A self-assessment personal tax return, commonly known as just ‘a tax return’ is completed by many people throughout the country. If you are self-employed, you would be required to complete a tax return to report to HMRC profits that you have made and your tax liability.
We are qualified accountants in Gloucestershire looking after a wide range of clients requiring a personal tax return. It is not just individuals who are self-employed but also individuals who have untaxed income to declare that commonly includes:
• Dividends
• Rental income
• Complete your tax return
• Calculate your tax liability or refund and dates your tax needs to be paid.
• Send it to you for approval or arrange a meeting for sign off
• File your return online using HMRC approved software
As part of our services, we will analyse your personal tax return and your records to if we are able to save you any tax and also to assess any areas of concern. For example, if you are a higher earner through your self-employed business, we would discuss strategies to minimise tax in the future. This can be in the form of pension contributions to purchasing new plant and equipment.
We would review your tax affairs to reduce the possibility of potential HMRC tax investigations.
We provide fixed fees and a competitive price to allowing you to concentrate on running your business and not worry about your taxes.
We can provide a personal tax return service from just £21 a month. Contact us today and we will be happy to help. If you have an existing accountant switching is easy, we will do all the work behind the scenes so you do not have to.
CIS Personal tax returns
A large number of self-employed construction works are working under the CIS scheme (construction industry Scheme) resulting in individuals being taxed at 20% art source on labour.
This will often result in CIS workers being due a refund. At Gloucester Cloud Accountants we can produce a tax return if you only have CIS income for just £150 per return.
Rental income
Owning more than one property is often viewed as a good investment for the future since property prices often increase above inflation and the rent received can provide a steady income.
For just £21 month we can produce landlord accounts consisting of and profit and loss and personal tax return (a little extra if more than one property).
• Unlimited phone and email support
• Dedicated qualified Accountant
• Annual review
If you are unsure whether you need to complete a tax return please feel free to contact us and we will be happy to assist.
We can prepare your return from just £150 per year.
Commonly asked questions only asked tax return questions.
My self-employed income is under the tax free allowance, do I still need to complete a tax return?
Yes, all individuals will need to complete a tax return if income is greater than the £1,000 trading allowance. Even if you have no tax to pay HMRC still require a return to be completed.
I am a company director, do I need to complete a return?
HMRC require returns to be completed by UK company directors. If you have no income to declare such as only have PAYE income then it may be possible to remove the requirement. require returns to be completed by UK company directors. If you have no income to declare such as only have PAYE income then it may be possible to remove the requirement.
require returns to be completed by UK company directors. If you have no income to declare such as only have PAYE income then it may be possible to remove the requirement.
What expenses can I claim back if I am self-employed?
This will depend on the type of business/trade that you run. As a general rule the expense needs to be wholly and exclusively for business. For example if you are a taxi driver than a large proportion of your fuel would need to included as an allowable expense.
I need some advice, are you able to assist?
We would be delighted to help, feel free to send us an email or send us a message or call us and we can discuss things further with you.
How much will a return cost?
The cost of a return will vary depending upon your personal requirements however many will cost from £21 a month for individuals who have kept basic records such as income and expenses listed down. If there is substantially more work to carry out the price quoted will be a bit higher.
Typically annual costs will range from £250 to £400 with CIS returns being more basic and the one off costs being £150.