Tax legislation is constantly evolving. Tax is detailed and can change as a result of new domestic laws, international reform or changes in approach as technology increasingly plays a more important role in how tax affairs are managed.
We work with businesses, brands and individuals to ensure they pay as little tax as legally required. We provide tax advice on the implications of a business decision, helping you to plan, forecast and strategise your business affairs in a responsible and tax efficient manner.
If you’re looking for advice on the best decision to make for your business from a tax perspective, accountants aren’t usually the best people to ask. We partner with some excellent tax specialists who spend their days doing this sort of thing and know the area much better than accountants have the capacity to do.
We deal with all areas of tax, including personal and corporate tax, VAT and tax returns, however our role as your accountant is to plan, report and calculate tax liability.
Self Assessment Tax Returns
The clue is in the heading – it’s entirely possible to complete a self assessment tax return yourself. However, for absolute peace of mind, we have the knowledge, expertise as well as HMRC approved technology to complete your self assessment form, calculate your tax liability and file your return on your behalf.
Over 10 million people across the UK have to file a tax return. Filing a tax return still proves to still be a daunting task for the people who have to do so – of the 10 million, nearly 10% of people missed the 31st January deadline this year paying a £100 fine.
As part of our service, we will:
- Complete your tax return
- Assess whether you can make any tax savings
- Check for any anomalies with your form
- Calculate your liability
- File your return long before the deadline
Who needs to complete a tax return?
You will need to complete a tax return if in the last tax year:
- you were self-employed
- you got £2,500 or more in untaxed income, e.g renting out a property, generated income from a sideline
- your savings or investment income was £10,000 or more before tax
- money from dividends and shares was £10,000 or more before tax
- you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- you were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or
- benefits, such as a company car
- your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- you had income from abroad that you needed to pay tax on or you lived abroad and had a UK income
- your income was more than £100,000
- you were a trustee of a trust or registered pension scheme (inheritance tax)
- you received a P800 from HMRC saying you didn’t pay enough tax last year
How you can reduce your tax bill
Generally speaking, the way to reduce your tax bill is by claiming expenses. The expenses you claim for will be dependant on your circumstances. Just a few of the things you can claim expenses on if you are self-employed include a portion of your heating, electricity, council tax, internet and telephone use if you work from home, equipment and business vehicles.
Stress free tax returns
We can help minimise the pain of doing a self assessment tax return – and hopefully how much you pay too. Get in touch by filling out the form below and we’ll set up a friendly call with one of our accountants to discuss your tax return.