 Why IT Contractors Should Leave Tax Returns to the Experts
In the world of IT contracting, there’s a common mindset among self-taught programmers and freelancers: “I can figure it out myself.” While this works well for troubleshooting code and debugging software, the same approach often backfires when applied to taxes and company accounts. Too often, IT professionals—usually men, let’s be honest—attempt to handle their own tax returns using information pieced together from the internet. Their goal? Save a bit of money by avoiding professional accountant fees. The problem? This DIY approach frequently results in costly mistakes, wasted time, and increased risk of an HMRC investigation. The Costly Misconception of DIY Tax Filing Many IT contractors assume that because they solve complex technical problems daily, they can easily navigate tax laws. But tax legislation is a different beast—nuanced, constantly evolving, and filled with legal jargon that isn’t always intuitive. A small error or misunderstanding can have major consequences, such as:
Why IT Contractors Need Professional Tax Accountants Just as programming and cybersecurity require expertise, tax planning and financial management do as well. An experienced accountant offers:
Tax Affinity Accountants – Your Trusted Tax Experts At Tax Affinity Accountants, we specialize in helping IT contractors stay compliant, minimize tax liabilities, and focus on their core work without financial distractions. Unlike generic accounting firms, we understand the unique financial challenges faced by IT professionals, freelancers, and contractors. Our tailored services ensure that you maximize deductions, avoid penalties, and stay ahead of tax obligations. Our expert team provides: ✅ Personal Tax Returns & Self-Assessment ✅ Company Accounts & Corporation Tax ✅ VAT Returns & Bookkeeping ✅ IR35 Guidance & Compliance ✅ Business Growth & Financial Planning Why struggle with taxes when we can handle it for you? With our proactive advice, we don’t just file your returns—we actively help you keep more of your hard-earned money. Whether you need assistance with HMRC filings, tax-saving strategies, or business accounting, we’ve got you covered. Stick to What You Do Best Think of it this way: a home mechanic might attempt to fix their own car, but without professional knowledge, they could cause bigger, costlier problems. Similarly, IT contractors who try to manage their own taxes often end up making expensive errors that could have been easily avoided with expert help. At Tax Affinity Accountants, we specialize in helping IT contractors stay compliant, minimize tax liabilities, and focus on their core work without financial distractions. Instead of risking an HMRC investigation or losing money due to tax inefficiencies, let our team handle it for you. Get Expert Help Today If you're an IT contractor still trying to DIY your tax returns, it’s time to rethink that strategy. Save yourself time, money, and stress by partnering with experienced tax professionals who can handle everything for you. 📞 Call Tax Affinity Accountants now 🌐 Visit www.taxaffinity.com to learn more 📍 Book a FREE Consultation Today! Tax Affinity Accountants Expert advice. Proactive solutions. Financial success. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. #TaxAffinity #ITContractors #SelfAssessment #HMRC #TaxReturns #BusinessGrowth #AccountingExperts #FinancialSuccess #TaxSaving #UKBusiness #IR35 #Contractor #IT #DIY
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 As we close the books on December and January, Tax Affinity Accountants couldn’t be prouder of the incredible results we delivered for our clients during this crucial period. The Self Assessment deadline for HMRC has come and gone, and once again, our clients are experiencing the benefits of working with a team that not only meets deadlines but ensures the best possible tax outcomes. Our firm’s dedication to providing personalized, efficient, and effective tax services has proven to be invaluable during one of the busiest times of the year.
