Our qualified accountants will not only help with your self-assessment tax, but we will also concentrate on showing how you can minimise your liability to tax. Ours is a personal and an expert service that will help you keep control of your financial situations and taxes so that you are in a position to make the best and most well-informed investment and business decisions.
You will have a dedicated accountant, working in the UK and they will become familiar with your business as they give you the advice you need and offer you outstanding customer service. When you need them, your dedicated accountant will get back to your within the day or at the latest within twenty four hours when you have a query.
We will act for you in communication with HMRC, speaking for you to HMRC and keep an eye on any deadlines so that you never run the risk of a late filing charge.
We will prepare and then submit your PTR online and advise you the amount of tax that you should pay. We have devised a eight-step process that enables us to ensure that you pay only what you need to and that everything is completed correctly.
The personal tax return or self-assessment tax return is the way in which individuals can declare details of their annual income and profits and gains made on investments from which their tax liability is calculated.
There are some taxes like PAYE that will be always be collected at source by an employer and that takes care of the tax liability from their earnings. However, there may be other income that comes, perhaps from renting out property that has not been taxed-at-source. A sole traders business or an asset sale must also be declared and tax levied. If you have over paid due to an administrative error but your employer, for instance, we can complete the appropriate return to see you reimbursed.
A Tax return will need to be submitted if during a financial year that ends on the 5th April:
There may be some other situations in which it would be necessary to submit a PTR - making it simple, it will be necessary if you either need to declare any additional taxes either reclaimable or payable.
If somebody becomes liable to capital gain tax or to income tax initially, they must within 6 months of the relevant tax year, notify HMRC. One example might be someone who receives a dividend income in a tax year He or she will have until October of that year to notify HMRC that they are liable. To file a tax return, that person will have to be self-assessment registered and will also have to have a Unique Tax Identifier number (UTR). It can take anywhere up to six weeks for HMRC to issue a UTR number.
Payments on two dates need to be made. One should be made on account on the 31st January submission and then another after the tax year on the 31st July. These payments will be paid at 50% of the amount in tax that is due in the previous year and apply only to income tax and does not apply to capital gains tax. A payment in balance will be due on the 31st of January following the applicable tax year.
You will not need to make any payment if: