Personal Tax Services
Getting your tax right can be complicated and stressful and mistakes can be costly. Our everyday accounting services will take care of it all for you. Enjoy the peace of mind that comes from knowing everything is being handled by fully qualified experts.
Don’t let your Self Assessment worry you. Your dedicated accountant will file your tax return with HMRC, ensuring your paperwork is all correct and on time, removing the hassle of having to complete it yourself.
Qualified by the Association of Accounting Technicians (AAT), the Association of Tax Technicians (ATT) and the Association of Chartered Certified Accountants (ACCA). Our team follows the bylaws, regulations and ethical guidelines of the ACCA.
If you have different sources of income your month-on-month calculations can quickly become more complicated. Keeping track of accounts, invoices and expenses can be a challenge. We’ll make sure everything is recorded and filed as it should be.
We’ll make sure that everything that needs to be done is done on time. When we’re taking care of your tax returns you’ll never get an unexpected fine or penalty, you’ll always know what you owe and when to pay.
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Services
Self Assessment is how you declare all your taxable income to HMRC and show evidence of any tax reliefs or refunds you’re owed. Whatever your financial situation, our range of personal tax services will give you confidence that everything is being calculated and submitted correctly.
Personal Self Assessment
From £145 pa +VAT
Filing a Self Assessment tax return is how you tell HMRC about any income you’ve earned outside the PAYE scheme (where tax is deducted by your employer). It’s not just self-employed people who need to file a tax return. You will also need to submit one if:
- You made £2,500 or more in untaxed income, eg money from renting out a property or savings and investments
- Your savings or investment income was £10,000 or more before tax
- You made profits from shares, a second home or other assets and need to pay Capital Gains Tax
- You were a company director – unless for a non-profit (eg a charity) and you didn’t get any pay or benefits, like a company car
- You need to pay tax on foreign income or you lived abroad and had a UK income
- Your income was over £100,000
- You were a trustee of a trust or registered pension scheme
- You make over £1,000 from selling or other online activities
Directors’ Self Assessment
From £145 pa +VAT
The director of a limited company must submit a Self Assessment tax return showing their personal income and allowances to HMRC by 31st of January every year.
The tax return includes details about all your sources of income from employment, dividends paid to you by your company and other sources such as rental or sole trader income.
You also use it to claim allowances, for example personal pension contributions, and to declare any benefits you have received.
Landlord Self Assessment
From £195 pa +VAT
Whether you’re a landlord or just renting a room in your house, you need to tell HMRC about that income. It isn’t just for “professional landlords” – and yes, even if you’re in full-time employment and paying tax on your salary.
Different rules apply to different rental set-ups. We’ll work through your arrangements with you to make sure you submit correct, accurate returns and claim any allowable expenses.
CIS Tax Returns
£275 pa +VAT
If you’re a company, partnership or a self-employed individual working in the building or construction industry, you may have to pay tax under the Construction Industry Scheme (CIS). RIFT’s specialist construction industry team can help you to:
- Register with HMRC
- Avoid penalties due to late returns
- Keep your accounts and records in order
- Ensure payments are made correctly within the scheme
- Ensure you’re up to date with any changes to CIS
- Identify all expenses that qualify for tax relief
- Claim any tax refunds due each year
- Supply deduction statements to any subcontractors
Tax Refunds for Work and Travel Expenses
30% of Refund +VAT
If you used your own vehicle or public transport to travel to different work locations, or had to cover essential work expenses which were not reimbursed by your employer, you should not have paid tax on those costs.
You can claim for:
- Travel expenses
- Meals
- Specialist clothing and uniforms
- Accommodation
- Tools and specialist equipment
We can prepare the paperwork, including Self Assessment Tax Returns, to claim any tax refund due from HMRC.
Tax Returns for Overseas Income
From £145 pa +VAT
If you’re living or working abroad, you may still have to pay UK tax on some or all of your income. It all depends on where the money’s coming from and what your tax residence status is.
This is a very complex area of tax regulation, and the rules that apply to your situation are defined by the “statutory residence test. This is used by HMRC to decide whether you are liable for UK tax. Your tax residence status depends mostly on the number of days you spend in the UK, along with some other factors.
In addition to your own work and residency status, you will still need to file a Self Assessment Tax Return if you are a director of a company based in the UK or receive rental income from property in the UK.
If you are at all unsure of your position, professional advice is recommended. If you just need advice at this point to help in your decision making, please use our 1 Hour Tax Consultation service.
1 Hour Tax Consultation
£119 +VAT
If you think you might need help with HMRC or tax-related problems then we can help.
Our 1 hour tax consultation by phone or video call will run through your situation and provide professional advice on what you need to do next.
We’ll make sure you understand what you need to do in your current situation to be in line with HMRC rules, make the most out of allowances and expenses and ensure your set-up is tax efficient.
Whether you need advice on pensions, rental income, personal tax planning, foreign income, starting a business or going into partnership, we’re here to help.
This is a stand-alone service, providing independent tax advice, and there is no obligation to use RIFT for your tax preparation or accountancy needs following the call.
If you’re unsure about anything to do with tax, get in touch. It’s better to be safe than sorry, and often much cheaper.
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Frequently Asked Questions
If you’re registered for Self Assessment you need to submit a tax return by 31st January every year, even if you don’t owe HMRC anything.
If you miss the deadline, there are a number of fines and penalites that you will be charged:
- £100 automatic fine for filing even a single day late
- £900 in penalties that stack up over the next three months
- £3,000 for each year you can’t provide the necessary records
There are a very small number of reasons that HMRC will accept as valid for not filing your tax return on time.
If you no longer need to submit a Self Assessment Tax Return, it is vital that you or your accountant notify HMRC in good time before the deadline to be removed from the system.
You must file your Self Assessment tax return for the previous tax year, and pay any tax due, by the 31st January.
You will have to pay a “first payment on account” on the 31st July, which is a down payment on your next year’s tax bill as estimated by HMRC. If this estimate is incorrrect because your income/expenses were higher or lower than estimated, you will either have to pay the difference or HMRC will refund you.
If you miss submission or payment by even one day you will incur an automatic £100 fine.
If you are self-employed you should get yourself registered with HMRC as soon as possible after you start trading.
The deadline for getting yourself registered is 5th October in the year that you started your self-employment. If you miss the deadline you’re risking penalties based on the potential lost tax.
A UTR number is your Unique Taxpayer Reference.
It is a 10-digit code that HMRC use to identify you or your business for tax purposes.
You’ll get a UTR automatically when you register for the Self Assessment system or set up a Ltd Company.
You’ll need your UTR whenever you’re dealing with HMRC or your taxes.
You can find your UTR number on any official HMRC documents, including:
- Your SA250 “Welcome to Self Assessment” letter
- Your Self Assessment tax return paperwork
- Your notice to file a tax return
- Your statement of account
- Any payment reminders you get
You can also find your UTR number in your Personal Tax Account by logging in via the HMRC website.
A tax return is a form you use to tell HMRC about your income and expenses. They use it to calculate how much tax you owe or are due back as a tax refund.
A tax refund is money HMRC gives back to you when you’ve paid too much tax. There are several reasons why you might have overpaid, such as a change in income due to redundancy, retirement or a new job. There are also exemptions based on your personal circumstances. Some tax refunds can be issued automatically, but for others you have to submit a tax return to claim one.
If you aren’t sure, get in touch and we’ll be happy to advise based on your situation.