Self Assessment Tax UK
Returns The UK has one of the largest tax codes in the world, so preparing even the most straightforward tax return can be complicated. There are various deadlines and responsibilities for taxpayers to be aware of.
Do I need to complete a Self Assessment Tax Return?
Income Tax is generally taken from your wages or pension income before it reaches you. But some income isn’t taxed at source, like self-employed earnings or profits from selling shares or property.
Self Assessment is how HMRC collects taxes from people and businesses with these types of income.
There are others – like Company Directors or High Earners claiming Child Benefits – who also need to complete a Self Assessment Return
Tribocon Outsourcing assists accounting firms, to handle a large volume of Self Assessment Tax Return (SATR) filling with a quick turnaround time. Outsourcing SATR enables you to take up large volume of filling, increase your client base and client experience seamlessly.
If you are liable to pay taxes on profits received outside a Pay-as-you-Earn scheme you are required to submit a SATR form to HM Revenue & Customs (HMRC). You are required to fill it in, after the end of the tax year (5 April).
The UK tax year runs from 6 April to 5 April. You need to submit a tax return if, in the last tax year:
- You were Self-employed and earned more than £1,000.
- You were a Company Director unless it was for a non-profit (like a charity) and you didn’t receive any pay or benefits.
- Your total taxable income was over £100,000
- You earned over £2,500 in untaxed income for example from renting out property, or from tips or commissions.
- You earned more than £10,000 before tax from savings, investments, or dividends from shares or if your income from dividends from shares was over your dividend allowance.
- You made a profit from selling chargeable assets such as shares or a second home, and you need to pay capital gain tax.
- You or your Partner claimed child benefit and one (or both) of you earned over £50,000.
- Your state pension was more than your Personal Allowance and was your only source of income – unless you started getting your pension on or after 6 April 2016.
- You had income from abroad that you needed to pay tax on
- You lived abroad and received income from the UK
- You didn’t pay enough tax last year and HMRC sent you a P800 notice.
- You were a trustee of a trust or registered pension scheme
You also need to send a tax return if you:
- Need to prove you’re Self Employed, for example, to claim Tax-Free Childcare
- Are you a religious minister or Lloyds underwriter
- Want to make voluntary Class 2 National Insurance payments to help you qualify for benefits
Benefits of Outsourcing tax return work
Tax return preparation and filing are government-related tasks, and thus, one has to comply with the HMRC policies. The rules and regulations regarding tax filing and preparation are regularly updated, and thus, Organization should keep a track of all the changes made to these policies to ensure that you don’t make any mistakes while filing or preparing taxes. Any mistake may become costly because you might have to pay a penalty for it. Outsourcing these tasks ensure that the tax related tasks are carried out by tax preparation experts who stay updated and adapt to all the changes made to the policies.
Cost savings is the main advantage. By going the outsourcing route, you don’t have to pay the usual benefits, insurance, and other overhead expenses associated with in-house staff members. “It’s like employee leasing on a smaller level.
Secondly, the time required to spend on tax preparation can be used for other imperative tasks after outsourcing
Grow your Practice
Tax return preparation is one of the time taking tasks, and every year considerable working hours are spent in preparing taxes and ensuring their accuracy. Taxation outsourcing services allow the employees to focus on getting new business.
India’s Outsourcing friendly policies
Outsourcing business is one of the main sources of foreign income for India’s economy. And hence India’s outsourcing policies are flexible encouraging overseas agencies outsource their business to India in a hassle-free manner.
Productivity & Better Customer Support
Outsourcing increases productivity and customer support. Both of these factors are indispensable to efficiency and 100% customer satisfaction which also results in recurring business.
Round-the-clock customer support, in spite of time zone differences.
Professional outsourcing service providers can help organizations look at made-to-order reports that can save a lot of time while taking vital financial decisions. Taxing can be fairly tiresome and an ongoing procedure consuming a lot of attempt and time in terms of keeping a trail of the new updates. A skilled tax filing outsourcing organization can avoid such a situation.
Improved operational excellence
A chunk of your work gets managed by someone else. That’s great because then you can shorten your processes and make them smoother.
Staff shortage no more
Don’t have people to take care of your overflow work? It is OKAY! You can always outsource jobs and always have buffer staff at your disposal.
You might not have access to quality staff in your office and handling the recruiting task can be even more difficult. Instead of getting into such hassles, outsourcing these tasks is more convenient and conducive to the business.
Enhanced Data Security
Confidentiality of your tax data is quite important, and when you outsource, you can be sure that your client’s data will be kept private and secure. It won’t be passed onto anyone, as the outsourcing contracts are secured by NDAs (Non-Disclosure Agreements). Tribocon Outsourcing uses secure servers to store information, so you would always have a backup of the data.
Access to the Latest Technologies
The market is rapidly changing with new and innovative tax tools and technologies. Most of the tools and technologies are developed in India and by outsourcing here, you can get access to these updated and latest tax and other financial tools and technologies.
The process of our work :
- We calculate clients’ tax liability
- We complete the tax return
- We file the return online
- Advise the client about the amount to be paid with due dates