Self Assessment Service

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What Is Self Assessment?

Whether you run the business as a sole trader or have a large business structure, you are required to fill out a Self-Assessment tax return, which is used to determine the amount of Income Tax and National Insurance (NI) that is to be paid. This does not come easily for the individual owners of a business. For example, a sole proprietorship makes an income that has no NI contributions and Income Tax automatic deduction. Therefore HMRC expect to be informed about the amount involved through a Self-Assessment form to then determine the amount of tax payable. Other types of income that are taxed include rental income and dividends.

Why Use Nordens For Self Assessment Filing?

The seeming complexity of the Self-Assessment process does not grant anyone the liberty to ignore it, as it remains one of the most important tax documents you have to fill out as a business owner. Many self-employed people choose to leave it up until the day of the deadline, which is incredibly stressful and doesn’t allow time to address any problems. It should also be noted that the late filing of Self-Assessment form comes with varying penalties. We recommend that you register for Self-Assessment early and keep the appropriate records of your employment income, invoices and business expenses, return on investments, capital gains, income from abroad, interests and rental income.

The burden is lessened 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. Among other things, we will help you calculate how much Income Tax you are likely to pay with our Useful Resource Tools, which will help you to prepare for the billing. While our support system is always available to attend to your needs, we deem it fit to provide answers to the questions we receive frequently.

Our Expert Self Assessment Service

Nordens premium service is designed to support you in your self assessment calculations and formulations.
Our highly qualified ACCA accounting team can handle even the most complex self assessment situations.

Tax Liability Calculation

Tax Return Filing

HMRC Communication

Expert ACCA Accounting Advisors

Dedicated Account Manager

Frequently Asked Questions

Here at Nordens, we understand that you want to know more about our Self-Assessment tax returns. To keep you well-informed, here’s a list of our most frequently asked questions:

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 you are overcharged, a refund can be requested (and vice versa). This method is known as Pay As You Earn (PAYE). Similarly, the National Insurance that is due is taken from your earnings based on how often you get paid. It could be distributed using weekly or monthly payments. You are required to fill forms in this respect with HMRC. However if you are self employed you will need to pay your income tax and national insurance on a yearly basis once your tax return has been filed.

It is highly recommended that you do not cultivate the habit of postponing filing your Self-Assessment form. Inherently, the process can be tedious; the earlier you do it, the better. You won’t be penalised if you have an acceptablebexcuse for the delay. However, if you do not enjoy the benefits of excuses, the penalty is based on the length of the delay. The penalties include: an automatic £100 penalty for late return filing; a £10 daily fee which may add up to £900; and further charges at every half or full year. This can be costly when compared to your tax bills. You are advised to pay on or before the deadline.

Being an employer or self-employed attracts different tax bills, methods, and National Insurance contributions. Circumstances like the liquidation of the business or the need to engage in full-time employment may bring about the end of self-employment. And when you are no longer self-employed, 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). HMRC should be informed at a date no less than 7 days before you quit the self-employment.

Tax relief is meant to reduce the amount of tax payable by an individual or a corporate entity. The amount you can claim depends on your industry. The instances in which you can claim tax relief is if you spend personal money on things that are required for your job, and that you only use for this purpose. For example, if 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 evidence of this in order to make the 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 file your tax return, they can be claimed. Expenses include:

Office expenses such as phones, stationery, printing and postage

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

Travel expenses including fuel, washing and cleaning vehicles, parking and transport fares

Financial costs that include insurance or bank fees

Clothing expenses like gloves, socks and helmets, among others

Beyond Accountancy

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

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach 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’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

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

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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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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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 Nordens 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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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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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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Managing Director - Prime Time Boilers

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

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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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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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  Why I Founded Nordens
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, for me, 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). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!