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Self Assessment Tax Returns - Completing a Tax Return can be a daunting
experience, even if you think your tax affairs are relatively simple. Common reasons for needing to complete a
Return include: · being self employed or partner in a business · receiving income from land or property · being a company director · receiving gross income with no tax deducted · making capital disposals over certain limits. Remember, it is the taxpayer’s responsibility to
inform HM Revenue & Customs if they think they should be completing a
Self Assessment Tax Return and penalties may be applied if this is not done.
If you would like help completing your Return, or if you think you should be
within the Self Assessment system, please get in touch. Repayment Claims - Many individuals overpay tax that may not
automatically be refunded by HM Revenue & Customs. The repayment claim
form can put some people off making a claim. Individuals who may be due a
refund include: · individuals, including children, who receive income
from discretionary trusts · individuals who may have ceased employment during a
tax year If you think you may be due a repayment, please get
in touch so we can discuss it further. Tax planning – It is often possible to reduce your tax
liability or to maximise certain relief through some tax planning. This may
apply if: · you are thinking of making pension contributions or
charitable gifts · you are thinking of selling assets such as shares
or property · you own assets jointly · you own more than one property If you would like to discuss tax planning further,
please get in touch. Please remember that most planning needs to be done
before a tax year ends on 5th April each year. |
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Contact: Tel: 01483
505261 or 07710 130378 Email: andrew@andrewtuffs.co.uk
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