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Need Help With Your Tax Return?

09 - 01 - 2018

Need help with your Tax Return? The deadline of 31 January 2018 for filing your personal Self Assessment Tax Return is fast approaching....

All self employed individuals and Company Directors have to complete a Self Assessment Tax Return as they may be in receipt of income which has not been subject to PAYE, for example dividends or interest on savings.

 

The 2016/17 return must be filed with HMRC online by 31 January 2018. HMRC will levy a penalty if you are late submitting your return or paying your tax bill.

 

If you still have not started your self assessment calculations for the last tax year then this year more than ever we would recommend getting those calculations completed early. 2016/17 is the first year that the changes to the way in which dividends are taxed take effect. If you received more than £5,000 in dividend income between 06.04.16 and 05.04.17 you are likely to pay income tax. 

 

As a result of the dividend tax changes you may find this year you have more tax to pay than in previous years. You should be aware that if the tax liability is greater than £1,000 you may also need to make a payment on account towards your 2017/18 tax liability.

 

Foremans LLP can complete your personal Self Assessment and file it online with HMRC provided that all relevant information is supplied.

 

If you would like to receive a personalised quotation for our Self Assessment service please contact us to request a free copy of our Self Assessment questionnaire. The questionnaire will assist us in providing your personalised quotation or can also be used to assist you with compiling the relevant information for tax return.  

 

Alternatively if you have completed your own Self Assessment but are unsure about your calculations, we also offer a Self Assessment Review Service at £60.00 (inclusive of VAT).

 

For further advice on Self Assessment and whether you need to file a Tax Return please do not hesitate to contact Foremans LLP on 01244 625 500. 

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01244 625 500

Fixed Data

Assumptions

General                                                                                                                              

• The user is over 21 and subject to tax in the UK
• The user wishes to minimise their tax liability
• The user is subject to national insurance i.e.he/she is not over retirement age
• Only current tax rates and limits are applied
• No tax mitigation payments are made e.g. pension contributions
• Only 3 digit letter 'L' tax codes shown in the drop down list can be entered 
• The user does not have a turnover greater than £100,000 where fewer reliefs and or higher taxes may apply

Expenses

• All miles claimed as expenses are for business use using a personally owned car or van
• All other expenses claimed are wholly, necessarily and where appropriate exclusively for the benefit of the business

Foremans LLP Charges

• Foremans fees associated with Limited Company, Sole Trader or Umbrella are as per published rates
• Foremans current Service Costs are allowed for in all calculations.

Holiday Pay

• Holiday pay is accumulated week by week by Umbrella or Agency employer but paid out during the year

VAT

• Limited Company or Sole Trader will be VAT registered
• Limited Company or Sole Trader will take advantage of Flat rate VAT
• Flat rate applied includes the benefit of the additional 1% applicable to the first year of VAT registration

Limited Company Conditions

• One director / one shareholder in a Personal Service Company
• Director of Personal Service Company elects to vote for 100% dividend after salary, costs and expenses
• Director's salary is maximum salary to the primary threshold for NI
• The Limited Company is trading normally i.e it is not subject to IR35 and is not a Managed Service Company

NOTES

• The Current tax rates are taken from the Fixed Data Table
• The current Value Added Tax Rate is 20% and is applied to all invoices and expenses as appropriate
• The Director's Salary is fixed in relation to National Insurance thresholds. Higher Rate Taxpayers should consider the advantages and disadvantages of a larger annual salary or bonus
• Higher Rate Taxpayers may wish to consider the advantages and disadvantages of shared ownership of their business
• Users with a tax code other than three digits and letter "L" may telephone or email our Development Department to request a detailed calculation
• Generally the use of an Umbrella rather than an Agency payroll is only efficient if sufficient weekly expenses are allowable and claimed
• The expenses claimed under an Umbrella should not prevent the proper operation of National Minimum Wage