Decisions planned with you, not for you
As an employee most of your responsibilities to the UK tax regime are taken care of through PAYE. However, that is the tip of the iceberg. There is an increasing number of incidences of the wrong PAYE code being used that can lead to unwanted and unexpected demands from HMRC for additional tax. We are on hand to help alleviate the stress and worry about your personal taxes and the ‘dreaded’ tax man. It may be something as simple as checking your PAYE tax codes or completing your personal self-assessment tax return. This will apply if:
- You are employed
- You are self-employed or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You own land or property that is being let
- Your household receives Child Benefit and you have income in excess of £50,000
- You have income from overseas
- You have sold or given an asset away (such as a holiday home or some shares)
- You’ve lived or worked abroad or aren’t domiciled in the UK
This is just an example of the circumstances that would make it necessary for you to complete a self-assessment income tax return.
Even if some of these activities do not generate a profit (such as rental properties or self-employment), completing a tax return may be compulsory and even when a tax return is not required, it could lower your tax bill and therefore voluntarily completing one can be beneficial.
DRS can help, advise and guide you on all these decisions and more.
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