Self Assessment
Under self assessment taxpayers are responsible for making their own Returns of Income and Capital Gains. Tax liabilities are assessed purely on the basis of Returns submitted.
The term 'self assessment' is proving to be one of the great misnomers of all time. Many taxpayers struggle to understand the complex tax returns and complete them correctly.
The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.
As a deterrent to taxpayers submitting incomplete or incorrect Returns, HM Revenue & Customs has put substantial resources into its enquiries and investigations branches. Inspectors have received specialist training and experienced accountants have been employed to strengthen the enquiry function.
Indeed self assessment was introduced to shift the administration of taxation away from HM Revenue & Customs to the taxpayer thus freeing up the Inspectors of Taxes’ time to concentrate on tax enquiries. Consequently the probability of a tax payer being subjected to an enquiry has never been higher.
HM Revenue & Customs no longer needs to justify the selection of any particular taxpayer for enquiry. Some Tax Returns are selected by computer purely at random, even before their Return has been submitted.
Dealing with an HM Revenue & Customs enquiry, can be a stressful, time consuming and expensive experience, which can be very disruptive to the running of your business.
We can save you a lot of time, worry, and money by dealing with taxation affairs to the highest possible standards. We will prepare all the necessary computations, complete your return and offer advice on how you can minimise your tax liability.
And most importantly if you are selected for a tax enquiry, whether on a random basis or because the Inspector of Taxes has a specific matter he wishes raise, we will be there supporting you all the way to bring the enquiry to a satisfactory, prompt and cost effective conclusion.
Please contact us to discuss your personal taxation requirements