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Self Assessment

World class accounting from award winning chartered accountants you can trust

Whether you run the business as a sole trader or have a large business structure, you are required to fill your Self-Assessment tax return every year. This is the strategy adopted by HM Revenue and Customs (HMRC) to determine the amount of Income Tax and National Insurance (NI) that is to be paid. There is no such demand on the part of employees because the tax payable is deducted using an automatic process but this does not come easily for individual owners of a business. For example, a sole proprietorship makes an income that has no National Insurance Contributions and Income Tax automatic deduction. It is therefore expected that the HMRC would be informed about the amount involved through a Self-Assessment form. It is on this note that the amount of tax payable would be determined. In the same vein, a limited liability company is required to file a Self-Assessment form. Other types of income that are taxed include rental income and dividend.

For many businesses, the Self-Assessment process can be found to be complex. No thanks to the changes which the government usually makes in respect to it. Yet, the seeming complexity does not grant anyone the liberty to ignore it. It remains one of the most important tax documents that you have to fill as a business owner.
Having determined that you need to complete a Self-Assessment, you are advised to register as early as possible. It is necessary to do this early because of the usual prolong process. Besides, many self-employed leave it up until the day of the deadline and this is usually more stressful. Also, you are able to enjoy adequate time to address any likely problem and even save up for the tax payable. It should also be noted that the late filing of Self-Assessment form comes with varying penalties.

Similarly, you must endeavour to keep appropriate record about your employment income, invoices and business expenses, return on investments, capital gains, income from abroad, interests and rental income, among others.

However, you don’t have to be afraid. The burden is less when you are able to address your Self-Assessment designs with an expert and also seek quality advice. At Nordens, we are well grounded to provide you with the right strategic services that will sort out your Self-Assessment. Our reputable years of serving our clients through the effort of our highly skilled chartered accountants cannot be compared with any other. We are available to help take care of every process that needs to be carried out.

We will help you with completing your Self-Assessment tax return. Being fully aware that the process could be tedious, we have made available unparalleled support to different clients in Essex and about. Our friendly and compassionate team of expert accountants will help your business to carry out Self-Assessment easily every year.

Among other things, we will help you calculate how much income tax you are likely to pay with our useful resource tools. This will help you to prepare ahead for the billing. While our support system is always available to attend to your needs, we deem it fit to provide answers to some questions we receive frequently.

Frequently Asked Questions

How do I pay tax and National Insurance (NI) due?

As long as you are receiving income that is above your personal allowance, you are required to pay tax. Usually, the allowance you receive personally is distributed through your pay list for the year so that your employer can deduct it before paying you. If eventually you are overcharged, a refund can be requested and vice versa. This method is described as Pay As You Earn (PAYE). Similarly, the National Insurance due is taken from your earnings based on how often you get paid. It could be distributed using weekly or monthly payment. You are required to fill forms in this respect with HMRC.

What happens if I miss the deadline?

It is highly recommended that do you do not cultivate the habit of postponing filing your Self-Assessment form. Inherently, the process could be tedious; the earlier you do, the better. There are penalties while there are acceptable excuses for delay. However, if you do not enjoy the benefits of excuses, the penalty involved depends on the longer you delay. The penalties are automatic £100 penalty for late return filing, a £10 daily fee which may add up to £900 and further charges at half or full year. This is costly when compared to your tax bills. You are advised to pay on or before the deadline.

What if I am no longer self-employed?

Being an employer or being self-employed attracts different tax bills methods and National Insurance contributions. Circumstances like the liquidation of the business or need to engage in full-time employment may bring about the end of self-employment. When you are no longer self-employed, the HMRC has to be duly informed. This is possible by filing a form to de-register or put a call through. You will be required to provide your National Insurance (NI) number and Unique Tax Reference (UTR). You have nothing to worry about, the process is direct. However, you should make sure HMRC is informed at a date not less than 7 days before you quit the self-employment.

What tax relief can I claim?

Tax relief is meant to reduce the amount of tax payable by an individual or a corporate entity. The amount you can claim depends however on the industry of your business. The instances in which you can claim tax relief is if you spend personal money on things that are required for your job and you strictly use them for your job only. For example, you have to repair the company’s vehicle with your own money while on a journey under the company’s directive; you can claim tax relief on it. Don’t forget that you have to keep proofs in order to make the claim.

What expenses can I claim?

As a sole trader, you will incur many administrative costs. They are otherwise called allowable expenses. These allowable expenses that you claim can be deducted from your taxable profits. Thus; you are advised to keep records of what you spend on. When you are then filing your tax return, they can be claimed. Some of them are:

• Office expenses like phone, stationery, printing and postage.

• Business space expenses like rent, maintenance and repair bills, heating and lighting.

• Travel expenses like fuel, washing and cleaning vehicles, parking and transport fare.

• financial costs that include insurance or bank fees.

• Clothing expenses like gloves, socks and helmet, among others.

Beyond Accountancy

At Nordens we're more than just accountants, we're business experts who can help you achieve the biggest goals.

Nordens Strategic

Our specialist strategic division at Norden’s boasts some of the leading entrepreneurial business minds in the country. They cater towards delivering consistent success stories for businesses looking to achieve all their goals and more.

Through highly tailored guidance, coaching and advice, Norden’s Strategic are able to define exactly how your business can attain new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we steer you along the path to greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions. How to best manage your accounts can put huge question marks over your business. Accounting 2 You are here to take that away and provide all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that they can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting 2 You will lead your business efficiently and with a real purpose to help you grow and prosper.

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Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

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Simon Rose

Director - Rose Opticians

I have been using Norden Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

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Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

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James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

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Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

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Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

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Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

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Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

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James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

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Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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Mark Norden

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Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.