Personal Tax Accounting Services

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Personal Tax by Smooth Accounting

“Personal tax? Oh, no thanks”. Guys, this isn’t Monopoly. Tax isn’t an option, so in real life when you collect £200 for passing go, you’ve got to pay some tax to HMRC. So now we know that tax is compulsory, let’s try and make it easy to understand.

You will pay personal tax on money earned from your income, pensions, savings and various other benefits. Personal tax accountants (like us) make sure you’re tax compliant and avoid any surprise bills.

What do personal tax accountants do?

A personal tax accountant can help you understand how to manage your taxes regarding income tax, inheritance tax, capital gains and trusts. Personal tax services also include the preparation of tax returns and submitting them to HMRC on your behalf. A good personal tax accountant will also discuss tax liabilities so that you can benefit from any claims available.

personal tax accountant hampshire

How do I find a good tax accountant?

Right here. But in all seriousness, look for an accountant that will keep things legal, simple, and on time. We’ll do all the fiddly bits and will try to save you paying more tax than you need to, but we will never break the rules for you. Ever.

A good tax accountant will save you time, reduce the likelihood of any errors (we’ve been studying this stuff for yonks so we know the ins and outs of tax) but also reassure you that by submitting all relevant taxes, you’re in HMRC’s good books.

Do you need an accountant to do your tax return?

If you’d like to do your personal taxes yourself then that’s absolutely fine. We all know that DIY can sometimes be great, and the shelf stays up, or the shelf can collapse and land on grandma’s head.

There’s various tax return software available online but doing your own personal taxes can be complicated and daunting. If you’d rather play it safe, then as your personal tax accountants we will use our up to date knowledge and expertise to take care of your personal tax for you.

How do I set up a personal tax account?

Setting up your personal tax account can be done on HMRC’s website. Before you begin, you’ll need to have your National Insurance number, passport or a recent P60 handy. Then head on over here: https://www.gov.uk/personal-tax-account

When is personal tax due?

Your personal tax deadline is midnight on 31st January the year after your tax year ends. For example, for the tax year ending 5th April 2020, it will need to be submitted before 31st January 2021.

How long do I have to keep personal tax records for?

Coming straight from the horse’s mouth, HMRC says that “you must keep your records for at least 5 years after the 31st January submission deadline of the relevant tax year. HM Revenue and Customs may check your records to make sure you’re paying the right amount of tax.”

What is a personal tax summary?

A personal tax summary might not be something you want to get framed, but it’s definitely helpful to have. HMRC issue personal tax summaries to confirm how much income tax and National Insurance you paid during a tax year. The tax summary will also show how the government spent your tax.

It’s important to note that your personal tax summary does not include information such as VAT, stamp duty, fuel, inheritance tax, capital gains tax or other allowances. Sometimes the details on your tax summary might be different, but a tax summary is for information purposes and HMRC know that your circumstances change and not all sources of income are included. You don’t need to contact HMRC or your employer when you receive your personal tax summary (as always, if in doubt just give us a call).

What is a personal tax allowance?

This is the amount of money you can earn free from tax. For example, for the year 2020-2021, the personal tax allowance is £12,500, meaning you don’t get taxed on that income. Anything earnt over £12,500 will be subject to tax.

There are other instances where you might have a bigger personal allowance which means your personal tax allowance is higher, such as Blind Person’s Allowance or Marriage Allowance.

Am I eligible for a personal tax allowance?

To take advantage of juicy tax-free income in the UK, you must either:
  • hold a British passport
  • be a citizen of a European Economic Area (EEA) country
  • have worked for the UK government at any time during that tax year

What is the personal income tax rate?

For the tax year 6th April 2020 to the 5th April 2021, these are the following income tax rates and bands:
Band Taxable income Tax rate
Personal Allowance Up to £12,500 0%
Basic rate £12,501 to £50,000 20%
Higher rate £50,001 to £150,000 40%
Additional rate over £150,000 45%

How much is a personal tax accountant?

Give us a call and we’ll give you a quote. We’re not being awkward; it just depends on the personal tax services involved which is obviously unique to you. Generally our fees start from £200 + VAT and go up from there.

Talk to Smooth Accounting about your personal tax

The main thing to remember about personal tax is this – it’s personal. Just because your mate Dave says one thing about tax, doesn’t mean that it applies to you. To make sure your personal tax is as smooth and streamlined as possible, contact us here or call 01329 889345.
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