Self Assessment Tax Returns

Self Assessment tax returns are how HM Revenue & Customs (HMRC) collect Income Tax and Capital Gains Tax from people who have not paid it through PAYE or other means.

Do I need to file a Self Assessment?

Typically if your only income comes from wages, a pension or a small amount of interest on savings, then you won’t need to complete a Self Assessment tax return because the tax on these has already been deducted automatically. If you are unsure or if you need to complete a return, feel free to contact a member of our tax team for a free consultation.

How can we help?

At Price Bailey, we act for a wide variety of individuals, and we have experience in providing tailored advice to suit your needs.  Our expertise and depth of knowledge will ensure that you have peace of mind that your tax affairs are all in order.

Annual review

Tax legislation is ever evolving, and as part of our service, we will review your circumstances and advise you on changes in the law to ensure you remain fully compliant while offering solutions that protect your income and wealth from unnecessary tax charges.

Self-employed 

If you are self-employed (a sole trader) we can help you meet your tax reporting requirements, identify all deductible expenses and reliefs available to you and ensure that you can fully concentrate on growing your business.

Foreign tax reclaims

If you have income or assets in more than one country, help you navigate complex double taxation agreements to ensure that you minimise the overall taxes paid worldwide.

Rental income

Prepare your rental accounts and help you identify all deductible expenses all the while ensuring you take advantage of all reliefs available to landlords.

Investment relief

Enterprise and Seed Enterprise Investments or Venture Capital Trust Investments are extremely tax favourable schemes provided by the government; we can ensure that you get full relief for your investments while ensuring that you remain fully compliant with their ongoing conditions.

Capital gains tax

Capital Gains Tax is a tax on the gain or profit made from disposing of something that you previously owned, such as an investment property, a portfolio of shares, a second home or a share of a company that is sold or given away. There is a tax-free allowance, as well as some additional reliefs that may reduce a Capital Gains Tax bill, all of which we can help with.

From 6 April 2020, a UK resident individual disposing of UK residential property is required to submit a capital gains tax on UK property return and pay any tax due within 30 calendar days of completion of the disposal. The return is in addition to reporting the disposal on a normal self-assessment return, it is not instead of. When properties are held jointly or in a partnership, each owner is required to make a separate return with the rules applying equally to trustees and personal representatives making a relevant disposal.

Special circumstances

We have significant experience in advising on a range of personal tax issues, including residence and domicile cases, remittance basis claims, and divorce and separation.  If you are unsure about how these situations may impact on your tax position, then speak to us to see how we can help.