Personal Tax Returns

Do you watch the calendar to see the filing deadline of 31st January approaching each year and keep reminding yourself that you really must get around to submitting your Tax Return?

Personal Tax shouldn’t just be a once a year rushed consideration as the filing deadline is looming! Knowing how to calculate and minimise your liability to Income Tax, Capital Gains Tax, Inheritance Tax is a minefield to juggle, but careful consideration in good time can ensure that your affairs are arranged to your advantage, not the Treasury’s!

Our focus is to ensure our clients keep as much as possible of their rewards gained from hard work, with the minimum risk. We aim to reduce the mystery from the tax regime and to ensure that you pay only what you have to. To make preparation as easy as possible we use checklists to prompt clients for the information to consider each year, and remind them of the previous year’s submitted details to help collate the various figures as soon after the 5th April rolls around as possible.

We’ll also chase for responses and information in good time, and on several occasions; we know lives are busy and time can fly by!

Why complete your Return as early as possible?

We strongly believe it is in our clients’ best interests to get those Returns in as early as possible, as well as ours!

  • It allows more time to reduce or plan for any liability.
  • It ensures any refund is in their bank rather than HMRC’s far quicker.
  • It gives an opportunity for any liability to be collected via a Notice of Coding rather than as a lump sum.
  • It provides the chance to make any changes for the coming year in good time.
  • It allows more time to consider the wide range of reliefs and make sure all are being claimed.

As an intentionally small firm, we have limited capacity during December and January. Submission to us of records that were chased from April within this timespan cannot be guaranteed to hit the filing deadline of 31st January, although we will of course do all that we can to ensure that this is the case. Our clients benefit from the enhanced service levels and relationship from working with our small team throughout the year, and know that they accept this ‘flip-side’!

As well as the preparation of Self Assessment Tax Returns, we also:

  • Check Notices of Coding, chasing for corrected versions as necessary.
  • Chase and check refunds.
  • Chase for clients records to be removed from the Self Assessment System whenever possible.

If you’d like to enjoy Christmas each year without your Tax Return in the back of your mind, Contact us now and find out how we can improve your tax situation and reduce your tax bills too!

Read our related Blog posts:

Capital Gains Tax Rules are changing! – From April 2020, the due date for Capital Gains Tax relating to the sale of residential properties is changing…

BaranovTV – Fee Protection – The Risks & the Benefits – HMRC are struggling with a Tax Gap of £33billion! Find out what we’re doing to minimise what they’re getting from our clients…

How to pay your tax bill – There are some important considerations around how to pay your tax bill, with time being the primary one! We’ve collated the various methods to make your payment, which you can download below.

How to make your payment on account – It’s that time of year again, when your payment on account must be made with the deadline being the 31st July. There are some important considerations around how to pay your tax bill, with time being the primary one!

Fee Protection is now included as standard! – Every year HMRC subject a growing number of submissions from small businesses to intense scrutiny, often without cause and without recovering more tax. This can be a huge cost to the business, both in fees for defending their position, but also in terms of time and worry.

Why we don’t advocate Aggressive Tax Schemes – Aggressive Tax Schemes are the type you hear about in the news. They are the ones that high profile, high earners use to avoid paying tax on their incomes, for example Gary Linekar, Philip Schofield, Gary Barlow and David Beckham. Or are they?

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