Personal Tax Compliance
Those who are self-employed, in a partnership, receive rental income, have untaxed income, have made a capital gain over a certain threshold, or receive foreign income will be required to complete a UK tax return. The tax year runs from 6 April – 5 April, with tax returns and any resulting liability due by the following 31 January, if filed electronically.
HMRC apply penalties to any individual that files a tax return late, and apply interest to any late payment of tax, plus further penalties if the tax remains outstanding after a certain time period.
RMT’s Personal Tax Team have many years of experience in preparing and submitting tax returns on behalf of clients, advising of any liabilities due and dealing with correspondence from HMRC, taking the administrative burden of annual tax returns from clients.
We can assist with:
- Ensuring you are compliant with the UK self-assessment system.
- Preparation and submission of UK tax returns, including the initial registration for self-assessment if required.
- Calculating and advising on income tax, including ways to mitigate your liability.
- Capital Gains tax calculations and reporting.
- Advising on the various income tax reliefs available, including relief for pension contributions, EIS/SEIS/VCT investments and relief on Gift Aid donations.
- Reporting rental income and advising on the various allowable expenses available to offset against income.
If you would benefit from our assistance or would like to discuss your personal tax affairs in further detail, please do not hesitate to contact us for a no obligation initial consultation.