December 23, 2021
Filing a self-assessment tax return is a daunting task, especially when left for the last minute. True tax planning and saving need time and preparation - and preparation here implies preparation in advance.
The basis for proper tax return filing is an organised approach where you need to understand the process and what is required. If either of the below points holds for you, you will need to file your tax return:
Having an accounting firm looking after your tax return can prove beneficial as you can get more things done than merely submitting a tax return. For instance, if you want to qualify later for the State Pension and similar benefits then voluntary Class 2 National Insurance contributions will need to have been made.
For employees, things are different as if tax has already been paid through the PAYE system, then additional things like self-assessment need not be worried about unless earnings were above £100,000. But for self-employed individuals, if any of the above points hold true it might be a good idea to have an accountant go over the finer details with you.
After all, simply paying tax is not enough, you need to pay the right amount of the same, and it need not always be more.