Tax Returns

There are numerous reasons why you may have to submit a personal tax return to HMRC.
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Individuals and organisations are required by law to pay taxes, but taxation can be a minefield.

What are Tax Returns ?

There are numerous reasons why you may have to submit a personal tax return to HMRC. The most widely known is for sole traders. So, what is a sole trader? You are a sole trader if you operate a trade to generate income. The income you earn must be declared to HMRC each year in the form of a tax return. On your tax return you need to include all income you have received. This could be from a combination of trade income, employment income & property income.  

Additionally, you may need to submit a tax return to HMRC if you receive any chargeable gains. Most commonly, this would be in the form of selling a property that is not your main residence. Please note, this would need to be declared to HMRC within 30 days! 

If you are not sure if you need to submit a tax return, or if you would like assistance with your tax returns, please get in touch for our bespoke tax return service.  

How an accountant can help with your tax

Not only can engaging an accountant ensure you are filing your tax returns correctly and on time, but an accountant can assist with future tax planning to ensure you make decisions now that can ensure you are handling your future affairs in the most efficient way possible. It is always better to be proactive than reactive!

Property income tax
Capital gains tax
Dividends
Pensionable income

Personal Tax Returns

Income tax planning advice
Calculation of taxable income and the tax liability
Preparation and submission of self assessment tax returns
Preparation and submission of Partnership Tax Returns

For transparent and efficient accountancy support and advice, contact the EJL Accounting team today at 07484 855 083 or send a message

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