Personal Tax

What We Do

Our professional services are trusted by many. We have a wealth of knowledge in the field, working closely with diverse clients seeking our assistance to complete their tax returns. We will:

• Fully complete your tax return
• Calculate your final tax bill
• File your return online and in plenty of time – guaranteed to meet the deadline
• Carry out a full tax investigation
• Advise how much you need to pay and by when
• Plan and structure your affairs for efficiency
• Offer professional advice and support

Dealing With Self-Assessment Tax Returns

The tax year runs from the 6th of April to the following 5th of April, with all returns that are required to be filed by:

• The end of October if completed using paper
• The 31st of January if completed online

Personal tax returns are issued by HMRC to those who are:

• Self-employed sole traders
• Partners
• Company directors

If you complete your tax return online, you will be notified when your next return is due. If you’re not issued a tax return but know you should have been, contacting HMRC is your responsibility.

It’s important to note that whether you or HMRC calculate the tax liability, only one assessment will cover all your tax liabilities for the year.

Helping You Avoid Late Filing Penalties and Interest

We will ensure that your tax return is filed on time – helping you avoid late filing penalties from HMRC. Fines issued by HMRC go as follows:

• If your tax return isn’t completed by the 31st of January – £100 fine
• If your tax return isn’t filed until 3 months after – £10 fine per day until a maximum of £900 is reached (after 6 months, an additional £300 would be added or 5% of the tax due if higher)
• If your tax return isn’t filed until 12 months later – £300 additional fine or a further 5% of the tax due

Interest on any unpaid tax will start to accumulate from the 31st of January, whether the return has been filed or not. With us, you can rest assured that your taxes are in order and paid timely.

Keeping Your Records

HMRC requires good underlying books and records to be kept in support of your tax return – therefore, they regularly do random checks on taxpayers to ensure this is done. The records required are:

• Income (copies of sales invoices)
• Expenditure (documented receipts)
• Reliefs claimed (pension contribution payments)

Our trusted accountants can help advise on a suitable bookkeeping system based on your business trade, size, and status. At LJS Accounting Services, we mostly provide a computerised bookkeeping service if you wish to have that support.

Personal Tax Advice and Planning at LJS Accounting Services

If you are based in Liverpool or the North-West area, we can assist with the preparation and submission of your personal tax return. We will help with what you need to declare and what you’re entitled to claim back.

Additionally, we can provide links to make online payments to help confirm that the tax you will be paying is exactly correct and ensure that all the money owed to you is repaid.

To find out more about our personal tax service, please contact us today. We look forward to hearing from you.