Self-Assessment Tax Return: Road Map

Introduction

• This is our approach to all articles.
• The SATR System is outlined below.
• This is divided into key stages.
• The flow needs to be followed in the chronological order.

Stage1: Setup

• AML and KYC to be done before dialogue.
• Legal, Professional and Statutory requirement.
• Telegram Setup – GDPR compliant

Stage 2: Assessment

• The SATR Checklist must be completed by the Client.
• This enables Avar to assess your requirements and level of service.
• Upon which the cost quotation is based on.

Stage 3: Quotation

• Two types of Quotation:
  • Basic Pack
  • Premium Pack
• Basic Package
  • The Basic Package is an “Execution Only” Service.
  • This is to be paid in a one off annual payment by Credit Card, before the work is carried out.
  • Annual Fee Structure where is your annual income is, and is subject to timing the tax returns:
    • All prices are subject to Value Added Tax, at the prevailing rate (currently 20%)
    • Less than £50K – £50
    • Less than £100K – £100
    • More than £100K – £150
    • More than £200K – £250
  • Preparation of Residential Property Accounts is optional.
    • A Boomerang will be provided for each property, with up to 50 transactions per property.
    • Online training will be available.
    • This will have to be completed by the Client.
    • It will be finalised by Avar for Clients approval.
    • Cost will be £150 per property with a maximum of £500 for 5 properties.
    • As is the Capital Gains on disposal.

• Premium Package
  • This includes the “Execution” Service as well as:
  • Advice and Q&A’s on Telegram.
  • TiPS Insurance, subject to terms and conditions.
  • Preparation of Residential Property Accounts (maximum of 2 properties)
• This is to be paid in a one off annual payment by Credit Card, before the work is carried out.
• Annual Fee Structure where is your annual income is:
  • Less than £50K – £100
  • Less than £100K – £200
  • More than £100K – £300
  • More than £200K – £500
• Additional charge of £100 per property.
• Timing of Returns
  • The following rates apply based on the provision of information:
    • 30 June 2021 – standard rates
    • 30 September 2021 – uplift of 25%
    • 31 December 2021 – uplift of 50%
    • Information provided after December 2021- uplift of 100%
  • These rates uplift only applies to the tax return fee and not the Property Accounts.

Stage 4: Information

• We will provide you with a transaction recording system called “SATR Boomerang”, with up to 25 transactions per year.
• This needs to be completed in its entirety to enable Avar to commence work.
• A Property Boomerang will be provided as above, where agreed and required, in accordance to your service level package.
• The Boomerang should include all details for the tax year, which may include the following:
  • Employment Income (as per P60)
  • Self-Employment (subject to completing the Sole Trader Boomerang)
  • Pension Income
  • Partnership Income
  • Dividends (from sources other than where Avar are accountants for the Limited Company)
  • Bank Interest
  • Income from Land and Property (subject to completing the Property Boomerang)
  • Other Income
  • Trusts
  • Capital Gains/Losses
  • Child Benefit received
  • Reliefs (i.e. pension contributions or charitable donations)

Stage 5: Review

• Avar review SATR Boomerang.
• Finalise any queries, if any.
• Prepare Draft SATR and Tax Computations.

Stage 6: Approval

• Draft SATR and Computations sent to Client.
• Approval Form and Payment Notification sent to Client.

Stage 7: Finalisation

• Only when Approval Form is received, Avar File the SATR.
• Notification is sent to the Client.

Stage 8: Closure & Final Reports

• All reports will be provided as Read-only.
• In PDF or Excel format.
• Sample reports can be viewed here.

Useful Link(s)

• Payment of Tax Liabilities
• Boomerang Guide

Frequently Asked Questions

Form