Generally, tax and national insurance for employees are deducted by the employer under the PAYE system, however some employees also need to complete a tax return
Examples of when you may need to complete a return:
You are self-employed or a partner in a partnership
- You are also self-employed or a member of a partnership
- You are a company director
- You receive benefits from your employer e.g. company car or private medical insurance etc
- You have savings or investment income above the annual exempt levels
- You have any untaxed savings or investment income
- You rent out property
- Your income exceeds £50,000 and you or your spouse/partner receives Child Benefit
- You have overseas income
- You have sold or given an asset away (CGT)
- Your adjusted net income exceeds £100,000
Even if some of these activities do not generate a profit (such as rental properties or self-employment), completing a tax return may still be necessary and even when a tax return is not required, in some circumstances it is beneficial to do.
What can we do for you?
- Prepare your tax return and check your tax if you suspect the tax collected by your employer was incorrect
- Prepare your tax return to declare your untaxed income from savings or property rental or if your income is in excess of £100,000.
- Make a claim for a tax refund from HMRC on your behalf
- Check your tax code to ensure it is appropriate
- Claim expenses necessarily incurred by you as a result of being employed e.g. business mileage, hotel accommodation/ meals/ business phone calls and professional subscriptions
Get in Touch
TaxSmart Accounting are an independent and forward thinking accountant with the flexibility to meet the client’s needs in a professional and personal manner. Outsource as much or as little of your bookkeeping and payroll needs as required with our fully personalised service. Contact us today for further information or a free consultation on how we can help your business.