Self Assessment Tax Return

Not everyone is required to complete a self-assessment tax return as income can be taxed at source, such as when someone receives their sole income through a salary from employment. However, if you receive any additional income outside of this you may need to register for self-assessment. We would recommend this service to the following people:

• Anyone who is self-employed or a partner in a partnership business
• Ministers of religion from any faith or denomination
• Those who receive regular income from a trust or settlement
• A person who has taxable foreign income regardless of whether they are a resident in the UK
• If you have income from savings or investments of £10,000 or more before tax
• A couple who receive child benefits where at least one earns an income of over £50,000 (the person who is earning over the threshold, or whoever earns the most if both earn over the threshold, is required to complete the personal tax return)
• Landlords who receive rental income
• You incur capital gains tax through sale or disposal of an asset
• High earners who receive over £100,000 a year

There may be other reasons why you would need to complete a self-assessment tax return. Where this is the case HMRC will get in touch with you by post to send you notification. If you are still unsure of your position and believe there is good reason you do not need to do so you may want to speak with us to double check.

Ridgefield Consulting is based in Oxford and we are conveniently located to serve those in Abingdon, Witney, Bicester and surrounding Oxfordshire areas. However, we do have full capability to serve clients further afield and regularly visit clients in locations such as London, Birmingham, and the Cotswolds.

We have a strong client base of business owners, either as sole-traders or limited company directors, with businesses of all sizes and from different industries, but we do in particular have specialist expertise in supporting high-innovation start-ups. We also have a wealth of experience of working with landlords, providing advice on how to manage a portfolio of investment properties as well as guidance on allowable expenses.

We do welcome clients from different backgrounds and always offer a consultation so that we can introduce ourselves, find out more about you, and give you a chance to see if we would be a good fit for your needs.

Whilst some people do choose to complete their personal tax returns themselves, we would only encourage you to do so where you are confident that your tax liability is simple and straightforward.

By using expert chartered accountants for this service, you can receive further benefits:

• Free up your own time having to calculate and submit your tax return
• Peace of mind and reassurance that taxes have been calculated correctly
• Save money through using experts with the knowledge and experience in spotting opportunities to reduce your tax bill
• Avoid missing the deadline with timely reminders from your accountant
• Ensure you are always kept up-to-date and well-informed on any tax changes that apply to you
• Get support with any communications you receive from HMRC that you may need help with