The numbers are in, and we’ve exceeded expectations across the board. With the highest number of referrals in our history, we are humbled by the trust our clients continue to place in us. Our reputation for delivering outstanding results has never been stronger, and as a result, more and more people are turning to Tax Affinity Accountants for expert guidance on how to save on taxes and maximize their hard-earned money. In this post, we’ll explore how Tax Affinity Accountants rose to the occasion during the Self Assessment season, the satisfaction our clients enjoyed, and why now is the perfect time to consider switching to a tax team that actually understands your needs and can put you on the path to better tax outcomes. The HMRC Self Assessment Deadline: A Busy Period for Accountants and Taxpayers Alike The Self Assessment tax return deadline for HMRC is one of the most significant dates in every freelancer, contractor, sole trader, and small business owner’s calendar. As many people know, the 31st of January is the final day for submitting tax returns for the previous financial year, and the stress of meeting that deadline can be overwhelming. With penalties for late submissions and the risk of costly errors, it’s no surprise that many individuals and businesses turn to professional accountants for help. This past December and January, our team at Tax Affinity Accountants worked tirelessly to ensure that our clients’ tax returns were submitted accurately and on time. Our expert accountants handled a wide range of complex scenarios, from straightforward self-assessments to more intricate tax situations involving multiple income streams, investments, property portfolios, and international tax issues. Regardless of the complexity, we ensured that all our clients received tailored advice and support to help them navigate the Self Assessment process with ease. Our clients benefit from the comprehensive knowledge we have of current tax laws, and we worked diligently to ensure they understood their obligations while also taking advantage of every allowable deduction and relief available. The peace of mind that comes with having experienced professionals in your corner during such an important and stressful time cannot be overstated. Client Delight: Low Taxes, Timely Returns, and Maximum Savings What sets Tax Affinity Accountants apart from other tax firms is our commitment to delivering the best possible outcomes for our clients. Throughout December and January, we received glowing feedback from individuals and businesses who were delighted with the results we achieved for them. By applying our deep expertise in tax planning and optimization, we were able to significantly reduce the tax liabilities of many clients. This is what truly excites us—helping individuals keep more of what they’ve earned. Whether it’s taking full advantage of allowable tax deductions, advising on tax-efficient investments, or utilizing strategies to minimize National Insurance contributions, we’re always looking for new and creative ways to reduce our clients’ tax burdens. One example involved a small business owner who had previously been using a generic online tax software to file their returns. While the software was quick, it didn’t provide them with the tailored advice they needed to make the most of their tax position. After switching to Tax Affinity Accountants, we identified numerous opportunities for tax savings, including business expenses they had overlooked and potential claims for tax relief that they didn’t know about. As a result, the business owner’s tax bill was reduced by a significant amount—enough to reinvest in their business, expand operations, and increase profits. We’ve also worked with several high-earning individuals who were struggling with their tax obligations. By applying a strategic approach to tax planning and ensuring they understood the implications of different income streams, we were able to optimize their tax position and save them thousands of pounds. When clients come to us seeking clarity and guidance, we don’t just meet their needs; we exceed them, delivering tax returns that maximize their savings while ensuring full compliance with HMRC. At Tax Affinity Accountants, our clients are the center of everything we do. The positive feedback and appreciation we received during the January rush are a testament to the hard work we put in and our unwavering commitment to providing top-notch service. Our clients know they can count on us to not only meet the deadlines but also to deliver the best tax outcomes. The Highest Number of Referrals in Our HistoryOur clients don’t just trust us—they recommend us to their friends, family, and colleagues. During the December and January rush, we received an unprecedented number of referrals, making it clear that our reputation for delivering outstanding results is growing faster than ever. Referrals are the highest compliment we can receive, and we take great pride in knowing that our clients are not only satisfied with our services but are so confident in our ability to help others that they actively refer us to people they know. It’s also a sign that more and more individuals and businesses are realizing the value of working with an accountant who genuinely understands their financial goals and strives to help them save on taxes. This year’s increase in referrals is a direct reflection of the exceptional results we consistently achieve for our clients. From freelancers and contractors to business owners and high-net-worth individuals, we’re proud to be the trusted partner that so many people turn to for expert tax advice. And as our client base continues to grow, we’re excited to help even more people take control of their tax positions and keep more of their hard-earned money. Why Switch to Tax Affinity Accountants? If you’re currently working with an accountant who isn’t delivering the results you expect or feel that your tax bills are higher than they should be, now is the perfect time to make the switch to Tax Affinity Accountants. Here’s why:
If you’re ready to take control of your taxes and start working with a firm that truly understands how to maximize your savings, Tax Affinity Accountants is here to help. With our team of experts by your side, you’ll never have to worry about missed deadlines, unnecessary penalties, or overpaid taxes again. Don’t let another year go by paying more than you need to. Reach out to us today for a consultation and discover how much we can help you save. Whether you’re switching from another accountant or looking for a new tax partner, Tax Affinity Accountants is here to provide the expert service, advice, and savings you deserve. Contact us now, and let’s start working on a tax strategy that works for you. Together, we’ll make this year the best one yet! Disclaimer: Tax Affinity Accountants is a leading accounting firm specializing in tax planning, advice, and compliance services. We work with individuals, freelancers, contractors, business owners, and high-net-worth individuals across the UK to help them maximize their tax savings and optimise their financial strategies. Please visit www.taxaffinity.com to learn more about our services and book a consultation. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. Autumn statement 2023 main points for small and medium sized businesses (SME) and employees11/25/2023  Expert Tax Accountants for small, medium sized businesesses & individuals Chancellor Jeremy Hunt has disclosed the UK government's fiscal plans for the upcoming year. On November 22, 2023, Hunt presented the Autumn Statement in the House of Commons, likely the last pre-election mini-budget, with Prime Minister Rishi Sunak hinting at a potential election in October 2025 next year.
