Income and Corporation Tax – Self Assessment
The completion of the annual Self Assessment Tax Return is often one of the biggest burden on the self employed, the one thing most of us put off until the absolute last moment. Paper Returns can no longer be submitted after 31st October leaving submission online, often even more of a task for some, as the only available route.
We are here to help Sole Traders, Partnerships, Company Directors, employed people with a secondary untaxed income, the retired, Foster Carers and any other individual required to complete a Self Assessment Tax Return, Trust Return or Inheritance Tax Return.
We will talk you through what we will need and help you gather all the necessary information and complete the Return for you. All you will need to do is agree the Return and we will then submit it online on your behalf, tell you about any tax liability and claim any refund if one is due.
Let us take the worry away from you.
From 2023 HMRC will be introducing Making Tax Digital to almost all businesses (it’s already here for those that are VAT registered). This is the move towards digitally completed records and the end of the Tax Return. We will help you get online with the right software and take away all the hassle of regular submissions.
All this for one fair and reasonable monthly fee we offer a comprehensive service which includes:-
Preparation of your Self Assessment Tax Returns and subsequent submission to HM Revenue & Customs
Tax and National Insurance liabilities – Calculating and advising as and when required
Tax Planning – We can review areas where it may be possible to reduce tax and advise accordingly
HM Revenue and Customs queries, forms etc., – Dealing with all such communications on your behalf.
Capital Gains Tax
Capital Gains Tax applies when any chargeable asset is disposed of and is imposed upon individuals, companies, personal representatives and trustees. This is a complicated area of taxation where advice should always be sought often ahead of the asset disposal.
As a result of the increases in property values, this tax is unfortunately starting to apply to more and more of the population. For the current (2021/22) tax year, the threshold for Inheritance Tax is only £325,000.