ITSA - Income Tax Self-Assessment Tax Returns
We specialise in processing and filing tax returns for a wide range of clients and use of many years experience to provide tax savings. The information below shows what we offer and why you are in safe hands with Cashtrak.
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Why Use Cashtrak to Submit Your Self-Assessment Tax Return?
Lots of reasons!
- Submitting (filing) your tax return is time consuming and can be long winded and tedious, instructing Cashtrak process and file your self-assessment tax return frees up your precious time to concentrate on what matters to you
- We process tax returns all of the time and know our stuff, if there is a tax saving for you - we find it!
- If you have missed an allowable expense, we let you know
- We have many years of experience
- We support you through the process, keeping you updated and give clear instructions of how much you owe and how to pay as well as reviewing your account between tax deadlines to check you are up-to-date
- We provide advice, guidance and tips on the process
- You can send us your paperwork whenever is convenient to you – every week if you want, taking the pain out of finding the paperwork once a year
- All of our clients love our hassle free service and come back year after year
Click here for a no obligation quote or e mail us at firstname.lastname@example.org.
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We are governed by The Institute of Certified Bookkeepers, they are the largest bookkeeping institute in the world. It promotes and maintains the standards of bookkeeping as a profession through the establishment of relevant qualifications and the award of grades of membership that recognise academic attainment, working experience and competence. So extra reassurance you are in great hands.
Not Sure If You Need To Send A Tax Return?
Top Tip if you did not owe any tax last year or are no longer self-employed, this doesn't mean you do not need to send a tax return again. HMRC will contact you to confirm they no longer need you to send a tax return. Don't assume, you could receive a penalty if you do not file a tax return.
You must send a tax return if, in the last tax year (6 April to 5 April), you were:
- self-employed as a ‘sole trader’ and earned more than £1,000
- a partner in a business partnership
You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
‘Sending’ can be done by online (web/ internet) submission click here to check if you need to submit a tax return.
Top Tip you can choose to fill in a tax return to:
- claim some Income Tax reliefs – click here for an explanation of these
- prove you’re self-employed, for example to claim Tax-Free Childcare or Maternity Allowance
- don't receive the full reimbursement of expenses from your employer
If you get Child Benefit
If your income (or your partner’s, if you have one) was over £50,000, you may need to send a return and pay the High Income Child Benefit Charge – click here for more information.
Sending Your Return
Once you’ve registered, you can send your tax return online, or use commercial software or paper forms. You then have to pay your bill by the deadline. You can get help filling in your return, you can appoint an agent on your behalf to submit your tax return.
You’ll get a penalty if you need to send a tax return and you miss the tax return deadline for submitting it or paying your bill. HMRC have a tiered fine system, click here for more details.
You can appeal against a penalty if you have a reasonable excuse.
To note - all partners can be charged a penalty if a partnership tax return is late.
Payment on Account
'Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed).
You have to make 2 payments on account every year unless:
- your last Self Assessment tax bill was less than £1,000
- you’ve already paid more than 80% of all the tax you owe, for example through your tax code or because your bank has already deducted interest on your savings
Each payment is half your previous year’s tax bill. Payments are due by midnight on 31st January and 31st July.
If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31st January next year. Click here for more information.
Further reading: HMRC’s Self Assessment help sheets – click here.