Generally, your tax is deducted automatically from your wages, pensions or savings - known as Pay as you Earn (PAYE). However, if you receive any other income such as:
- self-employment income over £1,000 in the tax year
- rental income
- income from savings, investments and dividends
- receive child benefit and your or your partner’s income was over £50,000
- have sold assets in the tax year, such as additional properties or shares
- you have PAYE income of above £100K
or want to claim certain tax reliefs...
Currently (2022 tax year), you need to report this to HMRC by sending a self-assessment tax return once a year.
How can we help?
As cloud accountants, we can provide you access to apps that simplifies this journey for you. These are really easy to use, and we are happy to help if you get stuck. In addition, we can help you categorise your business income and expenses correctly.
The benefit of doing this earlier is that as soon as you are set up will have access to real-time data.
At the end of the day, you have real-time data in your day-to-day life. If you need to check the weather, news or check your bank account you just use your phone.
With Vision Accountants, you will have 24/7 access to the cloud bookkeeping software Xero, which is trusted by freelancers, contractors and small businesses to provide a real-time overview of your accounts.
We are a paperless accounting practice. This means you get access to apps that will allow you to scan receipts and send sales invoices as you go. Also, we will connect your business bank account to the accounting software (Xero), so you won't need to download and send us a bank statement. This is in return will save you time (and paper), and means you have tidy books! Because we review every transaction, you will have meaningful financial information to measure how your business is going in real-time rather than waiting until the end of the financial year.
Pay As you go / One-off Annual fee
- HMRC registration
- Advice from your own dedicated Chartered Accountant
- Tax planning advice to help maximise tax efficiency
- Preparation of financial statements
- Preparation of annual Self-assessment tax return
- Assistance with HMRC records checks
- £250 + VAT
Get in touch
We can be next to you, every step of your journey, to meet your changing needs