“The invention of the teenager was a mistake. Once you identify a period of life in which people get to stay out late but don’t have to pay taxes – naturally, no one wants to live any other way.”
– Judith Martin,
The role of the working person is changing. More and more people are becoming freelancers, sole traders, or are starting up companies on their own.
This means that fewer people are paying their tax via employee PAYE schemes and are instead required to complete personal tax returns.
Naturally, very few people are tax experts, which is where Bells Accountants come in.
If you are required to complete a personal tax return, we can advise you on the legal tax exemption opportunities that are available to you so you can minimise the amount of tax you are legally obliged to pay.
EXPERT ADVICE FOR YOUR
PERSONAL TAX ASSESSMENT
If you’ve never filled in a personal tax assessment form before, the amount of information and detail you are expected to record and reveal can be quite daunting. In addition, it’s unlikely that you will be aware of all the possible exemptions you are legally entitled to in order to minimise the amount of tax you need to pay.
We can advise you on all the following and more:
- Capital gains tax
- Income tax
- Inheritance tax
- National insurance
- Savings and investments
- Trusts: discretionary, accumulation, and mixed
If you employ our services, all our experience and expertise will, of course, be made available to you.
Here at Bells Accountants we can supply you with a friendly, personal service that will genuinely help you to minimise the amount of tax you pay. We would be delighted to hear from you – call us on 020 8468 1087 or email us at .
FAQS ABOUT TAX AND EMPLOYMENT
Q: What does it mean to be self-employed?
A: When you are self-employed it effectively means that you are receiving income from a business or trade that is not taxed at source by an employer or agency. This money, therefore, needs to be declared to HMRC as part of a self-assessment tax return. Bells can help you to register as self-employed, provide guidance as to what expenses you can claim tax deductions for, and complete your tax return for you each year.
Q: How does the ‘tax year’ work?
A: The tax year runs from the 6th April to 5th April each year.
Q: What are the deadlines?
A: Your tax return is due by 31st January following the end of each tax year.
Q: What can I claim for?
A: The expenses you can claim for are very specific to each trade. For example, a consultant cannot claim for the same things a plumber can claim for, although there will be some things that can be claimed for by both such as travel and telephone bills. Bells can provide some general guidance in the form of a leaflet or a bespoke list. Fill out our contact form for more information.