Self assessment is a complicated area, but with the right knowledge and experience, you can save a lot of hassle – and potentially a lot of tax.
As a self-employed small business owner or sole trader, the onus is on you to calculate your tax liability. It’s a complicated business, and tax returns can prove stressful. Especially so if you are juggling property, foreign, dividend and capital gains taxes.
With the right support, not only will you save precious time and hassle, but you can also potentially retain more of your hard-earned profits. Great accountants will act as a sounding board to ensure your strategic decisions are sound from a tax point of view so you don’t make costly mistakes. They will also highlight various ways to save tax, depending on your financial situation and personal and business goals.
Welcome to Archimedia Accounts, a self assessment tax returns
At Archimedia Accounts, we are entrepreneurs as well as experienced small business accountants and tax experts. We’re committed to saving you as much tax as possible, within the regulations, of course, and can help you to achieve your wealth and passive income goals for your family pot.
Read on to find out more, or get in touch to apply for a free consultation.
Who needs to complete a self assessment tax return?
You need to complete a self assessment return if you:
- Are a self-employed small business owner and turn over more than £1k per year
- Are in a business partnership
- Earn more than £100k as a salary
- Receive property rental income of more than £1k
- Receive income from dividends (company directors or listed shares) and savings
- Receive foreign income
- Have capital gains tax obligations
This list is not complete, but as a rule, you are required to file a tax return if you receive any kind of untaxed income (i.e. income that is not taxed at source) that exceeds £1,000. If you are unsure, it is very wise to speak to a professional tax return accountant.
Why get an accountant to file your income tax return?
There are so many good reasons for you to use an accountant to help manage your tax returns. Here are just a few.
At the very least, having an accountant complete your tax return can save you a lot of admin and time. But great accountants, like Archimedia, can do so much more than that.
We will ensure your personal tax returns are completed accurately and on time, guaranteeing your compliance with HMRC and saving you costly mistakes – that’s a given.
In addition to avoiding expensive penalties, we will help you calculate relevant expenses accurately to ensure you are not paying too much tax. We will also go out of our way to actively help you save as much money as possible.
At Archimedia, we have detailed knowledge of tax legislation and have lots of experience in helping our clients to minimise their tax liability. We believe that a great accountant should save you 3 times as much tax as you pay them.
Tax saving strategy
Tax is not a once-a-year concern. Throughout the year, we will hold regular reviews with you to help you make tax-efficient decisions. As experienced business people as well as accountants, we have excellent strategic financial management skills to help you manage your assets and money.
As a family firm, we want to help you make a good life and will support you in making good wealth decisions for you, your properties, your business, and your family as a whole.
Our self assessment tax return service
With Archimedia as your accountant, you will receive far more than a simple tax return service. You can expect a thoughtful, strategic approach to help you manage your tax affairs and maximise your income.
Tax review meetings
We will meet with you every 3 months (via Zoom or in person) to discuss your current financial situation, your strategic plans for the next year, and your business and personal goals.
Once we’ve made an assessment of your tax situation, we will put together a plan to save as much tax as possible within the regulations.
Once we’ve completed our tax planning, we will undertake all the necessary calculations, complete the self-assessment return, and submit this to HMRC. We will then let you know your exact tax bill and when and how to go about paying it.
Contact Archimedia Accounts for help with income tax returns
Far from just dotting the i’s and crossing the t’s, Archimedia Accounts is a team of proactive accountants. We’re motivated to save you as much money as possible and to help you achieve your business and personal goals. You can count on us to provide an excellent service to ensure your tax affairs are in great shape.
For more advice on self-assessment tax returns, please get in touch with our friendly and professional team.
Frequently asked questions about Self Assessment Tax Returns
If you get income from property or set up a sole trader business, it’s actually your responsibility to inform HMRC. Use this HMRC tool to figure out if you need to do an income tax return in your tax year.
There are so many accounting software packages you can use for your self-assessment tax return. Here is a list of commercial software suppliers from HMRC. These software packages can submit your self-assessment tax returns to HMRC directly.
You can also use HMRC’s free software through your HMRC portal. Simply log in to your HMRC account and start filling in your income tax return.
Making Tax Digital for income tax comes into effect from April 2026. This means that you will need compatible software to submit tax returns every quarter to HMRC. Here is a list of HMRC-recognised software that is compatible with MTD for income tax.
Yes, the good news is that accountancy fees are totally tax deductible.