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Every company Director must file a personal tax return form with HMRC each tax year. The tax return notice should be issued by HMRC in April of each year following the tax year end. If you have not received a notice, but have been a Director during the previous tax year, you should contact HMRC to advise them that you need to complete a return.
Self Assessment Tax Returns
Tax returns are prepared and filed under the self assessment system. The tax return will include details of your income from all sources including salaries, dividends, bank interest and rental income. You may also be able to claim higher rate tax relief on pension contributions and gift aid donations via your tax return.
The deadline for filing your tax return is 31st October following the tax year end if you are sending in a manual form to HMRC, or 31st January if you are filing this electronically.
Any outstanding tax liabilities are also due to be paid by 31st January following the end of the tax year. If you have a significant regular tax liability, you may be required to make payments on account during the tax year in advance of the balancing payment deadline. The payments on account system can be complex if you have fluctuating levels of income across the tax years. You should work with your accountant to provide your tax information on a timely basis to ensure you can plan for your tax liabilities effectively.
We have a dedicated tax team with specialists in personal tax who can complete the tax return for you and confirm your tax liabilities and payment on account position.
Landlords – Buy To Let
If you are a Landlord and receiving rental income you will require to provide accurate annual accounts. Rental income is the rent you get from your tenants. You must pay tax on any profit you make from renting out property. Your profit is the amount left once you have added together your rental income and taken away the expenses or allowances you can claim.
If you rent out more than one property, the profits and losses from those properties are added together to arrive at one figure of profit or loss for your property business. However, profits and losses from overseas properties must be kept separate from properties in the UK.
There are different rules if you are:
renting a room in your home
letting a property on AST or as a furnished holiday letting
renting out foreign property
letting a property in the UK while you live abroad
Our team of expert and qualified accountants, here at HA, are at your service, to assist you in providing you with reliable data and professional insight to manage your personal & business tax affairs and to file your Tax returns through our secure online HMRC link.
We work on a fixed fee basis and attempt to provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs.
Book a free consultation call using the link below.