any dividends that may have been earned, for the given tax year (ending 5th April). This then must be filed by the deadline of 31st January following the end of the respective year. Failing to do so or missing the deadline is likely to result in an instant £150 late penalty, or further penalties the longer you wait to file, so do not waste any time. We encourage completion as soon as possible after the tax year end, and not waiting for the deadline to loom.
Making Tax Digital (MTD)
Making Tax Digital (MTD) is HMRC's vision to digitalise the UK tax system. Commencing Apr-2024 for the self-employed (incl. landlords) with annual income over £10,000, MTD will replace annual submission of a tax return. Records must be kept in digital form using HMRC-compatible software, and quarterly MTD returns and a final annual summary will need to be submitted using this software. You need to be ready for this in good time.
We can help prepare your accounts, and act on your behalf to submit returns to HMRC. Other than providing us with some information, the only thing you may need to do is to actually pay the agreed amount of tax to HMRC. We can guide you with this too, including assisting with making TTP (time to pay) arrangements with HMRC.
*We recommend that clients insure against the costs of professional fees incurred during tax investigations, as these are not covered in your fixed monthly fee arrangement with us.
We can provide all potential clients with a tailor-made proposal and quotation on a fixed fee basis to cover most services and that suits your business needs.
To find out more about our services, email email@example.com or call us on 0191 645 1104.