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UK personal tax advice

Do your earnings come from a variety of income sources? Are you self-employed or a limited company contractor? Do you possibly earn income outside of the UK? If you answered yes to any of these questions you may be required to submit a UK personal tax return. These can be complex, but with our help you'll always be on the right side of HMRC.

Who is usually required to submit a personal tax return?

  • Those who are (or were) a company director

  • Those who are (or were) self-employed

  • Those who earn an income from an overseas source, investment dividends or rental property

  • Those who receive other income that is not taxed at source - for example capital gains or dividends

UK tax deadlines for individuals and partnerships

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Tax/other obligation

Deadline

Penalty

Income Tax return (self assessment) 31 January following the end of the tax year for electronic returns.

31 October following the end of the tax year for paper returns.
Depends on how late:
  • Missed deadline: £100
  • 3 months: £10 a day
  • 6 months: 5% of tax due or £300 if greater
  • 12 months: 5% of tax due or £300 if greater
Income Tax payments 31 January balancing payment for the previous tax year and first payment on account of the current year.

31 July second payment on account for the current tax year.
Depends on how late:
  • 30 days: 5% of tax due
  • 6 months: 5% of tax outstanding at that date
  • 12 months:5% of tax outstanding at that date
VAT (if registered) quarterly return and payment 1 month and 7 days after quarter end Surcharges can apply if you don’t file (or pay in full) by the deadline more than once in a 12 month period.

Level of surcharge depends on turnover and number of failures, ranging from 2% to 15% of the VAT outstanding.
PAYE (if an employer) RTI return On or before payment made to an employee In year submissions:
  • Can be up to 3 days late without penalty
  • Special rules apply in numerous situations
Final submission:
  • £100 per 50 employees for each month.
PAYE payment 19th of each month (if making manual/electronic payment) unless arranged for a quarterly or annual scheme

Class 1A NICs: 19th of July following the end of the tax year
Late monthly and quarterly payments:
  • 1% to 4% of late amount depending on how many more times a payment is made late
  • No penalty if only one payment is late in any tax year, unless more than six months late
  • Additional 5% if more than six months late
  • A further 5% if still not paid after 12 months
Annual payments (e.g. Class 1A NICs and PAYE Settlement Agreements):
  • Up to three penalties of 5% of the amount that is late, depending on the length of time that the amount is not paid in full
Tax credits renewal 31 July If deadline is missed:
  • Tax credits payments will stop
  • Have to repay any amounts received since 6 April
Money Transfers

Personal tax returns

HMRC requires certain individuals to complete a Self Assessment tax return form every year.

This could be because:

  • You are, or were, a company director
  • You are, or were, self-employed

You earn an income from:

  • Overseas sources
  • Investment dividends
  • Rental property
  • You receive other income that is not taxed at source - for example capital gains or dividends

We can help you by advising you or taking care of the return itself. Our process is simple, quick and very competitively-priced. We quote in advance so that you don’t get any unwelcome surprises once your personal HMRC tax return is done. We lodge all our returns electronically as it is quicker and more secure.

Prices for returns start from £150 + VAT, depending on the type and number of income streams you have. Penalties for late returns start at £100.

It is the taxpayer’s responsibility to tell HMRC that you need to complete a Self Assessment tax return by registering with them. This can be done online or over the phone. Failing to register usually results in HMRC catching up with you a few years down the line - at which time significant penalties and/or interest will usually be charged.

About 11 million people in the UK have to complete HMRC Self Assessment tax return forms each year. Unfortunately, for too many people, their first experience of a personal tax return lies in receiving a penalty from HMRC. It doesn’t have to be this way, though. If you get the right advice and you start the process with plenty of time to spare, you will find that submitting an HMRC Self Assessment tax return can be a quick and easy process.

 

Inheritance planning

Inheritance planning is key if you are likely to have assets in excess of £325,000.

There is a potential tax liability if your estate - your assets at the time of your death - exceeds this amount, but there are ways to reduce or even eliminate the liability. The legislation is complex, making the right advice critical.

We offer:

  • A consultation with one of our experienced and regulated Financial Planners and Wealth Managers

  • A comprehensive Inheritance tax UK planning review

  • Specific tax advice and planning for you, and your partner, if applicable, to follow

 

Property tax

The purchase or sale of property in the UK is an important financial transaction. You must consider Capital Gains Tax (CGT) if you are selling your property.

When buying a property, you should be concerned with getting the best deal on your mortgage. In both cases, a review of your financial situation is recommended.

Our specialist UK mortgage advisors can provide you with advice on all the complicated tax aspects of buying, selling and letting property.

Our accountants are available to answer your questions

Complete the form below and we will contact you shortly.

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