The Office for Budget Responsibility (OBR) has concurrently unveiled its latest economic outlook for the UK. In response to last week's news of a drop in inflation to 4.6% for the year up to October, Conservative MPs had advocated for broader tax cuts, taking advantage of what was termed as 'fiscal headroom.' Consequently, the chancellor has indeed announced tax reductions in today's statement. The focus now turns to how these revelations might impact small businesses and the self-employed. Read on for key updates affecting this sector:
Despite receiving a little bit of positive feedback, reservations linger about the effectiveness of these reforms in bolstering the strained small business sector. The increase in minimum wages rates for employees will no doubt increase costs for SME's already suffering from high utility bills - and will ultimately mean smart business owners decease the days and hours of staff. The majority of small businesses already had access to small business rates relief so nothing changed there. Finally the much talked about CGT and IHT amendments did not materialise, neither was there any focus on reigning in large energy suppliers sapping the profits out of small and medium sized business to boost their annual profits. And the loss of class 2 NI is a blow for micro businesses and sole traders who needed it to top up their state pension contributions. Overall not impressed at all. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Only 20 working days left until HMRC self assessment deadline.
Did you know this year over 2700 people did their tax return on Christmas day this year according to HMRC. Those that did know that they have to get it done before the deadline of 31/01/2021 and that there is only 20 working days left (as of today 31/12/20). So if you have not had your 2019/20 (6.4.19 to 5.4.20) tax return completed then you urgently get in touch today as the number of working days are fast decreasing and before you know it the time will be gone and you may end up facing a fine by HMRC for missing the deadline. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends./ Extension to coronavirus Self-Employment Support Scheme from government - SEISS 2nd payment6/21/2020  The Government and the Chancellor have confirmed that self-employed workers whose businesses have been negatively hit by coronavirus (Covid-19) would be able to claim “a second and final grant” in August 2020.
