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Tax Return services with Linda Carr Accountants
The majority of people hate Self-Assessment Tax Returns – we LOVE them. Let us take the pain and hassle away from you by completing your self-assessment tax return and filing it on your behalf with HM Revenue and Customs.
Whilst preparing your tax return we will also undertake a free review, considering best use of losses and future implications, ensure all allowances are utilised to their maximum and keeping you on the right side of HMRC at the same time. We will always advise you of your liabilities and their due dates and how to pay HM Revenue and Customs.
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Who needs to complete a Tax Return?
You must submit a self assessment tax return to HM Revenue and Customs if, in the last tax year (to 5 April) you meet any of the following criteria:
- You were self employed as a ‘sole trader’ and earned more than £1,000 (before deducting expenses).
- You were a partner in a business partnership
- You earned £100,000 or more
- You have any other untaxed income (e.g. rental income, savings income, dividend income, foreign income etc.)
If you have not done so already, if you are required to submit a tax return to report your income, then you will need to register with HM Revenue and Customs to do so and to obtain your unique tax reference number.
Making Tax Digital (MTD) for income tax
Following the government announcement in December 2022, Making Tax Digital for income tax will be phased in from April 2026 rather than April 2024 as originally planned.
From April 2026, all self employed individuals and landlords with annual income above £50,000 will need to comply with HMRC’s new Making Tax Digital requirements for income tax. This will require keeping digital records and providing quarterly updates of income and expenditure to HMRC through MTD-compatible software. Any individuals and landlords with annual income falling between the £30,000 and £50,000 bracket will need to apply by these rules from April 2027. For those businesses under the £30,000 income threshold, it is still under review as to when this will be rolled out.
Tax Returns FAQs
A tax advisory service is there to help individuals and businesses manage their tax affairs efficiently, but most importantly, legally. There’s a misconception that seeking out a tax advisory service is an underhanded move designed to help you avoid paying tax, but that couldn’t be further from the truth! Rather, it takes an overall look at your tax affairs, helping you to reduce your liabilities and take advantage of any reliefs or allowances that are available to you.
To put it simply: with our help, you will not pay any more tax than necessary while staying fully compliant with HMRC rules. An experienced, dependable tax advisor from our team will also keep you informed about any changes to legislation that might affect you, helping you make the best possible decisions for your business.
When you complete a Self Assessment tax return, you can claim allowable expenses to reduce your taxable income. What, though, are you allowed to claim?
- Office costs such as stationery or phone bills.
- Travel costs. This can be fuel or parking, and also covers public transport such as train or bus fares.
- Clothing expenses, including employee uniforms.
- Salaries or subcontractor pay.
- Things you buy to sell on. This can be stock or raw materials; it doesn’t matter which.
- Insurance, bank charges, or other financial costs.
- Business premises costs such as heating, lighting, and business rates.
- Advertising or marketing costs, from ad campaigns to running a website.
- Any training courses undertaken related to your business.
A lot of people don’t realise that you can claim all of these, and are therefore missing out on valid ways to cut their tax bill. We will be able to identify things for you to claim, helping you to save as much as possible.
Yes, you can absolutely complete your own Self Assessment tax return! A lot of people file their returns independently, so if you choose to do so, you aren’t alone. However, filing a tax return can be more complicated than you may have anticipated, especially if you have multiple businesses or your financial affairs are complex. Making a mistake or filing late can lead to penalties or paying more tax than you need to. That’s where we come in!
When you leave your tax return to us, you can be sure that it will be completed accurately and on time. By working with an experienced accountant from our team, you can enjoy peace of mind and save money in the long run, thanks to our eye for detail.
You’ll be thrilled to learn that yes, any VAT on fees for accountancy services is tax deductible if those services relate to managing your business finances. The key thing you need to remember is this: your accountant must be VAT-registered. You can count on that when you work with us, allowing you to reduce your tax bill as a benefit of choosing Linda Carr Accountants!
We provide all kinds of services alongside filing tax returns for our customers, including:
- Accountancy
- Bookkeeping
- Business Start Up services
- Corporation Tax
- Payroll
- Company Secretarial
- VAT
So, no matter what kind of assistance you require from us, you will be able to claim back the VAT on your tax return.
Our Testimonials
I’ve been with Linda Carr and her team for ten years now . Linda has always been incredibly helpful, friendly and professional. I wouldn’t take my accounts anywhere else and I highly recommend her company.
Anonymous
Linda Carr accountants are amazing. They have been doing my accounts since they started. Nothing is too much trouble. They have helped me a lot and would 100% recommend this company.
Anonymous
Great one to one care with no hidden/additional charges and prompt responses from their team whenever I have a question. I would definitely recommend Linda Carr Accountants.
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Services We Provide
Accountancy Services
As a sole trader, partnership or limited company we can prepare your accounts from your books and records.
Bookkeeping Services
We can provide a digital bookkeeping service (fully HMRC compliant), allowing you to concentrate on the day-to-day running of your business.
Business Start Up Services
We can help you decide on the best way for you to operate your new business and assist you with best practice for keeping accurate records and how to meet all the necessary statutory requirements.
Corporation Tax
Limited companies have a duty to complete an annual corporation tax return to HMRC. As part of our service to limited companies, we will ensure this is prepared and filed and meets HMRC deadlines.
Payroll
Payroll processing and CIS returns made simple with the help of our experienced team, handling the process from start to finish.
Company Secretarial
Our in-house company secretarial services ensure all statutory filing requirements are met. Services include the submission of Confirmation Statements and Limited Company formation.
Tax Returns
Most people hate Self-Assessment Tax Returns – we LOVE them. Let us take the pain and hassle way from you by completing your self-assessment tax return and filing it on your behalf with HM Revenue and Customs.