Important Advices for Tax Accountants

Tax accountants can help you to prepare your taxable accounts for HMRC and they will also be able to help you to calculate the amount of tax you will need to pay and will also certify that their calculations are correct. If you are looking for general advice on tax and tax accountants then you can contact your local HMRC office where they will have details of all HMRC tax and specialist advice offices.

Under the requirements of self-assessment it is now a legal requirement to keep all records of your income and expenditure when you are not a full time employee. For example, a designer could be self employed but also have a part time job. If you are sent a tax return by HMRX then it is a legal request and you must file a return. If you do not do this you are liable to face penalties from HMRC. If you think because you haven’t been sent a tax return you don’t need to submit one then you need to think again. Even if HMRC have not sent you one there are various reasons why you would still need to submit one.

If you have not received a tax return and may still need to file one then anything on the list below are applicable:

• You are self-employed or a partner in a partnership
• You have received dividends that take you into the higher rate tax band (refer to our Tax Centre for the latest rates )
• You receive rental income
• Income from untaxed savings (excluding ISAs)
• You have received any other type of income that has yet been undeclared, e.g. after dinner speaking, consultancy work, online trading
• You have a capital gain, e.g. you have sold a second property, sold shares
Some other reasons why you may need to file a tax return, and where you could potentially receive a tax rebate or saving are:

• You receive a mileage allowance from your employers that is less than the tax free mileage allowance (2010/11 – 40p for the first 10,000 miles, >10,000 miles 25p)
• You made pension contributions, but are a higher rate tax payer
• You have paid for certain expenses or professional subscriptions that haven’t been reimbursed by your employer • You have made a capital loss
• Your PAYE code hasn’t been applied correctly, perhaps you have multiple jobs, or only worked for part of a tax year

Preparing a tax return can be a stressful and time consuming process and if you find you are not clear on something then it is best to consult with tax accountants who will be able to offer you professional advice. By doing this you can minimise the stress involved and could even find that you are able to make even more tax savings.