Tax Returns

We can prepare tax returns in order to submit to the relevant authorities, at a reasonable costs and with minimum fuss and incovenience to yourself. In order to prepare your tax return we need to submit the return by the end of October if a paper return is needed and the end of January to submit a online return. So for example for the tax year 2017/2018 which runs from the 6th of April 2017 to the 5th of April 2018 returns need to be submitted before the 31st of October 2018 on paper or on the 31st of January 2019 online. 

As a registered tax agent we can act on your behalf to keep your tax return affairs in order. Below is detailed the circumstances under which you may be required to prepare a tax return. From the 31st of January 2018 the fine for not submitting a tax return is £100 regardless of whether or not you have any liability to pay.

Tax returns are necessary to be filed to the HMRC (Her Majesties Revenue and Customs) under certain circumstances, which are detailed below -

  • If you're self-employed (including being a member of a partnership) you always have to complete a return.
  • If you're any of the following:a company director (unless you're a director of a non-profit organisation, for example a charity, and don't receive any payments or benefits), a minister of religion (any faith) or name or member of Lloyd's.
  • Income above a certain level from savings, investment or property.

    If you don't already complete a tax return, you'll need to do so if you receive any of the following:

    • £10,000 or more income from savings and investments.
    • £2,500 or more income from untaxed savings and investments.
    • £10,000 or more income from property (before deducting allowable expenses).
    • £2,500 or more income from property (after deducting allowable expenses).
    • annual trust or settlement income on which tax is still due (even if you’re only treated as receiving this income).
    • income from the estate of a deceased person on which tax is still due.
  • You're 65 and receive a reduced age-related allowance. If you receive a reduced age-related allowance because you're 65 but your income is over a certain level (£24,000 for the 2017-18 tax year), you'll need to complete a tax return, unless your circumstances are very straightforward.

  • Income from overseas which means you must complete a tax return if you have any foreign income that's liable to UK tax.

  • Your annual income is £100,000 or more. If you receive total income of £100,000 or more you'll need to complete a tax return. You may have higher or additional rate tax to pay that hasn't been collected through your tax code.

  • You need to claim certain expenses or reliefs. If you're employed and want to claim for expenses or professional subscriptions of £2,500 or more, you'll need to complete a tax return. You can just write to HMRC, with full details, if you want to claim expenses below this amount. Some less common reliefs, such as Enterprise Investment Scheme relief or relief on Venture Capital Trusts, can only be claimed by completing a tax return.

  • You owe tax and HMRC can't collect it through your tax code, or you prefer to pay direct. If you pay tax through PAYE and owe tax at the end of the year, you'll need a return if either of the following applies:HMRC can't collect the tax due by making a change to your tax code (they'll tell you if this is the case) or you don't want to pay the tax through your tax code - you prefer to make a direct payment instead.

  • You have Capital Gains Tax to pay. If you have Capital Gains Tax to pay, for example you've sold, given away or otherwise disposed of an asset such as a holiday home or shares, you'll need to complete a tax return and the Capital Gains Tax pages.

  • You've lived or worked abroad or aren't domiciled in the UK. You may need to complete a tax return if you're:

    • not resident.
    • not ordinarily resident.
    • not domiciled in the UK and claim the 'remittance basis'.
    • dual resident of the UK and another country.
  • You're a trustee if you're a:

    • trustee or personal representative (including someone who manages the tax affairs of a deceased person).
    • trustee of certain pension schemes.