Tax Returns

We can help you to complete your Tax Returns on time, accurately, correctly and with confidence that you are paying the correct amount of tax. We can advise you on claiming the correct allowances and reliefs and what income needs to be declared.

Correctly completing their Tax Return can be a time consuming and often confusing business for many people.

Many taxpayers struggle to fully appreciate what is required to complete their tax return correctly or understand what is required of them under the ‘Self Assessment ‘system.

The constant stream of changes to tax legislation means that even those who feel confident may fail to recognise that the goalposts have moved. Hence, without professional help the tax payer is at greater risk of incurring penalties through failing to complete their returns on time or correctly. The risk of paying the wrong amount of tax is a very real one.

We can help you

  • Pay the right amount of tax – not too much and not too little
  • Calculate your tax liability and let you know how much to pay and when
  • Calculate any tax refund due to you and make the appropriate claims on your behalf
  • Complete and submit all relevant Tax Returns.
  • Consider the tax implications of your plans
  • Take legitimate action to minimise your tax burden and be prepared for what is due.
  • We can deal with HMRC on your behalf including all correspondence and checking statements of accounts, notice of codings, assessments etc.
  • Avoid penalties for late or incorrect returns
  • We can provide advice about a one-off problem or as continuous support

Property Income & Capital Gains

We can help you plan, record, report and maximise your property income and capital gains.

In recent years, many people have become “accidental landlords” when they moved house, inherited property or were unable to sell their previous home. There are more than 2 million landlords in the UK and HMRC know that some individuals are not declaring their property income and gains. This has resulted in a concerted campaign by them to enquire into property ownership and whether owners of more than one property are receiving an income. HMRC has a number of tools at its disposal, especially in the amount of information now available to them online. Those not coming forward and who may not be declaring rental income can expect higher penalties and even criminal prosecution if HMRC chooses to launch an investigation and it concludes that some individuals are not declaring their property income and gains.

This includes:

  • Income from renting a room
  • Buy to let income
  • Income from UK furnished holiday lettings
  • Income from Foreign furnished holiday lettings
  • Income from inherited property
  • Sales or gifting of property

We can help you

  • Produce a Rent Account for submission with your annual Tax Return from either your records, or those we have prepared on your behalf
  • Claim the expenses allowable against your rental income
  • Track the costs of property improvements and the costs of buying and selling
  • Calculate and track losses to ensure that relief is claimed against profits
  • Plan the future whether you have one property or several
  • Calculate and plan for the capital gains tax due on disposal. From 6 April 2020, anyone making a taxable gain from the sale of UK residential property will have to pay the tax owed within 30 days of the completion date. This will be done by the submission of a ‘residential property return’ and the tax paid will be treated as a ‘payment on account’ of the capital gains tax for the tax year.