As a Company Director you are required to complete a Personal Tax Return annually.
If you have instructed us to complete your Personal Tax Return, we require details of all the income you received out-with your company such as salary, pension income, rental income etc and also details of tax paid on this income.
Where applicable you will need to provide P60’s, interest certificates and evidence of income and expenditure for a rental property. This enables us to check the accuracy of the figures in the Personal Tax Return and provide you with details of any additional tax due.
HMRC – Payments on Account
What are they?
Basically, they’re payments towards your next year’s income tax.
So on 31st January 2015 and 31st July 2015, you may be told to make payments on account towards the tax you’re going to have to pay on your income for the tax year 2014/15.
How are they calculated?
50% of the previous year’s tax bill for each payment.
So, if your tax bill for 2013/14 was £1,500 (you only have to make payments on account if your tax bill is over £1,000), then each payment on account would be £750.
Due dates for payments on account?
- The first on or before 31 January of that tax year.
- The second on or before 31 July next following that tax year.
If you have not already done so, please return your Personal Tax Return Checklist together with any relevant back up as soon as possible so we can prepare your tax return. If you are looking for more information on our accounting services, please get in touch with a member of our team today.
Chancellor announces that IR35 reform will be scrapped
IR35 reform in both the private and public sectors is to be repealed, the Chancellor announced in the mini Budget, held on Friday 23rd September.
This surprise development made up just one of many welcome tax changes, as Liz Truss’s new-look government promised to start “a new era” and unleash the potential of UK business.
Why is accounting for a start-up business important?
Why do some start-ups succeed while others are doomed to fail?
It’s an often-quoted statistic that around 60% of businesses fail in their first three years – with 20% folding within just twelve months.
Why freelancers should hire an accountant
In the world of work, freelancing is an increasingly popular option. The promise of flexibility, unlimited earning potential and complete control over the way you work is a hugely attractive prospect for many.