Tax Returns - Personal, Capital Gains & Corporation Tax


Personal Tax Returns (Self Assessment)


If you are registered as self employed, trading in a partnership or are the Director of a Limited company then it is a legal requirement that you complete an annual tax return (also called self assessment).  Likewise, if you are a higher rate tax payer or you earn income from investments (such as dividends) you are required to complete an annual tax return.


Completing your tax return can be a daunting task and is often one of those "must do" chores that is put off until the very last minute, which can inevitably create more stress.  If you are having trouble completing your tax return or don't know what you are allowed to claim on your tax return we can help to relieve that stress by calculating your income tax liabilities and completing & filing your tax return with HMRC on your behalf.



Capital Gains Tax (CGT)


Capital Gains Tax becomes payable when you sell an item of value (an asset) and make a profit from that sale.  There is a tax-free allowance for CGT which enables you to make some profit before having to pay tax and there are a few items that are not taxable.  The CGT tax-free allowance for the 2020/2021 tax year is £12,300 (for 2019/2020 it was £12,000 and for the 2018/2019 tax year was £11,700).  If you think you may be liable to CGT or need any help completing your capital gains tax form please contact us.  



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Corporation Tax (CT) Returns


As well as preparing your company's statutory accounts (year end accounts), The Book Monitor can calculate your corporation tax liability, complete the CT600 corporation tax return and submit this to HMRC on your behalf.



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Frequently Asked Questions:


Q: Who needs to complete a tax return?


A: If you’re a director of a limited company, a partner in a partnership or registered as self employed you need to complete a tax return.  If you are an employee then, unless you are a higher rate tax payer or you have a lot of income from investments (such as shares or dividends) then you probably don’t need to complete a tax return.



Q: What is classed as income when you are a sole trader/self employed?


A: Income covers payments you’ve received from customers for work you have carried out (known as income from self-employment), interest you’ve earned on your bank account, dividend payments you’ve received from investments, income from a pension (both state and private pensions), rental income, some state benefits, pensioners bonds and trust income.



Q: Is there anything that isn’t included in the income section of a tax return?


A: Yes, you don’t include interest received on personal ISAs or savings certificates, the first £7,500 you receive in rent if you have a lodger in your home = the Rent A Room Scheme (NB this is split if letting jointly with a spouse/partner), working tax and child tax credits or any win you may have received from premium bonds.



Q: What expenses can be put through on a tax return?


A: HMRC describes an allowable expense as being something that is “wholly, exclusively & necessarily for carrying on and earning profits for your business”.  This means you can include all expenses and costs associated with running your business.  E.g. the cost of buying in any products that you sell to customers, wages you pay to staff, the cost of renting premises and any utility bills associated with those premises, the cost of maintaining and repairing the premises and equipment you use, travelling expenses directly related to your business, finance costs, administration costs (which includes things like professional fees & relevant professional subscriptions, stationery, postage, printing, telephone, accountancy fees, etc). You can not include any expenses that are not "wholly, exclusively & necessarily" used by your business (so anything you also use personally is not allowed).



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