PERSONAL TAX SERVICES

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“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,
American journalist.

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.

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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
  • Self-assessment
  • 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 – find your nearest practice HERE or email us at .

personal-tax-services

SALE OF A PROPERTY
THAT IS NOT YOUR HOME

For UK property disposals made from 6 April 2020, you have 30 days after the property’s completion date to report and pay any Capital Gains Tax due on your UK property disposals.

Due to coronavirus (Covid-19) HMRC did not issue late penalties to any transactions completed between 6 April and 30 June 2020, provided the gain was reported and any tax due paid by 31 July 2020. Anyone who completes the sale of a property from 1 July 2020 onwards has 30 calendar days to report and pay the tax due.

Transactions completed from 1 July 2020 will receive a late filing penalty if they are not reported within 30 calendar days.

Interest will be charged if the tax remains unpaid after 30 days for all transactions from 6 April 2020.

If you have sold a property since 6 April 2020 its really important that you tell us as soon as possible.

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.

DECIDING ON THE RIGHT APPROACH FOR YOUR COMPANY

Do you know the tax implications for your business? Much of it depends on whether you are a sole trader or a limited company: