Frequently Asked Questions

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 To ensure we complete your tax return accurately, you’ll need to provide the following documents:

• Income: P60 (end-of-year tax certificate), P45 (if you’ve left a job), payslips, self-employment income records, or bank statements showing dividends or interest.
• Self-employed/ Business records: A breakdown of any income and expenses, including invoices, receipts, and bank statements.
• Property income: If you earn income from renting out property, provide rental income details and associated costs.
• Other income: Details of any other income, such as dividends, savings interest, pensions, or capital gains.

The deadline for submitting your online tax return is 31st January following the end of the tax year (5th April). This is also the date when any taxes owed must be paid. If you file a paper return, the deadline is 31st October. It’s important to submit your return on time to avoid automatic penalties, which can increase the longer you delay 

The cost of preparing your tax return varies depending on factors such as the complexity of your finances and whether you are self-employed or have income from multiple sources. We offer competitive pricing and transparency in our fees. For a straightforward individual return, fees typically start at £150, while more complex returns (e.g., business owners or property income) may incur a higher cost. We provide a free initial consultation to understand your needs and provide a custom quote based on your situation. 

If your only income comes from a salary and you are taxed under the PAYE (Pay As You Earn) system, you may not need to file a self-assessment tax return. However, you will need to file if:

• You have additional income (e.g., rental income, freelance income, investments).
• You are self-employed or run a business.
• You’ve been requested by HMRC to file one.
• You have significant savings or dividend income that may require tax to be paid outside of PAYE.

Once we’ve received all the necessary documents and information from you, we typically complete the tax return within 7-10 working days. 

 Missing the tax return deadline can lead to penalties and interest:

• £100 penalty: If you miss the deadline to file your return, HMRC will charge an initial £100 penalty, even if you don’t owe any tax.
• Daily penalties: After three months, daily penalties of £10 per day can be imposed for up to 90 days.
• Further penalties: If the return is still not filed after six months, a penalty of 5% of the tax due may apply. Longer delays can increase the penalties. We strongly advise submitting your return on time. If you're unsure or facing difficulties meeting the deadline, we can assist you with late submissions or negotiating with HMRC.

You must register for VAT if your business’s taxable turnover exceeds the current VAT threshold of £90,000 over a 12-month period. If your business’s turnover is under this threshold, you can choose to register voluntarily, which may allow you to reclaim VAT on business-related expenses. Even if you're below the threshold, you may still be required to register if you expect your turnover to exceed the threshold in the near future, or if you trade with VAT-registered businesses and want to reclaim VAT. 

The Construction Industry Scheme (CIS) applies to contractors and subcontractors in the construction industry. Under this scheme, contractors are required to deduct tax from payments to subcontractors at rates set by HMRC (20% for registered subcontractors, 30% for unregistered subcontractors). CIS also affects VAT and has specific rules regarding how payments are reported to HMRC. We provide full support for contractors and subcontractors to ensure they are compliant with CIS requirements, helping to avoid penalties and manage tax deductions accurately. 

 HMRC can be contacted via:

• Phone: Call the HMRC helpline at 0300 200 3300 for general queries. 
• Online: You can contact HMRC through their online contact form, or you may be able to live chat with an advisor on their website.