Personal Tax Returns
Let's Start A Brief Review of Personal Tax Returns
Taxpayers are obliged by law to declare their tax affairs to HM Revenue and Customs (HMRC) with ‘reasonable care’, so of course preparing your personal tax return is undoubtedly one of the most important things to do. We know how critically important it is to do this properly at our tax and accounting firm. We are with you all the way to not only get you through your compliance requirements as governed by legislation, but also to proactively seek out tax-saving opportunities for you to help you preserve your hard-earned cash and keep it where it belongs – with you.
Importance of Filing a Personal Tax Return
If you meet the Self Assessment requirements then you must file your personal tax return on time to avoid receiving a financial penalty from HMRC. You can also receive a penalty if your tax return is not prepared accurately, so reasonable care should be taken. You have a responsibility to document your level of income, expenditure and other financial details. By ensuring that you prepare your tax return properly, not only will this give you some protection against legal ramifications and penalties, but it can also lead to money being saved on carefully reviewing what deductions and reliefs are available to you – this is where our tax specialist services become extremely valuable.
Our Personal Tax Return Services
Completing a personal tax return can be complex, time-consuming, and confusing, especially if you have different sources of income, or don’t have the full knowledge of what you are allowed to claim.
Our services provide: Expert tax return preparation with a proactive review for your tax-saving opportunities. Guidance on what you can claim and how to maximise your tax reliefs. Detailed instructions for gathering and organising your relevant documents. Explaining your tax liabilities clearly and simply and reminding you about your tax payments before the deadline.
Why Consider Our Personal Tax Return Services
The advantages of working with us are:
- Tax Return Accuracy and Compliance
- Potentially Tax-Saving Solutions
- Saving You Time and Hassle
- Maximising Your Tax Deductions and Reliefs
- Peace of Mind: You can sit back, relax, and breathe easy knowing your taxes are being looked after by a specialist
Who Can We Help with Tax Returns
We offer services for a broad range of individuals including:
- Self Employed, Freelancers & Unincorporated Businesses: Correctly declaring your income and expenses and saving you tax by looking for expenses that you may not have considered.
- Landlords: Guidance on the less obvious tax deductions for landlords plus proactively reviewing your property structure and portfolio for tax-saving opportunities.
- Owners of Limited Companies: Reviewing your corporate structure to seek out opportunities for cash extraction from the business in a tax efficient manner, plus looking for tax obstacles and solutions throughout the lifecycle of your business, including succession planning.
- High Earners: Helping those who receive an income of over £150k (£100k prior to 6 April 2023).
- Investors: Helping you report your dividends, interest and capital gains.
Problems with Filing Personal Tax Returns
There are a lot of hurdles to filing your personal tax return accurately and on time:
- Misunderstood: the legislation and HMRC’s interpretation, rules and regulations can cause a lot of confusion.
- Time Conscious: It can be stressful to gather the information and file on time.
- Complex Financial Situation: If you have different sources of income and expenses it can be easy to make a mistake.
Using a tax specialist helps with the above as we have experience in what you can and can’t claim, and what you might be missing out on.
Personal UK Tax Returns FAQ's
You must file a Self Assessment tax return if you are self-employed as a sole trader with sales of more than £1,000 (before expenses); or, have income from land or property above £2,500 in a tax year; earn more than £150,000 (£100,000 before 6 April 2023); are a partner in a partnership; receiving investment income of more than £10,000; receiving non-UK interest above £2,000 or non-UK dividends above £1,000; you received other income that needs to be taxed; sold assets that are not exempt from CGT and made a gain of more than £3,000 (£6,000 prior to 6 April 2024) or your proceeds from all sales exceed £50,000 (be careful with gifts as these can be treated as sales at market value even if no money changes hands).
31 October after the end of the tax year for a PAPER tax return in the post or 31 January after the end of that tax year for ONLINE tax returns. Any tax owed should be paid by 31 January following the end of the tax year.
You can register on the HMRC website or by completing an SA1 form. The deadline for registering is 5 October following the end of the tax year. You can be financially penalised for not registering on time but if there is no tax or you pay your tax on time then you may not be liable for this penalty.
You will need all your income details such as P60/P45/P11D forms for the tax year (these are employment income and benefits forms), bank interest, dividends, self-employment details, property income details etc.
Allowable expenses can include the trading income allowance; office costs; business travel; protective clothing; using your home; use of personal car; marketing; staff costs; professional services; accountancy fees; insurance; training materials and courses; interest on business loans; capital allowances (similar to depreciation); goods for resale; professional subscriptions etc.