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Personal Accounting and Tax Services
Welcome to QA Personal Accounting and Tax!
Our team of experts specialise in personal accounting and tax services, replacing complex accounting jargon with clear, easy-to-understand language. We ensure you have a transparent understanding of your finances and tax obligations. Leveraging state-of-the-art accounting technology, we provide our clients with real-time visibility of their financial situation, all without a hefty price tag.
We handle personal tax advice and submit thousands of tax returns annually for our clients. Whether you are based in the UK or overseas, an individual in receipt of investment income, a self-employed sole trader, or operate through another business structure, we can help you by providing valuable personal tax advice, and completing and submitting a self-assessment tax return on your behalf. Our simplified approach eliminates the need for navigating complicated spreadsheets or outdated technology, allowing you to focus on what matters most. Join QAccounting today and take a step forward in managing your personal finances and tax obligations with ease.
Experience & Expertise
Our team at QAccounting has been supporting people across the UK and oversees with their personal accounting and tax for over 20 years. Become a client today and benefit from a wealth of experience and expertise.
Why Choose QAccounting for Your Personal Tax and Accountancy Services?
QAccounting provides accounting services for individuals across the UK and overseas. Boasting over 20 years of experience in supporting specialists and professionals, we are proud to highlight our 5-star rating from numerous satisfied clients. Here are a few compelling reasons why QAccounting should be your preferred accounting partner:
Transparent Monthly Fees
Our pledge to our clients is to offer high value accounting solutions at very competitive monthly premiums. Unlike many other accounting providers, we are transparent with our fees, meaning that before you decide to appoint QAccounting as your accountant, you will know exactly what you will be paying every month throughout the year. That means no hidden costs, or nasty surprises!
Hassle-Free Solution
It is very important that anyone paying their accountant for a service is getting value for their money and their commitment in turn. We offer hassle free accounting solutions taking the stress of accounting off the client, meaning that we will deal with almost all admin on your behalf, freeing you up to concentrate on your business and yourself.
Accounting Experts
Having qualified accountants working in tandem with seasoned tax experts is an invaluable asset for personal accounting and tax management. QAccounting takes pride in its robust team of accounting professionals who are committed to assisting individuals like you in managing and growing your financial assets. The support of our professionals ensures that your personal accounts and tax affairs are accurately maintained and current.
Cost Effective
Engaging an accountant such as QAccounting signifies entrusting your business’s accounting needs to reliable professionals committed to safeguarding your business and its profitability. A proficient accountant will guarantee the optimal utilisation of all accessible income in the most economical manner, maximising your net earnings, and providing you with the flexibility to decide how you spend your income.
History & Experience
QAccounting has been in operation for over two decades. Although our name hasn’t always been QAccounting, our business, proprietors, and accountants have been collaboratively supporting limited companies for 20 years. Our extensive experience across a variety of industries equips us with a broad understanding of limited company accounts and taxation.
5 Star Rating
Our customers love us, and we think that you will too! We are very proud that we have been given a 5-star service rating by hundreds of happy customers across Google and Reviews.co.uk. Reputation is so important when choosing an accountant, and we feel that our 5-star rating speaks for itself.
Don’t Panic, Choose QAccounting!
Don’t let personal accounting and tax worries burden you. We offer stress-free accounting solutions for individuals across the UK and overseas. Request a quick quote from us today and discover the benefits of our expert advice, advanced systems, and dedicated in-house staff. With your personal finances and tax obligations in our capable hands, there’s no need for concern. Let us handle your accounting needs for you!
Understanding UK Tax Obligations: Who is Liable?
Determining tax liability can be complex. Here’s a quick guide to who is subject to tax in the UK:
Who is Subject to UK Tax?
Where a person is resident and domiciled in the UK, then they will be taxed on their worldwide income and capital gains.
However, residence and domicile statuses impact taxpayers in different ways.
Residence impacts whether a person is subject to income tax, capital gains tax, and national insurance contributions (NICs). And taxpayers who are UK resident are subject to these taxes, and likewise those that are resident in Scotland are similarly subject to the Scottish income tax bands!
Where a taxpayer is NOT UK resident:
- Income Tax – They will only be subject to UK income tax and NICs on income earned within the UK.
- Capital Gains Tax – They will NOT be subject to CGT, except for:
- UK property
- UK property companies
- UK business assets
Where a taxpayer is resident but NOT domiciled, then they can elect to use the “remittance basis” of taxation, which effectively means that non-UK income and capital gains are only taxed if they are remitted back to the UK. So non-domiciled taxpayers can therefore potentially earn overseas income and gains which are not subject to UK tax. Note however that strict eligibility rules apply, and dependant on circumstances taxpayers may also have to pay a significant charge (between £30k-60k), and lose access to their personal tax allowances to take advantage of this scheme.
In contrast inheritance tax is largely dependent on the domicile status of the taxpayer.
What is Residence?
HMRC have provided detailed guidance about how to determine a taxpayer’s residence, and these rules can be summarised to help understand them as follows:
You will be resident in the UK in a tax year tax year if:
- You do NOT meet ANY of the automatic overseas tests
- You meet ONE of the automatic UK tests OR the sufficiency ties test
Automatic Overseas Tests, you must meet at least one of the below:
- If you were UK resident for one or more of the three previous tax years, and you spent less than 16 days in the UK for the current tax year.
