Tax Return Accountant

Tax Return Accountant

Tax Return

Most taxpayers end up paying more tax due to lack of awareness regarding personal tax laws or the burden of under- qualified accountants. Here are a few ways via which we solve that problem:

• Transference of assets between spouses so that income is taxed at lower rates.
• For property that requires refurbishment, Annual Investment Allowance is a huge aid.
• Making use of the ISA allowance is beneficial. One can consider stocks and shares ISA to increase allowance.
• Professional advice regarding incorporation of sole trades and partnerships.
• Investment in pension plans which allows exemption from income tax.
• Payment of allowance to children from the income, which is exempt from tax.
• In case of a work from home setup, one can claim expenses for business (rent, repair, utilities) etc.

Deadlines:

• Tax Returns: Tax returns, covering income for the year, which ends on The 5th of April, are submitted to HMRC by 31st January (online returns). This return includes a self- assessment of one’s liability to income and capital gain tax.
• Tax/ N.I.: Payment on account of income tax and Class 4 NIC is due on 31st January and 31st July and are based on half of the total liability. They can be reduced if one is assured that the income tax for the current year is less than the previous year.

Penalties:

HMRC imposes a penalty of £100 up to three months, if tax return is not filed on time.

Records:

• Employment records (P60, P11D, pay- slips etc.)
• Details regarding benefits like company car, health insurance, maternity pay etc.
• Records of rent received, expenses, savings, investments and related aspects. We offer tax account services in London, which explore all possible avenues of saving tax. We also deal with Inland Revenue enquiries and ensure that all compliance obligations are fulfilled.

Fees:

• Enquire about all possible sources of income and advice regarding tax returns along with deadline reminders.
• Application for correct tax code from HMRC, in case of error.
• Calculation and application of tax credit.
• Preparation and electronic filing of tax return.
• Sending tax and income calculation through mail.

To find out, how we can minimise your personal tax, why not contact us on 0208 914 8887 for a Free, No Obligation Quotation. Your financial strength is our success.

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