Personal Tax Accounting Services
Contact us if you would like personal tax advice.
Personal Tax by Smooth Accounting
“Personal tax? No thank you, I’ll pass.” Folks, this isn’t a game of Monopoly. Tax is not optional, so in the real world, when you earn money, you have a legal obligation to pay a portion to HMRC. Now that we understand tax is mandatory, let’s make the whole subject easier to navigate.
You are required to pay personal tax on income generated from your salary, pensions, investments, savings, and various other benefits. Personal tax specialists (like our firm) ensure your complete tax compliance and help you avoid any unexpected financial liabilities.
What do personal tax accountants do?
A personal tax specialist is invaluable in helping you grasp how to manage your tax obligations concerning income tax and capital gains. These services also cover the precise preparation of your tax returns and their professional submission to HMRC on your behalf. Moreover, a skilled personal tax accountant will proactively review your tax liabilities to ensure you benefit from every available tax relief or claim.
How do I find a good tax accountant?
In all seriousness, look for an accountant who promises to keep your affairs legal, simple, and punctual. We take care of all the complicated details and actively work to save you from overpaying your taxes, but we absolutely never—under any circumstances—will circumvent the regulations for you.
A skilled tax accountant will save you valuable time, drastically reduce the chance of errors (we have been specializing in this field for ages, so we understand the intricacies of tax law) and provide assurance that by fulfilling all relevant tax submissions, you maintain a positive standing with HMRC.
Do you need an accountant to do your tax return?
If you prefer to manage your personal taxes independently, that is perfectly acceptable. We all recognize that DIY can sometimes yield great results, like a shelf that stays firmly mounted, or it can lead to disaster, like a collapsing shelf hitting your grandmother.
While various tax return software packages are available online, handling your personal taxes can still be complex and overwhelming. If you prefer to minimize risk and play it safe, then as your dedicated personal tax accountants, we will leverage our current knowledge and deep expertise to professionally manage your personal tax affairs on your behalf.
How do I set up a personal tax account?
Setting up your personal tax account can be accomplished directly on the HMRC’s official website. Before you start the process, you must ensure you have your National Insurance number, a valid passport, or a current P60 document ready. To proceed, simply visit the link provided: https://www.gov.uk/personal-tax-account
When is personal tax due?
Your deadline for personal tax submissions is midnight on the 31st of January following the end of your tax year. For instance, for the tax year that concludes on the 5th of April 2024, the return must be filed no later than the 31st of January 2025.
How long do I have to keep personal tax records for?
Straight from the source, HMRC officially states that “you are required to retain your business records for a minimum of 5 years after the 31st January submission deadline for the tax year in question. HM Revenue and Customs reserves the right to review your documentation to verify that you are accurately remitting the correct amount of tax.”
What is a personal tax summary?
A personal tax summary might not be suitable for framing, but it is certainly a valuable document to possess. HMRC provides these summaries to officially confirm the amount of Income Tax and National Insurance contributions you paid throughout a specific tax year. The summary will also detail how the government allocated the tax revenue it collected from you.
It is crucial to understand that your personal tax summary excludes data on items like VAT, stamp duty, fuel duties, Inheritance Tax, Capital Gains Tax, or various allowances. Occasionally, the figures on your tax summary might vary, but the summary’s sole purpose is informational, and HMRC acknowledges that individual circumstances change and not all income sources are reflected. You are not required to contact HMRC or your employer upon receiving your personal tax summary (though, as always, if you have any doubt, simply give us a call).
What is a personal tax allowance?
This figure represents the income amount you can earn entirely free from taxation. For example, during the 2023–2024 tax year, the Personal Tax Allowance is set at $£12,570$, which means you pay no tax on income up to that limit. Any earnings exceeding $£12,570$ will then become subject to tax charges.
There are specific situations where you might qualify for an increased personal allowance, meaning your tax-free income threshold is higher. Examples include the Blind Person’s Allowance or the Marriage Allowance.
Am I eligible for a personal tax allowance?
To be eligible for the benefit of tax-free income thresholds in the UK, you must satisfy one of the following conditions:
Possess a valid British passport
Be a national of a European Economic Area (EEA) member country
Have been employed by the UK government at any point during that specific tax year
What is the personal income tax rate?
To see the personal income tax rate for the tax year 6th April 2023 to the 5th April 2024, please visit the Government website.
How much is a personal tax accountant?
Give us a call and we’ll give you a quote. We’re not being awkward; it just depends on the personal tax services involved which is obviously unique to you. Generally our fees start from £550 + VAT and go up from there.
Why choose us for your business bookkeeping services?
We're approachable — we understand that accounting can be intimidating and daunting, but our friendly team are always on hand to offer advice and peace of mind.
We're experienced — with many years of general practice experience, there's no query we can't handle.
We're cost effective — not only can we save you money, but we also believe in offering an excellent service at an excellent price.
Give yourself more time to spend on your business by letting us handle your bookkeeping efficiently and cost-effectively.
