Self-Assessment Tax Advisers

You may be able to claim a range of tax reliefs and allowances through your Self Assessment tax return, depending on your circumstances. We will always seek to identify all available reliefs and allowances to help ensure you do not pay more tax than necessary.

These may include pension contributions, charitable donations, Marriage Allowance claims, relief for Buy-to-Let property expenses and mortgage interest relief, among others.

Our advisers can review your situation and ensure that all relevant claims are considered as part of your tax return.

Late submission or inaccuracies in your Self Assessment tax return may result in penalties and interest charges from HMRC. For example, a tax return submitted after the filing deadline will generally incur an initial £100 penalty, with additional penalties potentially applying if the return remains outstanding.

If you discover an error in your tax return, it is important to inform HMRC as soon as possible, as this may help reduce any penalties that arise.

To help avoid mistakes, we can guide you through the Self Assessment process, ensure your return is submitted accurately and on time, and liaise with HMRC on your behalf should any questions arise. We can also assist with correcting errors where amendments are required.

You can choose to complete and submit your Self Assessment tax return yourself, provided you follow HMRC’s requirements and include all relevant information. Alternatively, you can appoint someone, such as an accountant, to deal with HMRC and assist with preparing and submitting your return on your behalf. However, you remain legally responsible for the accuracy of the information submitted.

Your options are:

• Complete Self-Assessment on your own: If your tax affairs are straightforward, you may feel comfortable preparing and submitting your own tax return. This is often the case where an individual has relatively simple income sources, such as employment income, savings interest and is solely UK tax resident.
• Complete Self-Assessment by appointing someone:Whilst you may be capable of preparing your own return, many taxpayers prefer the reassurance of working with an experienced adviser. This can be particularly valuable where tax affairs are more complex, such as for sole traders, landlords, individuals with significant overseas income or those with multiple sources of income. In these circumstances, an accountant can help ensure your return is completed accurately and that all available reliefs and allowances are considered.

You can authorise another person, known as an agent, to deal with HMRC on your behalf. This could be an accountant, tax adviser, friend, relative or someone from a voluntary organisation.

If you appoint an agent for your Self Assessment affairs, HMRC will generally send correspondence relating to your tax return directly to them, although certain communications, such as tax bills or repayments, may still be sent to you.

An agent may be:

• A professional accountant or tax adviser.
• A friend or relative.
• Someone from a voluntary organisation.

Agents must meet HMRC’s requirements before acting on your behalf.

To appoint an agent, they can use HMRC’s online authorisation service or you can complete form 64-8 and submit it to HMRC. This is something we can arrange for you as part of our onboarding process.

With the help of an experienced accountant, you will have peace of mind that your tax affairs are in good hands. An accountant can also offer advice on financial challenges you may be facing, giving you confidence that your tax affairs are being managed accurately and efficiently.

For example, at Gerald Edelman, we review the information you provide and apply our expertise to ensure your tax return is completed accurately and tax efficiently. We will check your bookkeeping to ensure that all sales and expenditures have been identified correctly, and help you keep track of important correspondence and deadlines, reducing the risk of penalties.

Finally, HMRC may occasionally raise questions about a tax return. This does not necessarily mean anything is wrong, but it can create additional stress and uncertainty. We offer our clients the opportunity to subscribe to tax insurance, which can cover our professional fees should HMRC open an enquiry into their tax affairs. This is only available where we are responsible for preparing and submitting the tax return on your behalf.