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.
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.
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.
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:
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:
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.
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.
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.
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.