PERSONAL TAX RETURN
Like to keep things simple? Then our Personal Tax service is right for you. We will remove the jargon and confusion to help you confidently file your tax return.
WHO NEEDS TO FILE A PERSONAL TAX RETURN
If any of the following situations apply, you must submit a tax return:
A sole proprietor who works for themselves and brought in over £1,000 (before taking off anything you can claim tax relief on).
A member of a partnership.
Received child benefit if you or your partner’s income was more than £50,000
The following sources of untaxed income may need tax filing:
COVID-19 grant or support payments.
Rental income.
Tips and commissions.
Funds from savings, investments, and dividends.
Earnings from abroad.
You can fill out a tax return if you want to:
Make an income tax refund claim.
Demonstrate that you’re self-employed to get Tax-Free.
Childcare or Maternity Allowance.
DEADLINE TO FILE THE TAX RETURN
Your tax return may be submitted electronically or on paper, each with its deadline
Electronic returns must be submitted by 31 January after the end of the tax year in question, three months after the notice to file was issued.
HMRC must receive paper returns by 31 October after the end of the tax year in question, three months after notice to file and two months if HMRC is to calculate tax on your behalf.
MISSING A DEADLINE
You may be charged interest and penalties if you do not file your Self-Assessment tax return on time. The fine is £100 if you are up to three months late with your return; if you are more than three months late, the amount you owe grows.
TYPICAL SCENARIOS
Director Tax
The director of a limited business must submit a yearly self-assessment to HMRC that includes employment, dividends, rentals, and sole trader income. Allowances include personal pension contributions.
Property Tax
Tax-free rental income of up to £1,000 is allowed. You must report if it’s more than £10,000 before allowable expenses or between £2,500 to £9,999 after allowable expenses.
Inheritance Tax
You can pass on your wealth to loved ones without the taxman taking a big bite out of the inheritance. The standard Inheritance Tax rate is 40%, and it’s only charged on the part of your estate above the tax-free threshold, which is currently £325,000.
Capital Gains
Any profits that fall within the limits of the Capital Gains Tax allowance are exempt from taxation. Those who file their taxes using the self-assessment option and sell assets for more than four times the allowance amount are required to record their profits.
HOW WE WORK
MEETING TO UNDERSTAND YOUR PERSONAL TAX PROBLEM
As of 5 April, the tax season is over, and we want to make sure you prepare for the year ahead. To ensure you get the most out of your experience with us, our specialists in personal tax will sit down with you to discuss your current financial situation so we can set up an action plan that works best for you.
PLAN AND ADVISE RECOMMENDATION
Taxes are a big deal, so we work with you to help you make the most out of yours by offering advice, suggestions, and updates on dealing with your tax issues. Our consultants include accountants and tax advisors who are experts in their fields and have the knowledge and expertise to guide you through all aspects of your taxes.
FILE TAX RETURN TO THE HMRC (IF REQUIRED)
Our team of UK tax accountants will ensure that you don’t have to worry about submitting a self-assessment to the HMRC. We take care of all the necessary paperwork, file it on your behalf and respond to any queries.
SOFTWARE PARTNERS
WHY CHOOSE US
Industry Specific
Right from the beginning, our accountants regulated, provide guidance tailored to your industry and accounting software preferences, from business structure to tax planning.
Grow Your Business
We understand that every company is unique and thus we create customized strategies to meet your specific requirements, objectives and schedules, while delivering impartiality and guidance.
Integrate all your Software
We offer a wide range of software solutions, including bookkeeping, productivity, and stock management, to cater to our clients' business needs.
"We don't expect you to do the bookkeeping."
Compass & Partners takes care of bookkeeping for all clients, so you don't need to worry about entering receipts and bills.
All In One Package
Our comprehensive range of services caters to all your business needs, including bookkeeping and legal counsel, ensuring the success and sustainability of your company.
OUR SERVICES
We're here to assist you!
We have a team of experts who are dedicated to providing you with comprehensive accounting and taxation services all under one roof. Our main focus is to ensure that we keep you up-to-date and well-informed throughout the entire process, while also offering you a hassle-free and cost-effective solution for all your financial requirements.
