Accounting services in Abingdon, Oxford and across all UK

Tax return accountant UK

Tax return accountant uk – Tax returns are issued people with complex tax affairs, but also to individuals who receive: Oxfordshire, Abingdon, London, Oxford, England, Swindon, Didcot, Reading, Southampton, Bristol, Slough, Birmingham.

Income from self-employment or from a partnership business
Rent or other income from land or property

Income from overseas
Other income which is received gross, i.e. without tax deducted.

Tax return accountant UK

If you think that you have paid too much tax to HMRC you can usually claim back any overpaid tax. The exact method for making a claim depends on a number of factors including whether or not you complete a Self-Assessment return and the length of time that has passed since the tax was overpaid.

Claims can usually be backdated for up to four years after the end of the relevant tax year. This means that claims can still be made for tax refunds dating back as far as the 2017-18 tax year (which ended on 5 April 2018). The deadline for making claims for the 2017-18 tax year is 5 April 2022. More

There are two main types of tax return. If the Revenue thinks that you have simple tax affairs, they will issue a ‘short return’, which must be submitted by the 31st October, as it is only available in paper format. Only certain taxpayers are eligible to submit a short return and the Revenue expect the taxpayer to know whether or not they are eligible.

The list of taxpayers that are usually required to submit a Self-Assessment return includes:

  • The self-employed (earning more than £1,000);
  • Taxpayers who had £2,500 or more in untaxed income;
  • Those with savings or investment income of £10,000 or more before tax;
  • Taxpayers who made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax;
  • Company directors – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car;
  • Taxpayers whose income (or that of their partner’s) was over £50,000 and one of you claimed Child Benefit;
  • Taxpayers who had income from abroad that they needed to pay tax on;
  • Taxpayers who lived abroad and had a UK income; or
  • Income over £100,000.


Do you need to file a tax return

If your affairs are more complicated, or if you are a director of a limited company, you need to complete and file a full tax return. The form is more complex with a number of different supplementary sections that may need to be completed, depending on your circumstances. At Oxon Accountancy we use HM Revenue & Customs approved software to:

Complete your tax return
Calculate your final tax liability
File the return online
Liaise with you on the amounts to be paid and when they are due

In addition to this we can analyse your self-assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the latest tax calculation is submitted. This process helps to minimise your risk of a Revenue enquiry into your tax affairs.

By giving you a fixed, competitive price and providing that you supply the relevant information within a reasonable time scale, we can take the worry away when it comes to self- assessment tax returns, allowing you to concentrate on running your business.

How to use this tax guide – Tax return accountant UK

The last few months of the tax year are the ideal time to pause and reflect, and to make sure you’ve organised your finances as efficiently as possible before the new tax year begins on 6 April 2020.

It’s important to consider this from every angle: have you maximised all of your tax-free allowances? Have you claimed any reliefs available? And have you made plans for future changes?

This guide will help you to answer those questions and more, with detailed summaries of the tax rates, allowances and reliefs that apply to businesses and individuals for the remainder of 2019/20.

Each section comes with a set of planning points, too, which you can use as a checklist to ensure you’ve covered all the key areas to consider.

And, of course, you can contact us if you have any questions or want to discuss your tax planning further.

Important information

The way in which tax charges (or tax relief, as appropriate) are applied depends on individual circumstances and may be subject to future change. ISA and pension eligibility depend on individual circumstances.

FCA regulation applies to certain regulated activities, products and services, but does not necessarily apply to all tax-planning activities and services.

This document is solely for information purposes and nothing in it is intended to constitute advice or a recommendation.

While considerable care has been taken to ensure the information contained in this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information.

Personal allowances & reliefs

The personal allowance is £12,500. Non-savings and non-dividend income above this threshold is taxed at rates from 20% to 45% (or 19% to 46% in Scotland).

A higher marginal tax rate may be payable between £100,000 and £125,000 when the personal allowance reduces by £1 for every £2 above £100,000 to give a marginal rate of 60% (61.5% in Scotland) in this band for non-savings and savings income.

You can transfer £1,250 of your unutilised personal allowance to your spouse or civil partner if you do not pay income tax, and neither of you is a higher-rate taxpayer. This is known as the marriage allowance.

Tax on savings

The personal savings allowance allows a basic-rate taxpayer to receive up to £1,000 of savings income tax-free, while a higher-rate taxpayer can get up to £500 of savings income without any tax being due.

There is no relief for additional-rate (45%) taxpayers.

The first £2,000 of income from dividends in 2019/20 is tax-free, while income from dividends that exceeds this amount is taxed at rates of 7.5%, 32.5% or 38.1%.

Key considerations

Are you and your spouse or civil partner using all of your personal allowance? If not, consider using the marriage allowance.
Are there opportunities to utilise any yet unused allowances in 2019/20?
Can you reduce exposure to high marginal tax rates by retaining your full personal allowance?
Is it worth considering tax-free alternatives instead of a bonus or a salary increase?
Is your dividend strategy fully tax-efficient?
Can you utilise rent-a-room relief which, for individuals, is £7,500 or £3,750 for co-owners? More..

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