Self Assessment Services

Who Needs to Submit a Self-Assessment Tax Return?

You are required to submit a self-assessment tax return if you fall into any of the following categories:

Company Directors: Directors of limited companies must complete a self-assessment tax return, regardless of whether they earn income from the company.
Self-Employed Individuals: Those running their own business or working as freelancers with earnings over £1,000.
Business Partners: Members of partnerships must declare their share of the profits through a tax return.
High-Income Individuals: Anyone receiving PAYE income over £100,000 in 2022/23 or £150,000 from 2023/24 onwards.
Landlords: Individuals receiving rental income from property.
Child Benefit Recipients: Those receiving child benefit with an income over £50,000.
Pension Contributions: Higher or additional rate taxpayers contributing to a personal pension.
Claiming Tax Reliefs: Individuals claiming certain tax reliefs on work expenses or other allowable deductions.
Untaxed Income: Those with income not taxed at source, such as savings, investments, or overseas income.
Pension Payments: Recipients of certain pension lump sums or other types of pension income.
Capital Gains: Individuals who have sold assets, such as additional properties, cryptocurrencies, shares, or investments outside of an ISA, and have realized taxable capital gains.
Newly Registered Taxpayers: Those who have received a notice to file a tax return from HMRC must comply, even if they believe they do not need to.
These are the most common situations, but there may be other scenarios where a self-assessment tax return is required. Always consult an accountant or HMRC if you’re unsure about your circumstances.

Why Contact Magnum Accountancy for Self-Assessment Services?

At Magnum Accountancy, we simplify self-assessment tax returns with:

Expertise and Experience

Our seasoned professionals ensure accuracy and compliance.

Comprehensive Service

We manage everything from calculating tax liabilities to filing returns.

Proactive Tax Planning

Optimize tax liabilities and ensure compliance with ongoing estimates.

Personalized Support

Tailored advice for your unique financial situation.

Transparent Pricing

Starting at £150, with no hidden fees.

Advanced Technology

Efficient and secure processing using the latest software.

Proven Track Record

A history of client satisfaction and successful self-assessment management.

Choose Magnum Accountancy for reliable, professional self-assessment services and focus on what matters most.

Our Services

Limited Company Accounting
Sole Traders/Self- Employed
Book Keeping
Business Start-Ups
Partnerships