Self-Assessment Services

Accountants Chester: Understanding Self-Assessment

Essential UK Tax Deadlines for 2023-24 Tax Year

Don’t get caught out! The UK tax year runs April 6th to April 5th – here’s your need-to-know timeline for 2023-24:

Key Dates to Remember

    • October 5th, 2024: Deadline to register for Self-Assessment (first-time filers)
    • October 31st, 2024: Deadline for paper tax return submissions
    • January 31st, 2025:
    • Full payment due for any tax owed from 2023-24
    • Deadline for online tax returns
    • First “payment on account” due for the 2024-25 tax year

Why Choose Accountants Chester?

    • Local Expertise: Chester accountants understand the complexities of UK tax law and how it applies to your business.
    • Stress Reduction: Avoid costly mistakes and late penalties with professional tax filing.
    • Proactive Planning: Accountants help you make tax-smart decisions year-round for maximum savings.

Don’t Wait – Plan Your Tax Strategy Now!

Phillips & Co. are experienced Chester accountants ready to help. Contact us today for a consultation: +44(1244) 220-062.

Accountants Chester: Your Self-Assessment Checklist

Self-Assessment season can be tricky! Knowing what to report saves you hassle and could reduce your tax bill. Here’s an income checklist (note: not everything will apply):

Income to Report:

    • Employment Income: Gross pay from your job (found on your P60)
    • Self-Employment Profits: Taxable income after allowable expenses
    • Investments: Interest (unless tax-free), dividends, asset sales (capital gains)
    • State Pension: Include regular payments and lump sums
    • Private Pension Income: Report gross amounts received
    • Taxable Benefits: (If applicable) incapacity, jobseeker’s, bereavement, carer’s, etc.
    • Other Income: Anything not covered above, including relevant expenses

Deductions & Reliefs (We Can Maximise These!)

    • Pension Contributions: Potentially eligible for tax relief
    • Charitable Giving: Record Gift Aid donations
    • Blind Person’s Allowance: Include if you claim this

Other Reporting Points:

    • Student Loans: Note employer-deducted payments
    • High Income Child Benefit Charge: Applies if income is over £50,000
    • Marriage Allowance: Potentially transferrable (incomes below £12,570)

Why Work with a Chester Accountant?

    • Maximise Savings: Ensure you claim every deduction you’re entitled to.
    • Error-Free Returns: Avoid costly mistakes and HMRC penalties.
    • Peace of Mind: We handle the complexity, freeing up your time.

Let Phillips & Co. Help You!

Contact us for a personalised Self-Assessment consultation. +44 (1244) 220-062.

Accountants Chester: Prep for Smooth Tax Filing

Getting organised now makes tax season smoother. Avoid last-minute panic with this handy pre-filing checklist:

The Absolute Essentials:

    • National Insurance Number: Your taxpayer ID
    • UTR (Unique Taxpayer Reference): Your 10-digit Self-Assessment number
    • Income Proof: Bank statements, invoices, receipts – track down every penny earned
    • Expenses Galore: Business receipts, big and small, can lead to deductions
    • P60/P45 (If employed): Summarizes your taxed income
    • March Payslip: Shows earnings for the full tax year

Bonus Points (If They Apply):

    • Pension Contributions: Both yours and your employer’s (if applicable)
    • Gift Aid Donations: Boost your tax benefit while helping others

Chester Accountant Top Tip: Don’t Delay!

Starting early means less stress and a chance to maximize deductions. Still have questions about what qualifies? That’s where your local Chester accountant shines!

Need Some Help? Phillips & Co can ensure your Self-Assessment is accurate and stress-free. Contact us today! +44(1244) 220-062

Accountants Chester: FAQ’S

Yes, you absolutely can hire an accountant to handle your Self Assessment tax return in Chester. Here’s why you might consider this:

    • Complexity: If your self-assessment is complicated (e.g., if you have multiple income sources, property income, or capital gains), an accountant’s expertise ensures accuracy and maximises potential deductions.
    • Time Savings: Filing taxes can be time-consuming. An accountant frees up your time to focus on other things.
    • Peace of Mind: Accountants ensure compliance with HMRC regulations, reducing the risk of errors and potential penalties.

Additional things to consider:

    • Cost: Accountants charge fees, but compare their cost to the potential benefits in time saved and peace of mind.
    • Choosing Wisely: Look for accredited accountants in Chester with experience in your specific tax situation.

How much does it cost for a self Assessment?

The cost of Self Assessment tax returns done by an accountant in Chester can vary. Expect to pay around £150 – £500+, depending on the complexity of your finances. Factors like income level, multiple income sources, and additional services required will all influence the price. Get quotes from several Chester-based accountants for the best comparison.

How do I speak to someone about my self Assessment?

You have several options to get help with your Self Assessment:

    • HMRC: Contact HMRC’s Self Assessment helpline (number available on their website) for general queries.
    • Accountant: Find a local accountant in Chester specializing in Self Assessment. They can offer tailored advice and file your taxes.
    • Online Resources: HMRC offers webinars, videos, and a digital assistant for guidance.

      Will HMRC contact me if I need to do a self Assessment?

      HMRC will usually contact you directly if they believe you need to file a Self Assessment tax return. This often occurs if you’ve recently become self-employed, are a company director, or have additional income sources not taxed at the source.

      Chester Accountants Ready to Help! Call/WhatsApp: +44(1244) 220-062

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