Self Assessment
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Self Assessment
Self-assessment is a process where individuals report their income and any relevant expenses to calculate the tax they owe. This is mainly for those who are self-employed, have additional income, or own a business.
Firstly, gather all your income information, including earnings from employment, self-employment, and any other sources. Make sure to collect records of your allowable expenses, as these can reduce your overall tax liability.
Don’t forget to submit your tax return by the deadline – usually January 31st each year. Late submissions may incur penalties.
If you’re unsure about anything, seek assistance from our professional team OR consult with any tax professional who have experience with tax returns.
Completing your Self Assessment tax return is manageable when broken into simple steps. By staying organized and utilizing available resources, you can navigate the process with ease and ensure you meet your tax obligations.
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