Tax returns

Self assessment has been with us for some time now but it still manages to confuse many people – including, at times, HM Revenue & Customs!

As a taxpayer, to comply with income tax self-assessment you need to do the following:

• make sure you complete what is becoming an increasingly complex return
• calculate what you think is the right amount of tax to pay
• file the return either manually or over the internet in accordance with the appropriate deadline
• pay any amounts owing for the year in question and then calculate and hand over any payments on account when they fall due
• understand the various statements and demands for payment that HM Revenue & Customs send you.

Not surprisingly, given the above, increasing numbers of people are asking us to help them meet their self assessment obligations. They are not confident about getting the tax right and also not confident that HM Revenue & Customs will get the tax right.

Our personal tax return service can help you by:

• monitoring the return deadlines and requesting the information required to complete your return
• completing your return for you and checking there are no sources of income missing based on our knowledge of your affairs
• sending your return to you for signature and telling you how much tax you are to pay and when
• reducing payments on account where current income means there may be an overpayment
• checking statements of account and tax computations to make sure the right amount of tax has been demanded.
• Completing capital gains tax computations where necessary

As you can see from the rest of our website, being a personal tax return client also gives you access to a range of services from personal tax planning to advice about property income to help with tax investigations.

If you feel you need some help in completing your return please call Robert Horner on 01423 564446 or email Robert at robert.horner@lithgow-perkins.co.uk