Cigma Accounting – Your Trusted Partner for Self Assessment
Navigating the complexities of self assessment can be challenging, but you don’t have to face it alone. At Cigma Accounting, we specialise in providing comprehensive self assessment services that cater to freelancers, contractors, and small business owners.
Our expert accountants are here to ensure that your tax returns are accurate, compliant, and optimised for your financial advantage.
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Required To Pay Income Tax
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As of November 2022, an annual income of up to £12,570 is considered a tax-free personal allowance. In essence if you are making £12,570 or less yearly, you do not need to pay income tax
If you are making more than £12,570 a year, or £1047.50 a month, you need to register for self-assessment and pay income tax.
*Please note that we strive to keep this page up to date as frequently as possible. However, these rates are subject to change without notice and may be out of date. To ensure that you fall within the personal allowance bracket, please visit Gov.Uk to see the latest news and information on personal income tax.
What is Self-Assessment in the United Kingdom?
The Self-Assessment is a system that is used by the HMRC in the United Kingdom to collect income tax from individuals earning more than £12,570 annually. Tax is usually automatically deducted from your wages, pension and savings.
The Self-Assessment is meant for individuals operating as sole-traders, or acts as a partner in a business partnership. Furthermore, if you are receiving any untaxed income you need to register for the self-assessment in the UK.
Additionally, a self-assessment tax return can be sent in to claim tax relief based on specific criteria.
Why Cigma Accounting is Your Best Choice for Self Assessment
Personalised Service: We understand that each client’s financial situation is unique. Our approach is to offer customised service that addresses your specific needs. Whether you’re a freelancer juggling multiple gigs or a small business owner focused on growth, we tailor our strategies to fit your unique circumstances.
Expert Guidance: With years of experience in tax preparation and planning, Cigma Accounting provides you with expert advice to navigate the self assessment process smoothly. We keep up-to-date with the latest tax laws and regulations to ensure that we offer the most current and effective strategies.
Time-saving Solutions: We know time is your most valuable asset. Let us handle the complexities of your tax returns, freeing you up to focus on what you do best—running your business. From document preparation to submission, we streamline every step of the self assessment process.
Risk Reduction: Incorrectly filed returns can lead to audits and penalties. Our meticulous approach ensures that every detail is correct, reducing the risk of errors and the stress associated with potential legal issues.
Proactive Tax Planning: Beyond compliance, our services include proactive tax planning. We look at ways to reduce your tax liability through legitimate deductions, reliefs, and allowances that you might not be aware of.
Our Other Services
We do more than just accounting...
Management Accounts
Running a successful business does not happen on a whim. That’s why at Cigma we take strategic financial analysis and planning seriously so you don’t have to
Self Assessment
Having a stable income comes with some additional responsibilities. Making use of the services of a registered accountant can help you get the most out of your self-assessment.
Corporate Tax
We help directors and companies sort out all the background financial responsibilities so that they can take care of the business they are passionate about.
Bookkeeping
We’ve tailored a fast and efficient bookkeeping service that is perfect to SMEs in London, United Kingdom. The perk: we can offer optional add-ons to have all your accounting needs met at one company.
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Partner with Cigma for Comprehensive Self Assessment Support
Partner with Cigma Accounting and experience the peace of mind that comes from knowing your tax affairs are in capable hands. Our goal is to provide you with a seamless and hassle-free self assessment experience, optimising your tax position while ensuring full compliance with HMRC regulations.
Contact us today to schedule a consultation and discover how we can assist you in making the self assessment process straightforward and beneficial for your financial circumstances.
- Phone: Call us on +44 2045 518463 for direct assistance.
- Email: Send your queries to info@cigmaaccounting.co.uk.
- Contact Form: Visit our website and fill out the contact form for a prompt response.
FREQUENTLY ASKED QUESTIONS
Self assessment is required for individuals who do not have taxes automatically deducted from their income. This includes freelancers, contractors, business owners, and anyone with additional income sources such as rental property or investments. Cigma Accounting can help clarify if you need to file a return and assist you through the process.
You may be eligible for various deductions that can reduce your tax liability, including business expenses, home office costs, and professional fees. Cigma Accounting can provide a detailed assessment to ensure you claim all applicable deductions and maximise your savings.
If you’re behind on filing your tax returns, it’s crucial to act quickly to minimize penalties. Cigma Accounting offers comprehensive support to bring your tax filings up to date and negotiate with HMRC on your behalf if necessary.
Absolutely! Beyond just handling your annual self assessment, we offer proactive tax planning services. This involves strategizing throughout the year to optimize your tax position, helping you plan for future investments and advising on tax-efficient ways to grow your income.
Our process begins with a consultation to understand your specific financial situation. We then gather necessary documentation, prepare your tax return, and review it with you before submission. Cigma Accounting ensures you understand each part of your tax filing and are fully satisfied with the handling of your finances.