6th April sees the start of the 2022/23 tax year and for those people who need to complete Self Assessment Tax Returns you can now start thinking about completing your 2021/22 tax return (rather than leaving it until the 31st January 2023 deadline!)
Who needs to complete a Self Assessment Tax Return?
There are a number of reasons why people need to complete tax returns.
These include if you:
- Are self-employed as a ‘sole trader’ and earned more than £1,000
- Are a partner in a business partnership
- Receive rental income from land or property
- Receive more than £10,000 in dividends or interest
- Earn more than £100,000
- Earn more than £50,000 and you/your partner claim Child Benefit
The deadline for completing a Self Assessment Return for 2021/22 isn’t until 31 January 2023, so why think about it now?
There are a number of benefits of completing your return early including if you:
- are due a repayment, you get the money sooner!
- owe tax, you have certainty of what you have to pay and so can save up if necessary
- are thinking of buying a new home, then your mortgage company will want to see your return.
You also can stop worrying about it and tick it off your to do list!
Why use the services of an accountant?
Your time is precious to you and here at Beaumont Seymour we can take the hassle of completing your tax return away and will be there to answer any questions you may have about your taxes.
Amongst other things our team can help with:
- Preparing your Self Assessment Returns and liaising with HMRC on your behalf
- Advising on the tax consequences of selling assets (such as a rental property) and completing the necessary returns.
So, if you need to get your tax affairs up to date or can’t face completing another return yourself, get in touch with our Tax Manager James Lambert on 01206 564379 or email him at firstname.lastname@example.org for a free, no obligation, discussion.