Those eligible can apply for the first grant (which was 80% of average monthly profits up to maximum of £2,500 per month for three months ie £7,500) until 13 July 2020. In the extension, those eligible for the second and final grant (businesses adversely affected on or after 14 July 2020) can make a claim in August 2020 (to be confirmed when it will open). You can make a claim for the second grant even if you didn’t make a claim for the first grant. The second grant will be a taxable grant worth up to 70% of your average monthly trading profits (ie £2250 per month), paid out in a single payment covering a further three months’ worth of net profits, to a maximum of £6,570 in total. Clients are advised if they have not claimed for the first grant to do so by the 13 July 2020. And if they are adversely effected in (June, July and August 2020) then to claim for the second grant also as soon as the scheme is opened by the Chancellor and the Government. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  The UK Government and the Chancellor have set out a package of temporary measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes actions to support businesses including:
If you need help with your applications for government grants, loans and allowances as described above then as authorised HMRC agents and expert tax accountants Tax Affinity Accountants are available to support your business at this critical time. Urgently contact us by clicking here and we will use our expertise to support your business through this difficult time. Support for businesses through the Coronavirus Job Retention Scheme Under the Coronavirus Job Retention Scheme, all UK employers are able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. Eligibility All UK businesses are eligible. How to access the scheme You will need to:
If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan. Support for businesses through deferring VAT and Income Tax payments Government will support businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. VATFor VAT, the deferral will apply from 20 March 2020 until 30 June 2020. Eligibility All UK businesses are eligible. How to access the scheme This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal. Income Tax For Income Tax Self-Assessment, payments due on the 31 July 2020 will be deferred until the 31 January 2021. Eligibility If you are self-employed you are eligible. How to access the scheme This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period. HMRC have also scaled up their Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of Covid-19 and have outstanding tax liabilities. Support for businesses who are paying sick pay to employees Goverment will bring forward legislation to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows:
You are eligible for the scheme if:
A rebate scheme is being developed. Further details will be provided in due course once the legalisation has passed. Government websites will contain more details. Support for businesses that pay business ratesBusiness rates holiday for retail, hospitality and leisure businesses Goverment will introduce a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority as soon as possible. Eligibility You are eligible for the business rates holiday if:
There is no action for you. This will apply to your next council tax bill in April 2020. However, local authorities may have to reissue your bill automatically to exclude the business rate charge. They will do this as soon as possible. You can estimate the business rate charge you will no longer have to pay this year using the business rates calculator. Further guidance for local authorities is available in the expanded retail discount guidance. Cash grants for retail, hospitality and leisure businessesThe Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property. For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000. For businesses in these sectors with a rateable value of between £15,001 and £51,000, they will receive a grant of £25,000. Eligibility You are eligible for the grant if:
You do not need to do anything. Your local authority will write to you if you are eligible for this grant. Guidance for local authorities on the scheme will be provided shortly. Any enquiries on eligibility for, or provision of, the reliefs and grants should be directed to the relevant local authority. Find your local authority on Google. Support for businesses that pay little or no business ratesThe government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered releif. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs. Eligibility You are eligible if:
Guidance for local authorities on the scheme will be provided shortly. Any enquiries on eligibility for, or provision of, the reliefs and grants should be directed to the relevant local authority. Find your local authority on Google. Support for businesses through the Coronavirus Business Interruption Loan SchemeA new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support primarily small and medium-sized businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value. Businesses can access the first 12 months of that finance interest free, as government will cover the first 12 months of interest payments. Eligibility You are eligible for the scheme if:
You should talk to your bank or finance provider (not the British Business Bank) as soon as possible and discuss your business plan with them. This will help your finance provider to act quickly once the Scheme has launched. If you have an existing loan with monthly repayments you may want to ask for a repayment holiday to help with cash flow. The scheme will be available from early next week commencing 23 March. Support for larger firms through the COVID-19 Corporate Financing Facility Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies. This will support your company if it has been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities. It will also support corporate finance markets overall and ease the supply of credit to all firms. Eligibility All UK businesses are eligible. How to access the schemeThe scheme will be available early in week beginning 23 March 2020. The Government will provide information on how to access the scheme soon - keep an eye on their website updates. More information is available from the Bank of England website. Support for businesses paying tax: Time to Pay serviceAll businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Eligibility You are eligible if your business:
If you’re worried about a future payment, call HMRC nearer the time. Insurance Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim as long as all other terms and conditions are met. Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business interruption insurance policies are dependent on damage to property and will exclude pandemics. If you need help with your applications for government grants, loans and allowances as described above then as authorised HMRC agents and expert tax accountants Tax Affinity Accountants are available to support your business at this critical time. Urgently contact us by clicking here and we will use our expertise to support your business through this difficult time. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  A large number of clients are asking us for help in understanding how the UK Government is going to support the employed, self employed & SME businesses during the coronavirus COVID-19 pandemic. The Prime Minister & Chancellor announced billions of pounds would be used to prevent businesses going under and support workers who have suddenly become unable to work.
