Efficient Self-Assessment Filing with Nomi Software for Accountants

Team Nomi

Oct 15, 2024
6 minutes read

Filing your self-assessment can be a simple yet detailed process, especially for accountants managing multiple clients. This system allows individuals to report their income and expenses to HMRC, ensuring they pay the correct amount of tax. 

By using dedicated software, accountants can streamline data entry, automate calculations and reduce errors. The software also helps in organising financial records, making it easier to prepare and submit tax returns. Understanding the steps involved—from registration to submission—can enhance efficiency and accuracy. 

This blog will guide you through filing self-assessment using software, providing practical tips and insights tailored for accountants.

What is Self-assessment?

Self-assessment is a method used by individuals to report their income and calculate their tax liabilities. In the UK, this system is primarily for self-employed individuals, landlords, and those with additional income sources. 

Taxpayers must evaluate their earnings, expenses, and any tax already paid to determine if they owe more tax or are eligible for a refund. The self-assessment process involves filling out specific forms, such as the SA100, and submitting them to HM Revenue & Customs (HMRC) by set deadlines. 

This approach allows taxpayers to take responsibility for their tax affairs, ensuring they meet their obligations while also providing opportunities to claim deductions and credits that can reduce their overall tax bill.

Self-assessment Registration

Self-assessment registration is the process of notifying HM Revenue & Customs (HMRC) that you need to file a tax return. Here’s how it works:

1. Determine Eligibility: You must register if you have untaxed income, are self-employed, or earn above certain thresholds.
2. Choose Registration Method: You can register online through the HMRC website or by submitting form SA1 by post if you are not self-employed.
3. Create a Government Gateway Account: If registering online, set up a Government Gateway user ID and password.
4. Complete the Registration Form: Fill in your personal details, including your name, National Insurance number, and the reason for registering.
5. Receive Your Unique Taxpayer Reference (UTR): After registration, HMRC will send you a UTR within 10 working days, which you will need for filing your tax return.
6. Activate Your Online Account: Log in to your account using the activation code sent by HMRC to complete the setup.

Process of filing Self-assessment with Software

Filing self-assessment with software involves several straightforward steps:

1. Sign Up and Access: Begin by signing up for self-assessment software. Once registered, log in to your account from any device.
2. Client Management: Navigate to the client section and select the individual for whom you are filing the self-assessment. You can easily manage multiple clients from one dashboard.
3. Data Collection: Use the integrated digital tax questionnaire to collect necessary financial information from your clients. This feature allows clients to submit their data directly, reducing back-and-forth communication.
4. Prepopulation of Data: The software automatically pulls relevant data from the bookkeeping module, prepopulating fields in the self-assessment form. This minimises manual entry and potential errors.
5. Review and Edit: Review the populated information for accuracy. Make any necessary edits before finalising the return.
6. Submission to HMRC: Once everything is verified, submit the SA100 along with supplementary forms to HMRC. You will receive confirmation of submission. 
7. Tracking and Reporting: After submission, track the status of your returns and access reports confirming acceptance by HMRC.
8. Amendments: If needed, you can file amended returns through platform, ensuring compliance with tax regulations.

What is SA100 form?

The SA100 form is the primary document used for self-assessment tax returns in the UK. It allows individuals to report their income, gains and tax owed to HM Revenue & Customs (HMRC) for a specific tax year. This form is essential for various taxpayers, including self-employed individuals, landlords and those with additional income sources. 

The SA100 consists of multiple sections to capture different types of income, such as employment earnings, rental income and dividends. Completing this form accurately is crucial, as it determines your tax liability and eligibility for any rebates. You can file the SA100 online or submit a paper version, ensuring you meet the deadlines set by HMRC to avoid penalties.

Self-assessment Software

Nomi’s self-assessment software is designed specifically for accountants and bookkeepers, making tax filing efficient and accurate. This cloud-based solution integrates seamlessly with bookkeeping modules, allowing users to prepopulate tax return fields with existing financial data. 

This reduces the risk of errors from manual data entry. The software is fully compliant with HMRC regulations, ensuring that all submissions meet legal requirements. Users can submit an unlimited number of self-assessment returns and receive confirmation from HMRC upon acceptance. This software is recognised by HMRC.

Additionally, the platform offers features for managing various income types, including self-employment and property income. With this software, professionals can easily track their submissions and deadlines, making tax season less stressful and more organised.

Features of Nomi’s Self-assessment Software

Nomi’s self-assessment software offers a range of features designed to support accountants and bookkeepers in managing tax returns effectively:

1. Cloud-Based Access: Being cloud-based, users can access the software from anywhere, ensuring data is always up-to-date and secure.
2. Integration with Bookkeeping: The software integrates seamlessly with bookkeeping modules, allowing for automatic data transfer and reducing manual entry errors.
3. HMRC Compliance: The software is fully compliant with HMRC regulations, ensuring that all submissions including SA100 meet legal requirements.
4. Unlimited Submissions: Users can submit unlimited self-assessment returns, making it suitable for firms with multiple clients.
5. Task Management: The software includes tools for tracking tasks and workflow, helping teams manage their workload efficiently.
6. Automated Data Collection: It allows for easy collection of tax information through digital questionnaires and direct imports from HMRC.
7. Review Features: Before submission, users can review all entries to ensure accuracy, minimising the risk of errors.
8. Backdating Capability: The self assessment software enables users to prepare and submit returns for previous years effortlessly.
9. Security Measures: The software employs advanced encryption techniques to protect personal and financial data.

In conclusion, filing self-assessment tax returns using software offers a practical solution for accountants and bookkeepers. The user-friendly interface and integrated features make the process efficient and accurate, allowing you to focus on your clients rather than paperwork. With tools for data collection, automatic prepopulation and direct submission to HMRC, the software ensures that you meet all compliance requirements without hassle. 

Additionally, the ability to manage multiple clients and track submissions in one place adds convenience. By adopting the self-assessment software, you can improve your workflow and provide better service to your clients, making tax season a more manageable experience for everyone involved.

If you want to ensure the completion of your tax procedures before deadlines and reduce the chances of penalties, then consider using nomi’s self-assessment software. With Nomi, you can handle tax compliance tasks effectively. Experience its advantages by signing up for a free trial, or you can book a free demo to see its features and functionalities in action.

We offer clear and competitive self-assessment software pricing, providing excellent value for your investment. Improve your tax filing experience, increase accuracy and save time with our easy-to-use interface and dedicated support team.