Do you need help with your tax return?
By letting us complete and file your tax return on your behalf, you will be safe in the knowledge that your personal financial affairs are in good hands and reduce the risk of an HMRC enquiry into your tax affairs.
One of our dedicated tax managers will be assigned to advise you of your tax situation. They will analyse your self assessment tax return to see if any tax savings can be made, and review your form to see if there are any anomalies that need to be corrected before the return is submitted.
In most cases we can provide you with a fixed quotation for this service at a competitive price.
We provide tailored self assessment services for:
• Individuals
• Company directors
• Sole traders
• Business partnerships
• High net worth individuals
• Trustees
A useful resource is HMRC's app which you can use to check your tax code, estimate your tax and manage your tax credits. The app also lets you access your Help to Save account and work out your take-home pay. Guidance on how to download and use the app can be found here.
Allowable expenses and allowances
The are a number of costs you can reclaim on your business if you are self employed. By deducting these allowable expenses when calculating your business's taxable profit, it is possible to reduce the amount of tax you owe. See our 2021/22 tax year allowable expenses guide for more information.
Key Dates and Deadlines Due to COVID-19
The government has announced a raft of measures to help businesses and individuals during the crisis, including deferring some key dates and deadlines involving self assessment. Details can be found on the government's Coronavirus webpage.
HMRC has said it will not extend the 31 January self assessment deadline or waive late filing penalties. However, it will accept pandemic-related disruptions and agent delays as a reasonable excuse and will also extend the period to appeal a penalty.
For many self-employed individuals, a large portion of their taxable income for 2020/21 will have come via the SEISS grants. You can find out how to account for these in our advice guide: 2020/21 Income Tax Returns & the SEISS.
HMRC's Time to Pay Service
Businesses and self employed people with outstanding tax liabilities who are in financial distress due to COVID-19 may be eligible to receive support with their tax affairs through HMRC's Time to Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. If you are concerned about being able to pay your tax HMRC has a dedicated helpline on 0800 0159 559. See further guidance from HMRC here.
Be prepared for Making Tax Digital
From April 2024 HMRC's Making Tax Digital for Income Tax will apply to all self employed business owners and landlords with income above £10,000. If you currently use a manual or desktop bookkeeping system we would urge you to consider changing to a self assessment software package sooner rather than later. Not only will this ensure you have the right system in place when more frequent reporting to HMRC takes effect but it will provide you with a wide range of handy tools to make the submission process easier. Please see our cloud accounting and Making Tax Digital pages for more information.
Other services we can provide
Taxation is not the only area where we can help. We also offer advice in a number of other business areas. Whether you are thinking of joining or forming a partnership, becoming a director of a company or looking to protect your owner-managed business through succession planning, we are here to provide a trusted, expert service focused around your needs.
Contact us on 023 9248 4356 to arrange an informal, no-obligation meeting with a member of our team.