Personal Tax Returns

It depends upon your circumstances as to whether you need to complete a personal tax return. These are some of the reasons why HMRC will require you to complete a personal tax return.

• If you are a Company Director or If you are self employed.
• If you earn above £100,000.
• If you have Income from a pension and a salary.
• If you are a 40% income tax payer and have savings income or dividend income.
• If you receive income from investments that are not taxed at source.
• Income from foreign sources.
• Income subject to capital gains tax.
• If you have any other forms of income that is not taxed at source and should be disclosed.

OR

If you have income above £2,500 from Land or Property (buy to let, holiday let, renting out a second home) It is desirable for you to complete a tax return even if your income is not above the compulsory threshold, as you may have losses that can be carried forward to reduce your tax bill in future years.

If you are unsure whether you need to complete a personal tax return, or need guidance, please call us on 01666 829 013 and we will be delighted to help you.

Preparing a personal tax return does not have to be expensive. If you prepare and submit your personal tax return yourself it will cost you nothing. If you would like the assurance of professional help in preparing your personal tax return, Philip Gurnhill Accountants can do the work for you from as little as £75 per tax return.

To find out more, give us a call on 01666 829 013 and we will give you a free, no-obligation quotation for preparing your personal tax return.

No. To be issued with a notice to complete a tax return, HMRC must have a valid reason, such as you are self-employed, are a landlord, or have received income which has not been taxed at source.

If you are unsure whether you need to complete a personal tax return, give us a call on 01666 829 013 and we will help advise you whether your need to complete a personal tax return, or not.

If you are an employee in the PAYE system, there are still reasons why HMRC may issue you with a notice to complete a personal tax return. Typical reasons for receiving a notice to complete a personal tax return include:

• Your employment earnings exceed £100,000 in a year.
• You have other sources of income, which are not taxed at source.
• You earn income as a landlord.

If you are unsure why you have received a notice to complete a personal tax return from HMRC, give us a call on 01666 829 013 and we will help you with your personal tax return.

If you file your personal tax return after the 31^st January deadline, you will receive an automatic penalty from HMRC. Interest may also be payable if you are late in paying the tax you owe.

To avoid this situation, let experienced accountants, Philip Gurnhill Accountants, prepare the personal tax return for you, so that it can be submitted to HMRC in good time, avoiding the risk of any late submission penalties. Call us on 01666 829 013 to find out more about our personal tax return services.

Yes. Philip Gurnhill Accountants can help you by reviewing your personal tax return before you submit it. We will see whether there are areas where you could save tax, or where you may have made an error in your calculations.

Call us on 01666 829 013 to find out more about our personal tax return services.

Yes. this is one of the special circumstances when HMRC will notify you that you must complete a personal tax return. the reason is that because you earn over £50k per annum, you are a higher-rate taxpayer. Consequently, you may be required to pay back some of the Child Benefit to HMRC. The exact amount will be determined from the personal tax return.

Call us on 01666 829 013 to find out more about how we can advise and help you with your personal tax return.