Tax Returns
Employed
The tax year runs from 6th April to 5th April in the next year and it’s important for employed people to send a self-assessment tax return if they meet the essential criteria.
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Tax Returns
Employed
Persons
Some people receive a letter from HMRC asking them to submit a return however they may not be required to. HMRC must therefore be informed by post, phone or online. Without informing HMRC a penalty may be charged. If you complete your self-assessment tax return you can claim money from HMRC for any donations you made to charities, any private pension contributions and any work expenses over £2500.
Tax Returns Employed Persons
If you are employed you must file tax return if any one of below conditions apply.
- Anyone who was self employed at any point between those two dates and earning mere than £100K
- Anyone who earned more than £2.500 in un taxed income
- Anyone who rented out a property
- Anyone earning more than £10,000 from investments or savings
- Anyone whose income from share dividends was over £10,000
- Anyone who made a profit from selling a second home, share or other chargeable assets
- Anyone who was a company director
- Anyone who had an income of over £50,000 and claimed child benefit
- Anyone who has income from overseas
- Anyone who lived overseas but had an income in the UK
- Anyone who was a trustee of a registered pension scheme
- Anyone with a state pension over their personal allowance total
OUR PROMISE
We care for our clients. Building and maintaining fantastic relationships is what we do best, we will never treat you as a number which is what makes our approach so unique. The highest level of customer service combined with a keenness to listen and work together with our clients means that we leave a stream of happy clients in our wake every single day. Our services come with unlimited help and support provided at no extra cost throughout the year.That help and advice will all come courtesy of your own fully qualified and dedicated small business accountant.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Self Assessment Tax
Individual Tax Return
There are certain conditions where you would need to file self assessment tax return to HMRC. Discuss with our tax accountants your bsuiness
Landlord Tax Return
As a landlord, you must file your tax returnand do not miss out on the tax relief of certain expenses. Call our office for a quick chat.
Partnership Tax Return
Partnerships are obliged to file independent tax returns and this becomes base for partners taxable profits. Call us to discuss and free quote.
Domicile and Resident
If you are non resident or work outside UK, you must understand Resident and Domiciled definations. It can save you time and money.
Frequently Asked Questions
Most frequent questions and answers
Yes you can. Most of our clients who are small bsuiness , we setup an automated software for them to do their book keeping. We only need the records at the end of each period for compliance.
It would take only 10-15 minuites to populate a spread sheet each day to enter data of your daily expenses. You can also take picture of reciepts and save it in a secured drive. Or you can use a software like Reciept bank.
Our charges are depend on amount of time we will spend on yor book keeping. Most of the time and because of availability of online and IT tools we advice clients to scan their record to save time and money.
We will not advice to do your book keeping on annual basis. There are many reasons and the major reason is you will find it hard to analyse and store records for the whole year if left to the end of the year.
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Read our Latest Blog
Maintaining your NIC contributions Covid-19
If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
Selling the Buy to Let property at a loss
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Extracting income from a family company with no retained profits
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.