The Self Assessment process is the Inland Revenue system for working out and paying tax. You must complete a tax return every year if you:
- Are self-employed, either as a sole trader or in a partnership
- Are a company director
- Are earning enough to pay higher-rate tax
- Are requested to do so by the Inland Revenue
- Have complicated tax affairs (e.g. you derive income from employment overseas)
- Have made significant capital gains
Keeping the right records is essential. It makes it much easier to manage your tax returns and more importantly it’s a legal requirement.
We have extensive experience in advising on how best to record and maintain your financial records and prepare and present your annual returns.