- If you were NOT UK resident for any of the three previous tax years, and you spent less than 46 days in the UK for the current tax year
- If you worked full time overseas for the tax year, you spent less that 31 days working in the UK, and you spent less than 91 days in the UK.
- Dying in a tax year when you were NOT UK resident for the previous two tax years and you spent less than 46 days in the UK in the current tax year.
Automatic UK Tests, you must meet at least one of the below:
- Spending at least 183 days out of a tax year in the UK.
- Your only home was in the UK for 91 days or more in a row, and you stayed in it for at least 30 days in the tax year.
- You worked full-time in the UK for any period of 365 days, and at least one day of that period was in the tax year (i.e. where the 365-day period overlaps different tax years).
- Dying in a tax year when you were previously automatically resident for the previous three tax years and where the individual had a home in the UK.
The “Sufficiency Ties Test” applies where you have not satisfied any of the previous tests, but you may still have “sufficient ties” to the UK to make you resident for tax purposes. The ties as outlined in the legislation include:
- Family tie
- Accommodation tie
- Work tie
- 90-day tie (greater than or equal to 90 days in the UK for the previous two tax years)
- Country tie (where you spend most of your time)
A taxpayer’s residency in the previous three tax years and the time they have spent in the UK for the current tax year impacts how many ties must be satisfied in order to classify them as UK tax resident as follows:
- Where you were UK resident for at least one of the previous three tax years:
| Days in UK in Current Tax Year | Ties You Must Satisfy to be Resident |
| 16-45 | 4 |
| 46-90 | 3 |
| 91-120 | 2 |
| 120+ | 1 |
- Where you were NOT UK resident for at least one of the previous three tax years (and excluding the Country tie):
| Days in UK in Current Tax Year | Ties You Must Satisfy to be Resident |
| 46-90 | 4 |
| 91-120 | 3 |
| 120+ | 2 |
What is Domicile?
Unlike residence which per above is largely determined based on where you spend your time in the current tax year and for earlier years, domicile as a concept is effectively where your “permanent home” is.
A person’s domicile is therefore typically where your permanent home is located and this also automatically follows that of your father if your parents were married when you were born.
The UK also applies “deemed domicile” rules where a taxpayer is treated as being UK domiciled for tax purposes where they have been UK resident for 15 or the previous 20 tax years. This is important because it can impact those taxpayers who have elected to apply the remittance basis for taxing overseas income.
You can elect for a different “domicile of choice”, but for this to be applied you must take action to sever any existing ties to the UK and retain strong evidence that you do not intend to reside in the UK in the future.
Those who later return to the UK have a “one-year grace period” before their worldwide assets become subject to inheritance tax (IHT), but they will still be subject to income and capital gains tax for any tax year they are UK resident.
Tax Rates and Allowances
To assist existing and prospective clients we publish ACCA’s Guide to the Autumn Statement on our website which outlines the tax rates and allowances that will be applied in the forthcoming tax year.
Do I Need to Submit a Tax Return?
You typically need to submit a tax return if you have previously submitted a tax return, or HMRC request that you submit a tax return, or if any of the following applied during a tax year:
- You were self-employed (as a sole trader) and earned more than £1,000 (before taking off anything you can claim tax relief on)
- You were a partner in a partnership business
- You had had total taxable income of more than £100,000
- You have to pay the High-Income Child Benefit Charge (by virtue of you or your partner earning over £50,000 and being in receipt of child benefit)
- You have received untaxed income, such as:
- A COVID-19 grant or other support payments
- Money from renting out a property
- Tips and commissions
- Income from savings, investments, and dividends (in excess of £10k)
- Foreign income
- You wish to submit a tax return voluntarily in order to:
- Claim some income tax reliefs
- Prove that you are self-employed (for example to claim tax-free childcare or maternity allowance)
- Pay voluntary national insurance contributions (NICs)
HMRC have provided a useful online tool to assist taxpayers to determine whether or not they need to submit a tax return. Take a look at this here.
Additionally, please note that while it may not be necessary to submit a tax return in these instances, HMRC still require you to call them to disclose any instances where:
- You received more than £2,000 income from dividends
- You received between £1,000 and £2,500 in any other untaxed income, such as commissions or money from renting out a property.
This is so they can decide whether they require you to submit a tax return anyway, or whether they can adjust your tax code to arrange for the collection of any unpaid taxes.
Tax Consultation
If you would like further personal tax advice with regards to residence / domicile status, tax rates and allowances, or you are wondering whether you need to submit a tax return, then please call and speak to one of our accountants without delay!
Specialist Accounting
We are an online UK accountant with experience and expertise across several industries and provide essential financial advice and guidance.
Personal Accounting and Tax for One Low Monthly Fee
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If you are looking for an accountant for your Personal Accounting and Tax, we’d love to hear from you! Our UK offices are open 5 days a week and we would love to chat, speak or email with you. Get in touch today!
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