PERSONAL TAX FOR YOUR BUSINESS

We take care of your personal tax. read the details below to learn more.

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.

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Why Choose US

Industry Specific

Our ICAEW-regulated chartered accountants help you from the outset. They understand your industry and accounting software preferences, from business structure to tax planning.

Grow Your Business

We’re here to help. We recognise that every company, whether new or old, is unique. We build strategies that fit your requirements, objectives, and schedules whilst delivering objectivity and direction.

We Don’t Get You to Do the Bookkeeping

We Don’t Get You to Do the BookkeepingPearl does the bookkeeping for all its clients. That’s right: we take this problem off your hands. A hassle-free service means you don’t have to worry about entering all your receipts and bills.

Integrate all your Software

We pride ourselves on providing the best and most cutting-edge solutions for our client’s business needs, with an array of software solutions from bookkeeping, productivity, and stock management.

All In One Package

As a one-stop shop for all your business needs, we provide a full range of services, from bookkeeping to legal counsel, to ensure your business’s success and sustainability.