Personal Tax

Sole Trader/ Personal Tax:

• Self-Assessment
• Business Advice
• Mortgage file preparation
• Payroll
• CIS300 and CIS Suffer
• Capital Gain advice
• Expenses claim
• Marriage tax allowance
• Capital Gain advice
• Directors Tax return – Dividends

The 2021/22 self-assessment filing deadline is on 31st January

Personal Tax Return, otherwise known as a self-assessment, is a requirement of every Self-employed person or a limited company director and shareholder. Completing a self-assessment involves reporting your personal earnings for the relevant tax year (including dividends) and filing your return by the 31st January 2023 deadline. Missing the deadline will land you with an initial £100 late penalty, and further penalties the longer you wait to file so don’t delay.

You must complete and submit a Personal Tax Return for the tax year 6 April 2021 to 5 April 2022 if you fall into one of the below categories:

• You are self-employed or a sole trader
• You are a higher-rate taxpayer
• You receive rent or income from property in the UK
• You receive foreign income even if you don’t normally live in the UK
• You receive any form of untaxed income, capital gains, or losses
• You have your own pension fund or certain savings/investments
• You receive other untaxed income specified by HMRC
• You are the Director of a limited company and get paid via dividends

Government announces simplified tax reporting for self-employed and small businesses – GOV.UK (www.gov.uk)