Self Assessment (SA)
What is self assessment?
Self Assessment is not a tax but a way of paying tax.
The idea of Self Assessment is that you are responsible for completing a tax return each year if needed and paying any tax due for that tax year. You are responsible for telling HM Revenue & Customs (HMRC) if you need to complete a tax return.
If you complete a Self Assessment tax return, you include all your taxable income and any capital gains. You also claim any tax allowances or reliefs entitled to on the tax return.
You send the form to HMRC either on paper or online. The information on the tax return is used to calculate your tax liability. This process is called Self Assessment.
Most people in the UK pay all their tax ‘at source’, for example, through Pay As You Earn (PAYE) if employed, and are not required to file a tax return. Self Assessment, therefore, does not affect everyone, and you will normally only need to complete a form if one or more of the following apply to you:
- You are working for yourself – you are self-employed
- You are a partner in a partnership business;
- You are a minister of religion – any faith or denomination;
- You are a trustee or the executor of an estate.
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As a locally based accounting and taxation firm, KB Accounts & Taxation Services has a deep understanding of the local business landscape and regulations, enabling them to provide tailored services that fit each client's specific needs and requirements.
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KB Accounts & Taxation Services is committed to forming long-lasting relationships with clients, providing ongoing support beyond just yearly accounts and vat returns. We are so much more than just your standard accountants.
Karl did my accounts this year for the first time, and will continue doing them going forward, very efficient and is always on hand for advice, excellent service
Jamie Greenhalgh
Let KB Accounts & Taxation Services take the headache out of your self assessment
By entrusting your Self Assessment tax return to KB Accounts & Taxation Services, you can have peace of mind knowing that your tax obligations are handled professionally and efficiently. Our team is dedicated to providing personalised attention, offering expert guidance throughout the process and addressing any questions or concerns you may have.
At KB Accounts & Taxation Services, we recognise that Self Assessment can be a complex process involving gathering and organising financial information, calculating taxable income, identifying deductible expenses, and ensuring compliance with tax regulations. Our team of experienced tax professionals is here to guide you through the entire process, ensuring accuracy and maximising your tax savings.
Take charge of your tax obligations, and let us simplify the Self Assessment process for you. Contact KB Accounts & Taxation Services today to schedule a consultation and discover how our expertise can help you navigate the intricacies of Self Assessment, ensuring accurate tax returns and compliance with HMRC requirements.
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At KB Accounts & Taxation Services, we're more than just accountants - we're your reliable partners in financial management.
Based in Leyland, Preston, we offer comprehensive accounts and taxation services to individuals, entrepreneurs, and businesses in Preston and its surrounding areas.