There are many reasons why a private individual would need to submit a self assessment tax return such as:
- you earned over £1,000 through self-employed work
- you earned income through property e.g. renting
- you received dividend payments
- your income was above £100,000
- you were a company director
Here is a detailed look at our process:
- We will prepare your self assessment tax returns together with any supplementary pages required from the information and explanations that you provide to us. After obtaining your approval, we will submit your returns to HMRC.
- We will calculate your income tax, national insurance contributions (NIC) and tell you how much you should pay and when. Where instructed by you we will advise on the interest and penalty implications if tax or NIC is paid late. We will also check HMRC’s calculation of your tax and NIC liabilities, and initiate repayment claims if tax or NIC has been overpaid.
- We will advise you as to possible tax return-related claims and elections arising from information supplied by you. Where instructed by you, we will make such claims and elections in the form and manner required by HMRC.
- We will review PAYE notices of coding provided to us by you and advise accordingly. Note HMRC no longer sends copies of notices of coding to agents.
Where you have instructed us to do so we will provide such other taxation ad hoc and advisory services as may be agreed between us from time to time. These services will be subject to the terms of this engagement letter and standard terms and conditions of business unless we decide to issue a separate engagement letter. An additional fee may be charged for these services. Examples of such work include:
- dealing with any enquiry opened into your tax return or tax affairs by HMRC;
- preparing any amended returns that may be required and corresponding with HMRC as necessary; and
Your responsibilities include:
- ensuring that your self-assessment tax returns are correct and complete;
- filing any returns by the due date; and
- paying tax on time.
Failure to do this may lead to penalties and/or interest.
Taxpayers who approve their returns cannot delegate this legal responsibility to others. You agree to check that returns that we have prepared for you are complete before you approve them.
To enable us to carry out our work you agree:
- that all returns are to be made on the basis of full disclosure of all sources of income, charges, allowances and capital transactions;
- to provide all information necessary for dealing with your affairs: we will rely on the information and documents being true, correct and complete, and will not audit the information or those documents;
- to authorise us to approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs; and
- to provide us with information in sufficient time for your tax return to be completed and submitted by the due date following the end of the tax year. In order that we can do this, we need to receive all relevant information by 31st August. Where feasible we may agree to complete your return within a shorter period but may charge an additional fee of £100.00 for so doing.
- you will keep us informed of material changes in your circumstances that could affect your tax liability. If you are unsure whether the change is material or not, please let us know so that we can assess its significance.
- where you wish us to deal with HMRC communications, you will forward to us all communications received from HMRC such as HMRC statements of account, copies of notices of assessment, tax codes and letters. These must be provided in time to enable us to deal with them as may be necessary within the statutory time limits. It is essential that you let us have copies of any correspondence received because HMRC is not obliged to send us copies of all communications issued to you.
Monix provides services aimed at minimising your tax bill. We do this by understanding your circumstances, with this information we can determine how we can take full advantage of the tax savings available. Why not take a look at our
tax planning strategies to help?
Our prices for this service starts at £12.50 + VAT per month.