Below is a helpful list of key points: Salaried Employees - the Coronavirus Job Retention Scheme
For Self employed, contractors and freelancers
Universal Credit and tax credit increase
SME Small & medium businesses - Coronavirus Business Interruption Loan Scheme
For renters
Other help
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Every year around this time we get a wave of negative news in the media with large corporations issuing retail sales warnings, making excuses publicly about Brexit, the election, weather, online sales, anything really to distract from their own incompetence in the run up to Christmas and New Year 2019. In fact last year December 2018 it was the exact same excuses with only exception being the recent general election.
Always ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years. To help with this we've compiled a short list based on our extensive experience and industry wide knowledge. 1. Go where the money is - try to be fluid and adaptable and look to see what is selling and sell more of that and stock less of what is in less demand. If its a different product or service that you don't offer consider adding this. 2. Give the customer what they want not what you want - try to listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Don't be shy to ask them, actively ask for feedback. 3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like supermarkets do. This may mean you have to offer something at a lower price with the plan to sell another product/service that compliments that item which will make more profit. 4. Keep an eye on competition - try to make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a slowing economy. 5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in. 6. Don't use bad economic conditions as an excuse - try to stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director / CEO that thinks and plans positively is the one that drives their business forward. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  This is an important & urgent reminder that if you have not already had your 2018-19 personal tax return calculated & submitted to HMRC then this is urgently due in to us now. (If you had it done or do not need it then please ignore this reminder, if you are company directer and only have wages and dividends contact us to make sure we have all the info).
As per last year HMRC is saving money & will not send many postal reminders. They now choose instead to collect money through letters of fines for missed deadlines saying 'all tax payers should be aware of the self assessment deadline, and not expect HMRC to remind them'. With fines starting at £100 rising to £1300 plus interest for late filing and payment even if you had no tax to pay, there really is no excuse to not have it done as soon as possible. So please make sure to get all your income and expenses information from 6/4/18 to 5/4/19 to us before the 30th November 2018 so we can complete this in time. Any later and there will be difficulty in allocating extra time and staff to your personal accounts and we will have to charge extra for the late notice work. A list of information needed is below. Extra charges for latecomers Because we care and give 120% in our work, using all our skill & knowledge of tax rules & allowances so each client pays the least amount of Tax & NI. We end up sacrificing a lot of personal time during the December and January tax return season. Working hard when everyone else is winding down for Christmas. Staff at Tax Affinity often end up leaving work around 9pm having worked more than 10 to 11 hour a day. So like previous years to simply cover our extra expenses we will have to charge extra to all latecomers who bring in their tax return information after the 30th November 2019 deadline. If you want to avoid this extra charge then please drop or email your information to us immediately. You can securely email all information to us at [email protected] or drop the paperwork to us at any one of our branches - Tolworth, Worcester Park or Epsom 18/19 Tax Return info list: We will need the following information and in the following formats:
Please email everything securely to [email protected]. Also, please note at this busy part of the year we may take longer (at least 5 to 7 work days) than normal to respond due to the large number of email and correspondence received each day. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Espom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Branch in Worcester Park Changes to UK Income tax rates changes for 19/20 from 5th April 2019:
Personal allowance: Up to £12,500, Tax 0% Basic rate £12,501 to £50,000, Tax 20% Higher rate £50,001 to £150,000, Tax 40% Additional rate Over £150,000, Tax 45% Allowances: There are many other changes with tax allowances such as Annual Investment Allowance claimable rising to £200,000 per annum. Dividend tax rates: The tax-free dividend allowance is £2,000 Basic-rate taxpayers pay 7.5% on dividends Higher-rate taxpayers pay 32.5% on dividends Additional-rate taxpayers pay 38.1% on dividends. Corporation Tax: Rate remains at 19% Directors Loans: If loaned amount exceeds £10,000 at any point during the year then 2.5% nominal interest on the whole amount plus Class 1A National Insurance contributions (13.8%), and may need to be reported on your P11D As market leaders and experts in Tax and accounting for business, there are of course many other changes as well and these we regularly advise and update our clients as and when the tax rules change. If you would like to become a client and receive this support and updates - contact us today. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Espom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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