Personal Tax

Our Personal Tax Return Service ensures that you meet every deadline and we ease the burden of tax administration for you. Once you have shared  all your financial records in relation to your tax affairs, we will prepare the necessary calculations and deductions, as well as claiming any reliefs, deductions, allowances and repayments that you might be due.

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Personal Tax services include the following:

  

Personal tax returns and self-assessment

 

Financial planning

 

Self-employed accounting and tax returns

 

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Personal tax returns and self-assessment

  

Self-Assessment is the system that HM Revenue and Customs uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. When doing your tax returns and self-assessment, you must remember to start all financial documents from 6th April from one year to 5th April the following year.

 

There are not specific rules on keeping a record for personal tax and self-assessment. If you only have digital records, it might be wise to have paper copies as well to avoid them being lost or destroyed. HMRC can charge you a penalty if your records aren’t accurate, complete and easily read.

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Financial Planning

  

Financial planning helps to identify your businesses’ target and developing a plan for your finances to help you hit your target. Having a financial planner helps you with the  business finance management  to ensure you are on the right track to meet your financial goals. A financial planner will develop and implement a plan to help you reach your goals and review your plan as it develops, changing and updating it as necessary.

 

 A financial planner will also help you make the right decisions to keep you on track for achieving your goals and advise you on the things you might not immediately think of. Financial planning gives you peace of mind that your finances are under control and helps you achieve your financial objectives.

 

Self-Employed Accounting and Tax Returns

  

When you are self-employed, it is important to keep your records in good order. All information provided for your tax returns must be based on your accounts and other records of your business dealings. All financial-related documents and accounts must be kept for at least five years from 31 January following the relevant tax year, in case HMRC wishes to inspect them and query your return.

 

 There are plenty of hoops you need to jump through and a number of forms to complete when it comes to filing your tax returns in October, for paper returns, or January, for online. At Oxford Professionals, our consultants offer help and advice that will  cover every base when it comes to submitting your tax return.