Personal tax
Self-Assessment for Company Directors and individuals with multiple sources of income. Calculating the tax liability, making the most of allowances and submitting returns to HMRC.
Personal Income TAX
Income Tax is a tax you pay on your income. You don’t have to pay tax on all types of income.
Incomes Not Eligible for Income Tax
- Income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and National Savings Certificates
- Some state benefits
- Premium bond or National Lottery wins
- The first £7,500 of rent you get from a lodger in your home.
Incomes Eligible to Income Tax
- Money you earn from employment
- Profits you make if you’re self-employed
- Some State Benefits
- Most pensions, including state pensions, company and personal pensions and retirement annuities
- Interest on savings and pensioner bonds
- Rental income (unless you’re a live-in landlord and get £7,500 or less)
- Benefits you get from your job
- Income from a trust
- Dividends from company shares
- Gains from Sale of Assets or shares in business
Relief & Allowances
The following relieves and allowances are available for UK people:
- Personal Allowance (This is the amount of income you don’t have to pay tax).
- Tax Relief (if Qualify).
Payment Methods
The following payment methods can be applied for the income tax.
- PAYE (Pay As You Earn)
- Self-Assessment Tax Return
- Income Tax on saving and Investment Interest
If you are looking for Personal Tax Accountant in London or London based Accountant for personal tax return or self-assessment, please contact us with your requirement and we will get back to ASAP. Note that we are also online accountant for personal tax returns as in most cases we do not need to have a face to face meeting to deal with your returns and provide advice.
"In the two years since setting up my business, i've had to change accountants twice – not out of choice but because was growing and I felt that they couldn't support me as much as I needed. When I met Riz to have a chat about our mutual businesses he explained how they worked and we just clicked. They set me up on Clearbooks so all my invoices are being logged as we're doing them and we both have access so that updates are immediate. I can now run reports on my own to get an overview of my financial situation at any time – a huge advantage for any small business. Riz and his 2E team have revolutionised my life – no more spending weekend doing VAT or Tax returns and i'm confident that everything is in perfect order in their hands!"
– Chantel Elshout , Director, Chantel Elshout Design Consultancy
Comparison of our services
Management reports
| Service | Personal Tax | Annual Accounts and Compliance | Finance Department |
|---|---|---|---|
| Monthly management reports | – | – | Yes |
| Aged debtors & creditors analysis | – | – | Yes |
| Reports on reconciliations and ad-hoc reports | – | – | Yes |
Bookkeeping
| Service | Personal Tax | Annual Accounts and Compliance | Finance Department |
|---|---|---|---|
| Supplier & clients data records | – | – | Yes |
| Record purchase invoices | – | – | Yes |
| Record sales invoices | – | – | Yes |
| Payment allocations | – | – | Yes |
| Bank reconciliations | – | – | Yes |
| VAT reconciliations | – | – | Yes |
| PAYE reconciliations | – | – | Yes |
| Fixed asset register & depreciations | – | – | Yes |
| Sales invoices | – | – | Yes |
| Prepayments and accruals reconciliations | – | – | Yes |
| Salary Journals | – | – | Yes |
Payroll
| Service | Personal Tax | Annual Accounts and Compliance | Finance Department |
|---|---|---|---|
| Payroll reporting | – | Yes | Yes |
| Payslips, P45, P46 etc. | – | Yes | Yes |
| RTI submissions | – | Yes | Yes |
Accounts
| Service | Personal Tax | Annual Accounts and Compliance | Finance Department |
|---|---|---|---|
| Abbreviated accounts | – | Yes | Yes |
| Full accounts | – | Yes | Yes |
| iXBRL tagged reports | – | Yes | Yes |
| Corporation Tax calculation | – | Yes | Yes |
| Corporation Tax Returns-CT600 | – | Yes | Yes |
| Submission to HMRC | – | Yes | Yes |
| Submission to Companies House | – | Yes | Yes |
| Year-end adjustments | – | Yes | Yes |
Self assessment
| Service | Personal Tax | Annual Accounts and Compliance | Finance Department |
|---|---|---|---|
| Personal tax calculations | Yes | Yes | Yes |
| Personal tax returns | Yes | Yes | Yes |
| Partnership returns | Yes | Yes | Yes |
Pricing
| Services | Fee (excluding VAT) |
|---|---|
| Self Assessment Return | £300 |
| Sole Traders accounts with turnover less than £50,000 | £450 |
| Sole Traders accounts with turnover between £50,000 and £100,000 | £800 |
Our fee is payable in advance. If a service is not based on a fixed fee, an invoice will be raised on an estimate and an adjusting invoice or credit note will be raised after the completion or at a reasonable point.
