Self Assessment Tax Returns and Planning Advice from Accountants
in Woolwich, London
Manage your personal tax affairs with quality tax planning services from Lesstax 4 U. Understanding that all clients are different, our accountants offer guidance and expertise for clients in Woolwich, London, and throughout the UK. Whether you simply need your annual tax returns completed efficiently or you require specialist advice, we’re here to help. Get in touch today to find out more.
Personal Tax Affairs
Individuals have different requirements from our business clients. Examples of personal tax affairs include:
Personal Tax Affairs
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You Are a High Earner above £100,000 or Have Substantial Investments
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You Earn More Than £50,000 with Other Income and You Receive Child Benefits
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You Are a Buy-to-Let Landlord
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You Participate in a Rent a Room Scheme
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You Require a Tax Refund relating to Employment Expenses
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You Are a Tradesman or Work in the Construction Industry Scheme (CIS)
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You Have Various Different Sources of Income and Think You Pay Too Much Tax
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You Have Self-Employment Income
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You Have Sold an Asset
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You Receive Tips and Commission
When to Complete a Tax Return
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 employees), pensions and savings income.
You should complete a self-assessment tax return if you have earned income or profits from:
When to Complete a Tax Return
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Sole Trading
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Business Partnerships
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Property Income
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Foreign Income or Gains
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Capital Gains
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Non-UK Residents or Dual Residents
If you are not registered for self-assessment you need to inform HMRC, by registering no later than 5th October following the tax year you had income from self-employed.
The deadline for filing a return is 31st January after the end of the tax year for online submission and 31st October for paper returns. The payment deadline is 31st January following the end of the tax year or 31st July for payment on account.
Self-Assessment Returns
As accountants, we understand that self-assessment can be time-consuming and confusing for busy individuals and self-employed people. It can also be costly if penalties are imposed by HMRC for missing deadlines, filing incorrect returns, or maintaining inappropriate records.
With our comprehensive individual tax services, our specialised small business accountant team will work on your tax returns for you, giving you peace of mind while also freeing up your valuable time to focus on other tasks.
We will calculate how much tax you have to pay, minimise your bills wherever possible, and complete and file your tax return accordingly. Our accountants will always explain your results before we submit anything.
Personal Tax Planning
No matter how complex your tax affairs are, it is your responsibility as a taxpayer to pay taxes and file your return on time. Professional support and advice can be essential to enhance your tax position.
Our London-based accountants will support you with all financial issues, advise and guide you on all tax-related areas, and explore all available tax planning options with you. This will help you to keep on top of your financial situation and save money by taking advantage of any potential benefits.
Our wide range of tax planning services includes:
Self-Assessment Returns
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Account Preparation
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Payroll Services
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VAT
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Income Tax
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Capital Gains Tax
Capital Gain Tax
Capital gains tax (CGT) may be incurred by many different transactions, most commonly the disposal of shares, sale of property, and sale of a business. You can also have a CGT bill from transferring an asset to a family member even if you don’t receive any consideration for it.
The deadline for paying is the next 31 January after the end of the tax year in which you made your gains. For example, if you made a gain between 6 April 2022 and 5 April 2023 the deadline to pay the tax due will be 31 January 2024. You can be charged interest and have to pay a penalty if your payment is late.
Fortunately, there are many reliefs available to minimise bills or avoid them altogether. For instance, there are attractive reliefs for disposing of a business. Contact a member of our team today to discuss your potential liability for capital gains tax.