Tax Return Accountants in Gravesend
Professional Tax Returns in Gravesend
Completing a tax return can be time-consuming, particularly when you are unsure what income must be declared or which expenses and tax reliefs you can claim.
Clayton Stirling provides professional tax return and Self Assessment services for individuals, sole traders, landlords, company directors and business owners in Gravesend and across Kent.
Our experienced Chartered Accountants and Tax Advisers will prepare your return accurately, calculate what you owe and submit everything to HMRC on your behalf. We will also look for legitimate opportunities to reduce your tax liability and help you plan for upcoming payments.
Self Assessment Tax Return Services
A Self Assessment tax return is used to report income that has not already been fully taxed through PAYE.
Although it is possible to prepare your own return, the rules surrounding allowable expenses, tax reliefs, Capital Gains Tax and additional sources of income can be difficult to navigate. Mistakes may result in paying too much tax, receiving an unexpected bill or facing questions and penalties from HMRC.
Clayton Stirling can manage the complete process for you, giving you confidence that your return has been prepared correctly and submitted on time.
Our tax return service can include:
- Registering you for Self Assessment.
- Reviewing your income and financial records.
- Identifying allowable expenses and available tax reliefs.
- Calculating your Income Tax and National Insurance liability.
- Preparing and submitting your return to HMRC.
- Explaining your tax bill in clear, straightforward language.
- Advising you about payments on account.
- Helping with overdue or previously incorrect tax returns.
- Dealing with HMRC on your behalf where authorised.
Who Needs to Complete a Tax Return?
You may need to submit a Self Assessment tax return if you:
- Are self-employed as a sole trader.
- Are a partner in a business partnership.
- Receive income from renting out property.
- Are a company director with untaxed income.
- Receive income from savings, investments or dividends.
- Have foreign income that needs to be declared.
- Have made a taxable capital gain.
- Receive income from more than one source.
- Need to pay the High Income Child Benefit Charge.
- Need to claim certain tax reliefs.
- Have been asked by HMRC to submit a return.
The rules depend on your individual circumstances. If you are unsure whether you need to complete a tax return, Clayton Stirling can review your position and explain what action is required.
Tax Returns for Sole Traders
Running a business as a sole trader means you are responsible for reporting your business income and expenses through Self Assessment.
We help sole traders across Gravesend and Kent organise their records, identify allowable business expenses and calculate their taxable profit. We can also advise you about National Insurance, payments on account and whether a limited company may be more suitable as your business grows.
Our sole trader tax return service allows you to spend less time dealing with paperwork and more time running your business.
Tax Returns for Company Directors
Company directors may need to submit a personal tax return where they receive income that has not been fully taxed through payroll.
This could include:
- Dividends from the company.
- Benefits in Kind.
- Rental income.
- Investment income.
- Capital gains.
- Income from another business.
- Other untaxed earnings.
We can prepare your personal return alongside your company accounts and Corporation Tax return, helping ensure the information reported to HMRC is accurate and consistent.
We can also advise on tax-efficient ways to take money from your limited company through an appropriate combination of salary, dividends and pension contributions.
What Expenses Can I Claim?
The expenses you can claim depend on how your income is earned and whether each expense was incurred for an allowable purpose.
Potential expenses for a sole trader may include:
- Office and business premises costs.
- Business travel and mileage.
- Professional fees and insurance.
- Advertising and marketing.
- Telephone and internet costs.
- Software and subscriptions.
- Equipment used by the business.
- Certain costs associated with working from home.
Claiming all available expenses can reduce your taxable profit, but personal expenditure and other disallowable costs must not be included.
We will review your records, identify relevant expenses and explain which costs can be claimed.
Self Assessment Deadlines
If you are completing Self Assessment for the first time, you will normally need to notify HMRC by 5 October following the end of the relevant tax year.
The usual deadline for submitting an online tax return and paying the tax owed is 31 January. Some taxpayers may also need to make a payment on account by 31 July.
Submitting your return early gives you more time to understand your tax bill, plan your cash flow and address any missing information before the deadline.
You do not have to wait until January. Clayton Stirling can prepare your return as soon as the tax year has ended and the necessary records are available.