Individuals Tax Return

• you are a high earner above £100,000 or have substantial investments
• your earning is above £50,000 with other income and you receive child benefit
• if you are a buy to let landlords
• rent a room scheme
• tax refunds related to employment expenses
• tradesmen or works within the Construction Industry Scheme (CIS)
• have number of different sources of income and think you pay too much tax
• with self-employment income
• have sold an asset
• allowable business expenses
• tips and commission 

You should complete a tax return if you are;

• Sole-trader
• Business partnerships
• Property income
• Foreign income or gains
• Capital gains
• Non-UK residents or dual residents

Self-Assessment

Self-Assessment is a system of HM Revenue and Customs (HMRC) used to collect
income tax. The tax is usually deducted from wages (both part time and full-time employee), pensions and savings income.

If you are not registered for self-assessment you need to inform by registering not later than 5th October following the tax year you had income from self-employed.

Self-Assessment can be time-consuming and confusing for busy individuals and self-employed. It can also be costly if penalty is imposed by HMRC for missing
deadlines or incorrect returns are filed or inappropriate records are maintained.

Whether you simply need your annual tax returns completed efficiently, or you need complex specialist advice we are here to help. Our specialized Small Business Accountant team will work on your tax returns giving you peace at mind, whist freeing up your valuable time by offering a comprehensive Individual Self Assessment tax return service.

We calculate how much tax you have to pay, minimizing your tax bills, completing and filing your tax return. Lesstax 4 U accountants always explain your results before submitting anything. Additionally, you will have access to expert knowledge whenever you need it as well as tax planning advice.

Filing deadline is 31 January after the end of the tax year for online submission and 31 October for paper return

Payment Deadline 31 January following the end of the tax year

Payment on account 31 January and 31 July

Personal Tax Planning

For financial health reason it is essential to do tax Planning to enable you to keep control of your financial issues. Whether it is simple or complex tax affairs it is your responsibility as a taxpayer to pay tax and file your return on time. Due to this a professional advice and support is essential to enhance your tax position.

Our team of Accountants based in South East London will support you with the management of all your financial issues, advising and guiding you on all tax related areas, whilst planning the available options with you.

This will allow you to be on top of your financial situation and save money on tax by making sure you are taking advantage of all your potentials benefits.

We offer a wide range of accounting and taxation services to our clients, such as:

• Account preparation
• Payroll
• VAT
• Income tax
• Capital gains tax

Capital Gains Tax

Capital gains tax can arise as a result of many different transactions – commonly the disposal of shares, sale of property and sale of business. You can also have a CGT bill just by transferring an asset to a family member even if you don’t receive any consideration for it.

Fortunately, there are many reliefs available to get that CGT bill down or avoid it all together. There are attractive reliefs for disposing of a business.

The deadline for paying is the next 31 January after the end of the tax year you made a gain in. For example, if you made a gain between 6 April 2021 and 5 April 2022 the deadline to pay the tax due will be 31 January 2023.

You can be charged interest and have to pay a penalty if your payment is late.

To discuss your potential liability to capital gains tax and to get professional advice about the reliefs available, fill in your details using the contact form and a member of our team will contact you soon