Helping you calculate and prepare your personal tax returns
Every year, more and more individuals are required to complete a tax return. This is typically due to a change in their personal circumstances. With an increase in technology and more joined up behind-the-scenes systems at HMRC, it is more important than ever to ensure that your tax return is correct.
Failure to submit on time or declare your full income during the year can result in significant penalties being incurred.If you are required to complete a self-assessment tax return you may need help and guidance.
In particular, many clients need advice on:
- exactly what to declare
- how to minimise the amount of tax payable
- offsetting any personal losses during the year
- managing one off capital gains
Our personal tax specialists will work with you to collate all of the necessary figures and evidence required to accurately calculate your personal income. They will also consider how any investments, donations or losses can be used to offset the overall tax bill.
We encourage our clients to take a proactive approach to their tax returns and not leave submission until the last minute. Whilst the deadline for submission of self-assessment tax returns is January 31st for the 12 months to the 5th of April of the previous year, leaving your self-assessment until late in January carries risks. These risks include:
- Less time for us to try and reduce your tax bill
- Making a late submission
- Additional costs and penalty charges
- Limited time to make the relevant payment to HMRC
If you would like Haggards Crowther to manage your personal tax affairs, please contact us today.