Tax Service
Panicking Over Tax Returns?
The HMRC is putting more onus on the individual to take responsibility for their own personal tax affairs. We have a dedicated team of specialist accountants who deal primarily in income tax, capital gains tax and inheritance tax.
Personal Tax - Self Assessment
Our personal tax service will be tailored to your needs and will include:
Self Assessment Compliance - We can give valuable advice on personal tax positions, complete tax returns, calculate tax liability and advise on the amount of tax you need to pay and when. We can prepare and submit the self-assessment tax return to HMRC on your behalf.
Personal Tax Planning - Individuals, who are subject to taxation, need professional advice and support in order to optimise their tax gains, whilst ensuring they are fully compliant with HMRC requirements. Our specialist tax team can provide you proactive tax advice on all aspects of personal taxation. We also offer monthly or quarterly personal tax projections and advice which can be very useful for personal tax planning.
Cost
There are no additional charges for self-assessment if you are on our monthly or yearly accounting package.
Employment income only - £100
You or your partner receive Child Benefits and your income is over £50,000
The new High Income Child Benefit tax charge, introduced on 7 January 2013, may mean you need to complete a Self Assessment tax return for the first time. You must complete a tax return if all of the following apply:
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Your income is over £50,000 a year
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You live with a partner and your income is higher than theirs
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You or your partner are entitled to receive Child Benefit (or get an equivalent amount from someone who claims Child Benefit for a child who lives with you)
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You jointly decide to keep receiving Child benefits and pay the new tax charge
Your annual income is £100,000 or more
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If you receive a total income of £100,000 or more you'll need to complete a tax return. You may have a higher or additional rate tax to pay that hasn't been collected through your tax code.
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Employment plus other income - £150
You may have to complete self-assessment if:
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You're self-employed
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You're a company director, minister, Lloyd's name or member
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You have income from savings, investment or property
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You get income from overseas
Corporation Tax Return
Business owners not only have to deal with the day-to-day running of their business and all the complex issues that come with it, but under the Corporation Tax Self Assessment they also have legal responsibility for calculating their own corporation tax liability accurately and on time. For many business owners, this is a difficult and time consuming process.
Yet the importance of accurate business tax returns cannot be underestimated. Penalties for errors and non-compliance can lead to hefty fines and even investigations by the tax authorities. It's enough to have you reading for the headache pills! However A1 AccounTax work faster and are more effective than any headache pill. We can sift through your business tax administration for you, preparing your business tax returns efficiently and accurately and making an accurate calculation of your tax liability.
We seek to minimise corporate tax exposure and relieve you of the burden of business tax compliance. As an added bonus, not only will we save you time and money spent on headache pills, but we'll also help you see significant improvements in your net profits due to our effective business tax planning.
Give us a call now and speak to our business tax adviser.
Partnership Tax Return
If your business is run as a partnership you'll have to complete an individual Self Assessment tax return for each partner. In addition to completing the Self-Assessment tax return, the nominated partner is responsible for filing the partnership to HMRC. But all the partners will be jointly liable for any penalties and interest if the tax return is late or inaccurate.
Each partner is personally responsible for paying the tax and Class 4 National Insurance contributions due on their share of the partnership profits.
Our partnership compliance service will be tailored to your needs and will include:
Personal Tax Position - We can give valuable advice on partners tax positions well in advance.
Self Assessment Compliance - We will complete tax returns, calculate tax liability and advise on the amount of tax each partner need to pay and when. We can prepare and submit the self-assessment tax return to HMRC on your behalf.
Partnership Accounts - We will process partnership accounts and submit tax return.
Capital Gain Tax
Capital gains tax is exactly as it states; a tax on capital gains. You are deemed to have capital gains if you sell or give away an asset that has increased in value. The profit you make may then be taxable. This doesn't apply, in most cases, on the sale of your home or personal possessions totaling less than £6,000 but it can apply to any compensation or other lump sums you may receive.
A professional accountant can help you reduce your capital gains tax in several ways such as claiming for eligible reliefs, maximising the use of your annual tax exemption, using trusts or pension funds for capital gains tax planning, spreading the gains over more than one tax year and a careful assessment of your will.
A1 AccounTax can advise you on how you can sell your assets in a more tax efficient way using one or more of our HMRC compliant strategies. The competitive costs of our services will be offset against a minimised tax bill - so call us today!
