Every year individual tax payers are required to submit a self-assessed tax return, to report and pay, or otherwise claim back, any tax due, for a tax year which starts on 6th April and ends on 5th April each year.
The requirement to submit a tax return for a tax year is straightforward and you must comply with your self-assessment tax return filing if the following applies;
You received £2,500 or more in income not taxed at source
You made profits from selling capital things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
You acted as a company director even though you have not received any fixed salary
You earned over £50,000 and either you or your partner claimed Child Benefit
You had a foreign income needed to pay tax on
You were a non-resident and had a UK income
You received dividends from shares and you’re a higher or additional rate taxpayer
Your annual income was over £100,000
You were a trustee of a trust or registered pension scheme
You had a P800 tax calculation notice from HMRC
You received various tax coding notices due to complex salary and benefit in kind structure
You were a minister or a Lloyds underwriter
You generally don’t have to file a tax return if you have annual salary up to basic tax band from your job or pension, as you usually pay right amount of taxes through this salary. This is on the basis that you have no other income.
Individuals need to register with HMRC before they can receive or file a tax return. HMRC will then issue the individual with a ten digit UTR (Unique Taxpayer Reference) number which can then be used to submit a tax return. It is therefore important that you plan your filing to ensure you register on time to be able to submit the self-assessment tax return before the deadline.
HMRC may charge penalties if you make a mistake in completing your tax return, the process sometimes can take time and can indeed, be a stressful experience. Keeping a record of all income and expenses, meeting various filing deadlines so on and so forth.
How We Can Help
As your tax advisors we look into all aspects of your tax affairs, provide in depth tax planning, project your personal taxes in advance, advise you to adopt tax efficient remuneration structure, assist you with self-assessment filing requirements by preparing and filing your tax returns to HMRC after your approval.
Our personal tax services are for individuals who fall under the above filing requirements.
Accountancy Managers has been assisting clients on their personal tax affairs by providing proactive advice, we have acted for a large numbers of individuals earning income at higher rate of tax, landlords, business owners, directors, freelancers, actors and media persons.
As a tax advisor we ensure that you are given high quality and best possible services with effectively lead to a most efficient tax bill.
If you are seeking to appoint a specialist tax accountant or a tax advisor to handle your tax affairs and who can provide attention to your tax affairs and would like to get an instant quote please contact us or call us on 020 7636 3455.
Accountancy Managers Ltd: Tax Accountant in New Cavendish Street, London, W1W 6YT.
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