SELF-ASSESSMENT TAX RETURN SERVICES

Our advice and professional help will ensure that our clients make sound financial decisions that let them stay on top of their tax problems.

TAX TIPS BY THE TAX WIZARDS

Have you ever struggled with tax returns? At this point everyone does. We offer professional advice for all your tax related problems including but not limited to self-assessment of your tax returns and detailed guide on how to minimize your tax liability. Our team doesn’t believe in just doing mathematics, but in providing quality services.

Our advice and professional help will ensure that our clients make sound financial decisions that let them stay on top of their tax problems. This also adds to their business acumen.

AN EXPERIENCE TAILORED AROUND YOU

You will always be in contact with your dedicated accountant who will cut all the ‘tax talk’ into piecemeal sizes that are easy for you to understand and digest. He will also supervise all your tax decisions.

MANAGE YOUR TAX PROBLEMS

We will handle all your problems and communicate with HMRC, this translates into you being stress-free and living your life to the fullest without having to worry about all the minute details of taxes.

A COMPLETE PACKAGE

We follow a 9-step guideline for all our clients to ensure reliability:

  1. We have compiled a checklist of all the essential information that spoon feeds you all the relevant bits and pieces.
  2. We then use that information to make a complete tax return profile for you.
  3. We do everything in our power to help you avoid all penalties and interest by calculating your tax bills and pending payments on the account.
  4. We also offer sound advice on possible claims and elections to take a burden off your tax bills excluding tax credits. We will also make HMRC claims and elections for you if required.
  5. After you give us your approval in writing we will submit your Personal Tax Return to HMRC.
  6. We manage and file all your tax returns electronically enabling you to remain constantly in touch with the progress of your returns with HMRC and also translates to quicker refunds.
  7. We double check every calculation done by HMRC to ensure that you get a repayment claim if you have overpaid.
  8. We may ask for your bank details in case of a tax refund that will be wired to your account.
  9. We will handle all the tedious communications with HMRC pertaining to your tax return that will either come to us directly or will be forwarded by you.

WHAT DO YOU KNOW ABOUT SELF-ASSESSMENT TAX RETURNS

A self-assessment tax return is a simplified tax return process that enables an individual to declare their annual tax on the income they made. This process is also known as a ‘Personal Tax Return’.

We collect some taxes like, PAYE, right at the source, for example taxes for salaried employees are deducted before they are paid and some banks tax the interest they pay on your savings. Regardless of this, some income is not taxed at the source. This includes income from rental real estate, sole ownership businesses or the sale of an asset that has increased in value overtime. You must declare this income and pay taxes on it if applicable.

In a similar context you will also be able to make a claim for any taxes that were paid over and beyond what was owed.

WHO CAN DO A PTR (PERSONAL TAX RETURN)

You will be required to file your tax returns during the financial year that is concluded on the 5th of April.

  • Self-employed sole traders who are running their own business or service
  • Partners that have formed a partnership together.
  • Individuals who have recently received an untaxed income worth more than £2,500 for example the rental payments that you may receive.
  • Investors that receive dividend payments.
  • Your savings income or your investments earned you a profit of more than £10,000 before taxes.
  • Profits that you receive from selling off a property that you owned.
  • A payment of child support that you may have received if your income was more than £50,000.
  • Foreign remittance that is taxable in the UK.
  • Income received from the UK while you were not in the country.
  • You are a trustee.

However this list is not meant to be exhaustive. There still may be other reasons for you to do PTR.

NOTIFICATION OF CHARGEABILITY

If any personnel starts to fall in the chargeable bracket of income tax of capital gain tax for the first time a notification to HMRC is required within the six months of the end of the tax year in which he became taxable.

To further simplify this with an example let us consider that an individual received dividend income on his investment in the tax year 2021/22 then he must notify HMRC till 5 October 2022.

You would require a registration with HMRC and a Unique Tax Identifier number also abbreviated to a UTR number. A registration for self-assessment is made against a UTR number and may take a maximum of 6 weeks for a UTR number to be issued by HMRC.

PAYMENT DATES

Payments are made in two installments that are due by 31st January and 31 July after every tax year. They constitute half of the previous year’s tax that was to be paid but does not apply to capital gains.

PAYMENT ON ACCOUNT IS NOT REQUIRED IF:

  • Tax due for previous year < £1,000, or
  • 80% of tax is collected at source
  • Payment due in respect of a simple assessment is due on 31 January after the tax year.


