Are you self-employed, work as part of the CIS (Construction Industry Scheme) or even just own a property that you rent out? You may have to fill in a Personal Tax return form – and if you are not doing it would probably be in your best interests to do so.
If you are a sole trader and have started your own business it is necessary to register with HMRC, this is something we can help you with, and if you employ us to help with your Personal Tax Return then registering with HMRC would be a service we can offer free of charge.
When you register HMRC will give you a specific 10 digit number called a UTR number. Any communication with HMRC you should use this number – this identifies you as a self-employed taxpayer.
From 6 April to 5 April the following year is the tax year, but HMRC will give you up to the end of January of the following year to file your return. So if April 2014-2015 is the tax year you must file your return by January 2016, but we always advise to do it must sooner as if there are any queries you will need time to reply to them and still get the return to them by the end of January.
If you return after this date you will be charged interest. So returning late will cost you money.
This is the sort of advice Gant Accountancy can give you when you employ us to complete your Personal Tax Return for you.
For billing we will agree what you pay first, and we will negotiate based on what is realistic for you to afford. We are realistic and practical in our pricing, but when you start earning more then we can negotiate a higher fee.
So before we do the work you will know the amount you will have to pay.
Personal tax returns can also apply to people who aren’t self employed. For example if you have property you are renting out while still being employed, then you might get a personal tax return. In this case the accountant can help you identify all the costs such as for repairs and the cost of travelling to visit the property and these expenses can be used to offset the profit from the rent and at the end of the tax year you can still get money back on tax paid.
So if HMRC know you are getting income from a property they may adjust your tax code to take more tax, but filling in your self-assessment form correctly as assisted by Gant Accountancy may help you get some tax back at the end of the year.
So in some cases the money you spend getting help with your self-assessment you may get back if we can help identify ways of not paying too much tax.
If you don’t declare your income from renting property you will be found out – HMRC are now able to check with the land registry and you might find if you have not been paying tax that you suddenly have a bill for the last four years of unpaid tax, so it pays to do it properly.