Personal Tax and Tax Returns

Personal Tax Return need to be completed my countless individuals each year. Nevertheless, if you are brand-new to the system either because you have just become self employed or you have started earning an additional income, you might be slightly perplexed by them. Here is a quick overview to explain a few things.

What is an Income tax return?

This is a form in which you enter all your income for the whole tax year, which runs from April 6th to April 5th. Using the info that you provide in the form, HMRC will then calculate how much tax you need to pay for the whole tax year. These can be either paper returns that you complete by hand or electric form that you complete online.

Do you need to complete a tax return?

If you are self employed you will be provided with a notification by HMRC in order to complete details of your income and expenditure. Additionally, if you have one more source of income on top of your employment income, such as income from investment property,

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Keep an eye on all activity

In order to complete a self assessment tax return, you will need details of all of your income from all sources as well as related expense. It is therefore vital that you maintain thorough documentation of all of your financial activity throughout the year. This consists of billings for any kind of work that you had to perform, invoices for any type of expenses as well as details of any investment income and Capital Gains.

Online or paper tax returns

You can elect to complete your returns online or on paper depending on what is more convenient for you. However, it is very important to keep in mind that the deadline for filing is different for each type of tax return. If you want to file a paper tax return you have to submit by the end of October following the end of the taxable year in April. Online income tax return submissions have to be done by the end of January following the year which it relates to. If you file your tax return late you may be fined, so it is essential to remember to get it completed early.

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Tax Return reviews

Use the services of a tax return accountant

Tax returns can be complicated in some cases, particularly if your finances are intricate. In this situation, you might want to seek help filing your returns each year. If so, ensure that you employ the services of an accountant who is experienced in tax return work. Once you do that it will just be a question of providing them with all the necessary information that they require in order to prepare your tax return and it should done.

Do not Leave your tax return to the last minute

Whether you file your returns by yourself or you use the services of a tax accountant, just make sure that you don’t fail to remember to submit them before the filing deadline. There are financial penalties for failing to file an income tax return on time, so make sure you avoid these and have your self assessment tax return submitted before the deadline.

Tax Returns and Personal tax planning

Personal tax and Self Assessment Tax Returns form a significant part of our business. Our range of services in this area include:

Personal Tax Computations
Tax Return completion
Self Assessment
Personal tax Planning
Capital Gains Tax planning and computation
Inheritance tax
Trust Tax

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Our expertise in tax matters means that we can look at ways to legitimately save you money in tax. We also undertake to carry out routine tax work on time, so that tax returns are prepared and filed before their due dates.
The introduction of self-assessment has placed a greater burden on individual tax payers to keep their income tax affairs in good order. We will deal with the HM Revenue & Customs on your behalf, relieving you of the burden. We will ensure that you comply with tax and accounting rules. More importantly, we can assist you to minimize your tax bill and keep more of the money that you have worked so hard to earn.