TAX TIPS BY THE TAX WIZARDS

Have you ever struggled with tax returns? At this point everyone does. We offer professional advice for all your tax related problems including but not limited to self-assessment of your tax returns and detailed guide on how to minimize your tax liability. Our team doesn’t believe in just doing mathematics, but in providing quality services.

Our advice and professional help will ensure that our clients make sound financial decisions that let them stay on top of their tax problems. This also adds to their business acumen.

AN EXPERIENCE TAILORED AROUND YOU

You will always be in contact with your dedicated accountant who will cut all the ‘tax talk’ into piecemeal sizes that are easy for you to understand and digest. He will also supervise all your tax decisions.

MANAGE YOUR TAX PROBLEMS

We will handle all your problems and communicate with HMRC, this translates into you being stress-free and living your life to the fullest without having to worry about all the minute details of taxes.

A COMPLETE PACKAGE

We follow a 9-step guideline for all our clients to ensure reliability:

  1. We have compiled a checklist of all the essential information that spoon feeds you all the relevant bits and pieces.
  2. We then use that information to make a complete tax return profile for you.
  3. We do everything in our power to help you avoid all penalties and interest by calculating your tax bills and pending payments on the account.
  4. We also offer sound advice on possible claims and elections to take a burden off your tax bills excluding tax credits. We will also make HMRC claims and elections for you if required.
  5. After you give us your approval in writing we will submit your Personal Tax Return to HMRC.
  6. We manage and file all your tax returns electronically enabling you to remain constantly in touch with the progress of your returns with HMRC and also translates to quicker refunds.
  7. We double check every calculation done by HMRC to ensure that you get a repayment claim if you have overpaid.
  8. We may ask for your bank details in case of a tax refund that will be wired to your account.
  9. We will handle all the tedious communications with HMRC pertaining to your tax return that will either come to us directly or will be forwarded by you.

WHAT DO YOU KNOW ABOUT SELF-ASSESSMENT TAX RETURNS

A self-assessment tax return is a simplified tax return process that enables an individual to declare their annual tax on the income they made. This process is also known as a ‘Personal Tax Return’.

We collect some taxes like, PAYE, right at the source, for example taxes for salaried employees are deducted before they are paid and some banks tax the interest they pay on your savings. Regardless of this, some income is not taxed at the source. This includes income from rental real estate, sole ownership businesses or the sale of an asset that has increased in value overtime. You must declare this income and pay taxes on it if applicable.

In a similar context you will also be able to make a claim for any taxes that were paid over and beyond what was owed.

WHO CAN DO A PTR (PERSONAL TAX RETURN)

You will be required to file your tax returns during the financial year that is concluded on the 5th of April.

  • Self-employed sole traders who are running their own business or service
  • Partners that have formed a partnership together.
  • Individuals who have recently received an untaxed income worth more than £2,500 for example the rental payments that you may receive.
  • Investors that receive dividend payments.
  • Your savings income or your investments earned you a profit of more than £10,000 before taxes.
  • Profits that you receive from selling off a property that you owned.
  • A payment of child support that you may have received if your income was more than £50,000.
  • Foreign remittance that is taxable in the UK.
  • Income received from the UK while you were not in the country.
  • You are a trustee.

However this list is not meant to be exhaustive. There still may be other reasons for you to do PTR.

NOTIFICATION OF CHARGEABILITY

If any personnel starts to fall in the chargeable bracket of income tax of capital gain tax for the first time a notification to HMRC is required within the six months of the end of the tax year in which he became taxable.

To further simplify this with an example let us consider that an individual received dividend income on his investment in the tax year 2021/22 then he must notify HMRC till 5 October 2022.

You would require a registration with HMRC and a Unique Tax Identifier number also abbreviated to a UTR number. A registration for self-assessment is made against a UTR number and may take a maximum of 6 weeks for a UTR number to be issued by HMRC.

PAYMENT DATES

Payments are made in two installments that are due by 31st January and 31 July after every tax year. They constitute half of the previous year’s tax that was to be paid but does not apply to capital gains.

PAYMENT ON ACCOUNT IS NOT REQUIRED IF:

  • Tax due for previous year < £1,000, or
  • 80% of tax is collected at source
  • Payment due in respect of a simple assessment is due on 31 January after the tax year.


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