Self-Assessment Tax Return
Self Assessment Tax Returns, Stress-Free With Lakewater Accountants
Who Must Send A Tax Return?
You must send a return if, in the last tax year (6 April to 5 April), any of the following applied:
- You were self-employed or a sole trader. You’ve earned more than £1,000 (before expenses).
- You were a partner in business partnership.
- You realised Capital Gains and need to pay Capital Gains Tax.
- You need to pay the High Income Child Benefit Charge.
You also need to submit a return if you have untaxed or additional income beyond regular wages/pensions paid via PAYE. Examples include:
- Income from renting out property.
- Tips, commissions, or freelance earnings.
- Savings interest, dividends, investment income & returns.
- Foreign income
- More than one source of income (even if its PAYE).
What Are The Rules For 2025/2026?
No fixed “income-only” threshold for PAYE-only taxpayers:
- HMRC has removed the income threshold that forced PAYE-only taxpayers to submit a Self Assessment Return just because of their salary.
- This means that if you earn £150,000+ via PAYE you don’t automatically have to file your return.
Why Choose Us?
Our London Tax Accountants Avoid Costly Mistakes – An honest mistake on your form can land you a fine of 30%. Our chartered accountants accurately report your income avoiding you penalties.
We Strategise To Maximise Your Tax Refund – Often times clients don’t realise how many expenses they can claim on. Our tax consultants specialise in identifying the deductions which lower your taxable threshold.
Doing Your Own Books Is Daunting, We’ll Do It For You – Doing your own books is like a household chore – we all hate doing it. Our self-assessment accountants take the load off your shoulders. We free up time for other work.
We Give You Ongoing Support – Contact an accountant after a completed job and they disappear? Our accountants offer year-round support. Whether its a Whatsapp message or quarterly bookkeeping you require help with, we are always here to support you.
A Tailored Package With A Fixed One-Time Fee – We take the time to understand your business and its goals, creating a bespoke accounting package for you. Our package comes with a fixed fee so you don’t have to worry about surprise bills.
Who Do We Help With Returns?
LakeWater Accountants help to file returns for anyone who needs it. Our sole-trader accountants are ready to help freelancers, construction workers, landlords, taxi drivers, doctors and many more. Click on the links to find out more about our business accountancy services for Company VAT Returns or Corporation Tax.
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What Is Included In Our Personal Tax Return Service?
- Self-Assessment registration – We ensure you have been registered correctly.
- Income and Expense Tracking – We organise income records & expenses. We make sure to claim the right deductions, reducing your tax liability.
- Maximisation of Deductions – We identify all allowable business expenses including but not limited to:
- Vehicle expenses
- Home office expenses
- Work-related travel costs
- Professional Expenses
- Depreciation of assets
- & many more
- Accurate Income Reporting – Including but not limited to:
- Sales invoices
- Payments received
- Interest earned from savings or investments
- Other income sources e.g rental income/dividends
- & many more
- Tax Relief – We make sure personal allowance, marriage allowance or blind person’s allowance (if applicable) is correctly applied.
- Filing of the return & dealing with HMRC on your behalf – We complete the return form making sure all relevant sections have been completed. We communicate with HMRC handling any queries, clarification or potential issues.
- Tax efficiency planning – including but not limited to:
- Tax-efficient retirement planning
- Tax-efficient business reinvestment
- Paying dividends in tax-efficient ways
- Strategic incorporation of sole traders into limited companies.
- & many more
- Dispute & appeal management – We represent clients in negotiations on issues such as penalties, tax calculations & late filings. We prepare necessary documentation and guide clients through processes of appeal.
- Ongoing support & advice – We offer year-round support and regular bookkeeping such as quarterly or annual bookkeeping for self employed individuals.