Tax Return Accountant in Milton Keynes

A tax return accountant is a qualified individual who assists businesses and individuals in preparing and filing their tax returns. They are experts in tax law and regulations and can help clients minimise their tax liability, advise on tax planning and strategies, and represent their clients in tax audits.

Your Fast, Accurate, and Reliable Tax Return Accountant

JJO Accountancy provides a stress-free tax returns service, streamlining the entire tax season process. Our dedicated team meticulously reviews your financial documents, identifies relevant credits and deductions, and prepares your tax returns expertly.

Our goal is to optimise your refunds while minimising tax liabilities. With personalised attention to your individual financial situation, trust our company to handle your tax returns professionally, precisely, and with a steadfast commitment to delivering outstanding results.

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Why Is There a Need for Tax Returns?

Fulfilling the requirement of a tax return is necessary as per HMRC regulations. It involves declaring your income and assessing the amount of tax you either owe or are eligible to receive as a refund.

Regardless of your residency status in the UK, sending a tax return for each financial year (from 6th April to 5th April) is mandatory. This process ensures compliance with tax obligations and allows for the accurate determination of tax liabilities or entitlements.

Who Needs to File a Tax Return?

While talking about the tax return, it’s essential to know who applies to it. Well, if you’re one of the following people, JJO Accountancy can help you file your tax return:

Self-employed people who earned more than £1,000 in the tax year.
Directors of companies who are not paying taxes under PAYE.
Partners in partnerships.
People with untaxed income, such as rent from property, tips and commission, or capital gains from the sale of assets.
People with income from savings or investments of more than £10,000.
Executors or administrators of deceased estates.
People with foreign income.
Those who claimed child benefits and had an income higher than £50,000.
People who are high-rate taxpayers.

How Will Our Tax Return Accountants Help You?

Our self-assessment tax return accountant in Milton Keynes can help you with all facets of your tax return, from gathering your records to filing your return with HMRC. We can:

Gather your records

We will question you about all of your income streams, including those untaxed and taxed incomes. We will also ask you to provide all evidence documents, such as P45s, P60s, and P11Ds.

Determine allowable expenses

Our self-assessment accountant in Milton Keynes will assist in determining which costs you can ask for as allowable expenses. The measures can vary for a company, partnership, or sole trader.
We will do necessary apportioning as per HMRC guidelines for expenses that have both personal and business use. We can assist you in reasoning a share of your household bills as permissible expenses if you work from home.

Calculate your tax bill

We will conscientiously compute your tax liability after determining your total earnings and expenditures carefully. Prior to submitting the filings on your behalf, we will equip you with thorough information regarding these calculations.

File your self-assessment return

We will file your self-assessment return online with your unique taxpayer reference. Unless unusual circumstances or complications arise, we usually complete a SA tax return within a week.
Once filed, HMRC will communicate any outstanding tax due or any potential rebates. The processing time for refunds may vary, typically taking 8-10 weeks for simple cases and longer for complex ones.
Rest assured, with our tax return service, we will keep you informed regarding any communications from HMRC.

FAQs

What is a self-assessment tax return in the UK?

The self-assessment tax return is a UK system established by Her Majesty’s Revenue and Customs (HMRC) to gather income tax. Individuals and businesses must disclose their income and determine the corresponding tax owed.

If you possess income not subject to automatic taxation, such as earnings from self-employment, rental income, or investment gains, you will probably be obligated to submit a self-assessment tax return.

What penalties could I face if I miss my tax return deadline?

You may face penalties if you fail to meet the set time to pay your tax bill or present your tax return. The initial penalty for late submission is £100, and additional penalties can be incurred based on the delay. You may be charged a daily penalty after three months, and an additional penalty can be imposed once six months are passed.

How can I avoid penalties on my self-assessment tax return?

Filing your tax return and paying your tax bill on time is crucial to avoid penalties. Working with a tax return accountant like us at JJO Accountancy can help you stay organised, keep track of deadlines, ensure the accuracy of your tax return, and assist you in planning your tax payment.

How does a tax return accountant determine my allowable expenses?

A tax return accountant in Milton Keynes assesses your allowable expenses based on the specific criteria HMRC sets. They carefully review your financial records, invoices, receipts, and other supporting documents to identify expenses that qualify for deductions.

The criteria for allowable expenses can vary depending on your business structure (company, partnership, or sole trader). The accountant will determine which expenses directly relate to your business activities and comply with HMRC guidelines.