Are you paying too much tax?

Well you probably wouldn’t know whether you are paying too much tax or not.

Self-assessment is what it says.

HMRC do not as a matter of course check what has been filed with them. Just because HMRC haven’t investigated doesn’t mean what’s been submitted is correct. It could be that you are paying too much or too little tax, you wouldn’t know.

It may be years later when HMRC do a routine check that you may find things haven’t been done properly and you are looking at fines & penalties along with the back tax that you may not be able to afford any more. Alternatively you could have paid too much tax for the past few years by not claiming everything that you could (this happened in both cases with new clients of ours where we had to correct past years).

Preparing accountstax compliance & planning are a specialised job.

Make sure that you use qualified accountants such as us to ensure compliance and to minimise your tax affairs.

So what should you do?

  • Ensure you pick an accountant who is qualified and regulated by a professional body. We are regulated by ACCA, who are one of the foremost Accountancy regulatory bodies in the UK and across the World.
  • Don’t do it yourself. Even if you are a small freelancer, accountants fees should not be that expensive and they are tax deductible so the effective cost is only 60% if are a higher rate taxpayer.
  • We can advise on all the allowances that may be claimed in your trade and employment to ensure that we minimise your tax.
  • We will look at how you are set up to ensure that you are working in the correct structure to minimise your tax.
  • We will look to your plans for your self- employed trade, landlord property income, employment affairs, overseas working etc and plan to minimise tax effectively both in the current year and following years.

Disclaimer:

This article is designed for the information of readers only and is the opinion of the author only. Readers should not act on any of the information contained in this article without seeking professional advice. Nothing in this article constitutes advice, nor does the transmission, downloading or sending of any information or the Material create any contractual relationship.