When it comes to any accounting matters, especially tax , our accountants are here to help you with your self-assessment but also to help you minimise your tax liability. With a personalised and specialist accounting offering we will be able to ensure that your business thrives and that you are in the best position to make any investments and decisions about your business.
When you work with The Accountants, London you will be assigned a dedicated accountant who will work with you and become familiar with the business you run. This will help them to offer you the very best in customer service. Your dedicated accountant will be able to meet with you or to speak to you on the phone whenever you need them, and will report back to you, regularly, on various aspects of your finances.
Whenever you work with an accountant from The London Accountants you will know that you we'll have our complete support when you have to communicate with HMRC and that we will also keep you updated as to deadlines for submissions so you are never fined for late filing.
We always offer exceptional service and we will ensure that submissions online of your PTR are made at the right time and we will also inform you as to any tax due. We have an eight-step strategy that we offer, so you don't pay any more than you have to and that all submissions are completed correctly:
Here is our eight point checklist:
The self-assessment or personal tax return is the method by which tax is gathered from an individual who will give details of any profits gains an investment and their income over the year and this is how their liability to tax is calculated.
Some methods of tax collection like PAYE are collected by a person’s employer at source. Other types of income, for instance, from property rental are not taxed at source. We will check that all calculations are correct and that any overdue payments are re-paid to you.
When someone is liable to income tax or capital gains tax they must contact HMRC within a six-month period of the relevant tax being payable. An example of this may be when an individual had an income in dividends paid to them, in that particular tax year. In this case that person would need to notify HMRC by October of that year that they were liable to be taxed on this.
To file their tax return an individual would have to be registered for self-assessment and will also need to have a UTR (Unique Tax Identifier number).
Payment of tax is made at two points through the year. The first date is the 31st of January on the other the 31st of July. Each date correlates to a payment of half of the amount that has been due in the previous year and will apply to payment of income tax. It will not be applicable to the payment of capital gains tax. A balance payment becomes due on the January date in the following tax year. There will be no requirement for a payment if the tax due from the preceding year is less than £1000 or if your tax is collected at source at 80%.
For all that you need to know about tax payment and PTR, contact us now at The Accountants London by email or by phone. Get in touch with us today.