In terms of how it works, the principles are quite simple however the application of the process can be technical. To summarise, as a self employed individual you are required to account for your profits or losses by showing your income and then having that cross calculated against any work or business related expenses that you have occurred throughout your trading year.
Some people either do this themselves or pay large fees for a high street accountant do it for them. Both approaches are perfectly acceptable however the end figures are then presented each year on a
self employed tax return. This then allows HMRC to determine your tax liability, or hopefully, any tax rebate category you may have fallen into.
However we find, quite simply that in a large number of cases, when we take on a new client, despite that client having either done their own
self employed tax return or
CIS tax return, or indeed hired an accountant to do it for them, when we look at their tax profile they have often accrued penalties simply due to not submitting their returns on time, or are behind with important admin due to their tax file not being constantly monitored.
Our service is bespoke and specific. We appoint a single tax agent, focusing entirely on all matters pertinent to your specific tax affairs to look after you from start to finish. That agent will look into every aspect of your taxes. (We can go back FOUR YEARS.) We maximise your HMRC approved expenses to your Tax Returns, backdating, and amending if necessary. Many clients see existing penalty problems wiped away. And our average payout is £2000 to £5000 for self employed tax rebates however sometimes more dependant on circumstances.