Experts in personal tax returns
Personal tax returns (also known as Self Assessment) cause lots of stress and worry for many people every year and also late filing penalties. We will take care of this for you to ensure deadlines are met and you understand how much tax needs to be paid and when it needs to be paid.
We specialise in sole trader profit and loss and tax returns. Our packages start from just £250 for a tax return. If you require monthly bookkeeping and management accounts so you know where you are each month we can offer you a full package from just £60 per month:
Monthly bookkeeping
Monthly account report
End of year profit and loss report
Personal tax return submission to HMRC (Upon approval)
Please add £30 per quarter for VAT returns.
If you have started trading HMRC require you register for self-assessment within three months of trading
If you are self-employed we can offer business advice or if you are an individual we can offer general and bespoke tax advice so you can legally save as much tax as possible.
Who needs to complete a tax return?
- Sole trader/ self employed
- Landlord
- Interest income
- Capital gains
- Dividends
- Overseas income if UK domicile
- Annual income over £100,000
- Higher earner and in receipt of child benefit
- Partnerships (to declare a partners share of the profit)
There are many more reasons to complete a tax return. Feel free to contact us or visit HMRC directly https://www.gov.uk/self-assessment-tax-returns.
If you want to discuss any of these feel free to give us a call.
Self employed
Many people would like the freedom of being your own boss, work the hours you desire when you want.
The downside is the administrative tasks that come along with that, one of which is your personal tax return which we can take care of.
Being self employed is one of the easiest way to trade compared to a Limited company which is more complex.
There are however many rules regarding what you can and cannot claim so it is important you claim what you are entitled to, that is where we can help.
We are expert tax accountants so can advise you on what you can and cannot claim.
If the world of self-assessments all new to you we can register you and act on your behalf as agent to take the hassle out it because talking to HMRC can be daunting.
Landlords
Many people own rental properties. Rules and regulations are frequently becoming more complex so it is easy to get confused!
We can prepare property accounts for you and include on your tax return if you have other sources of income. Whether you own a rental property in Gloucester or a holiday home in France we can help.
Partnerships
A partnership is a good way for two or more people to trade if you do not want to trade through a Limited company.
It is fairly similar to a sole trader because a tax return is still submitted to HMRC, in this case however a partnership return is prepared with the profits usually split 50/50 but it can be a different split if required.
Self-Employed/CIS
- Profit and loss account
- Tax computation and tax return
- Help and advice throughout the year
- From £15 a month
Landlords
- Profit and loss account and tax return
- Unlimited email and phone support
- From £15 a month
Partnership
- Profit and loss account
- Unlimited email and phone support
- Tax return per partner
- From £30 a month
Capital Gains
When assets such as company shares and second properties are sold any profits made( or loss ) will need to be reported and the tax due paid to HMRC.
Have you recently sold a property that is not your primary home? If so the capital gain on this will need to be reported and paid within 60 days of completion.
We specialise in capital gains and are here to help. The rules for this are different than other capital gains due to the stricter reporting timeframe.
If you are not sure if you need to complete a return feel free to contact us for a free no obligation chat or quotation.
Commonly asked questions
The tax year ends on the 5 April each year with the deadline being the 31 January the following year.
This will depend on your trade but generally expenses that are wholly exclusive for your trade can be claimed back against your income.
If your income is more than £1,000 you will need one completed.
You will receive a £100 fine so best to complete before the 31 January deadline.
No, Although we are called Gloucester Cloud Accountants we can complete a return if you are based further afield.
