Personal Taxation

Personal Taxation

Anyone in business either as a self-employed person, a partner in a business or a Company Director must complete a Self Assessment Income Tax Return. Simple planning and the right advice can make completing your income tax return relatively painless, and can save you money.

Self Assessment can strike fear into contractors, freelancers and company directors. Once the 6th April has passed, it is only a matter of time before you have to dig out all the relevant information and tell HMRC how much money you owe them.

To notify HMRC with a paper return, you must submit your return by 31st October; otherwise the return must be filed electronically.

At Goddards Accountants, we prefer to file electronically, as HMRC send us an immediate electronic confirmation of submission

From 6th April 2016, your Self Assessment will leave more complicated as you now have potentially 3 personal allowances; Ordinary, Dividend and Interest. In addition, the tax relief on Dividends is reduced from 10% to 7.5%

Phone us for a quote on 020 8941 2187

What do we require?

Main Tax Return

  • Interest from UK Banks & Building Societies
  • Dividends & Interest from Bonds, Stocks & Shares
  • Interest from National Savings Accounts
  • Details of State Pensions and Other Benefits Received
  • Income from Occupational & Personal Pensions
  • Gains on Life Insurance Policies
  • Contributions to Personal Pensions & Retirement Annuities
  • Details of Interest Payments on Loans
  • Details of Maintenance or Alimony Payments
  • Details of Gift Aid & Payments Under Charitable Covenants
  • Details of any Student Loan Repayments
  • Details of any Family Tax Credits, including Child Benefit
  • Any Other Relevant Income & Outlays (Annuities etc.)

Tax Return Supplements

  • Employment P60, P45 & P11D is applicable for each employment in the year
  • Trading Income, Expenditure & Assets from Self Employment & Partnerships, including Depreciation of any Fixed Assets
  • Income & Expenditure from Rental Property & Holiday Lets, including Mortgage Interest Certificates
  • Details of any Foreign Income
  • Details of any UK Tax and Foreign Tax already paid
  • Details of any Capital Gains, e.g. from the sale of property or shares
  • Details of Income from Trusts, Settlements & Estates of the Deceased
  • Details of any non-residence or dual-residence status
  • Residency remittances

Other Details

Copy of last years' Self Assessment Tax Return, if applicable
Details of any Tax paid on Account in the Year
Details of any changes to your circumstances that may affect your Allowances, changes in address, employment etc.

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