Personal Tax Services

Listening to our clients and providing solutions

MAP Accounting can deal with every aspect of your tax, ranging from the preparation and submission of your self-assessment tax returns to pro-actively managing your tax affairs to mitigate your exposure to all types of income, capital and other taxes.
Laws and regulations are becoming increasingly complicated and subject to change. Therefore, having a trusted and professional source of proactive advice is imperative in ensuring that your assets, investments and interests are structured in a tax efficient manner.
We have a wealth of experience in advising, monitoring and coordinating the tax affairs of private individuals across UK. We offer a private comprehensive tax planning and accounting service tailored to your specific needs. Whether it is due to a busy schedule, the increasing complexities of tax regulations or a lack of tax-efficient strategies, we can look after your accounting and provide practical tax advice.

Self Assessment Tax Filing Services

The criteria determining who needs to complete a tax return varies around the world. In some countries, it is mandatory for all residents to submit a tax return. We can help you calculate your tax liability in UK. By enlisting the help of a professional, you can be confident you are compliant with tax laws.

Self Assessment Tax Returns in the UK

If you work for an employer, your tax will most likely be deducted and paid via a PAYE system so do not need to complete a separate personal tax return. Self-assessment tax returns are predominantly relevant for people who are self-employed or have a secondary source of income.
Tax returns are also a requirement for people living in the UK with income generated abroad. Similarly, if you are a UK citizen residing outside the UK, you are still liable to pay tax on income generated within the UK. For example, non-residential landlords living abroad should pay tax and file tax returns on income from rental properties. This applies to expatriates around the world. If you are residing in a different country to your domestic country, it is important to stay proactive in understanding your tax liabilities in both countries.

Your Questions Answered.

Self-assessment is a tax system whereby taxpayers are responsible for paying the correct amount of tax on set dates, without waiting for HM Revenue & Customs to demand this.

Everyone who has to fill in a tax return (people in business and those who have untaxed income e.g. property income, and also higher-rate taxpayers).

The first tax year for self-assessment was 1996/97, which commenced on 6 April 1996.

Payments are normally made in two instalments on 31 January and 31 July each year (except for PAYE and other tax deducted at source). Any balance due is settled the following 31 January.

Interest will run from the date the tax is due. There is also a 5% surcharge if any part of the tax for the year is unpaid by 28 February after the end of the tax year, and there will also be a further 5% surcharge on any amounts still unpaid five months later, at the end of July.

No. MAP Accounting prepares tax returns on behalf of clients. We will be pleased to hear from you if we can be of help.

If you submit a paper return, you need to submit the completed return by 31 October following the end of the tax year. For electronically-submitted returns, you have until 31 January following the end of the tax year in order to submit the return. MAP Accounting will normally submit your return electronically. Therefore, the effective deadline for clients for whom we complete tax returns is 31 January.

There is an automatic penalty of £100 plus a further £100 if the return is more than six months late, with the proviso that the penalty cannot be more than the tax due.

The Revenue will only raise assessments in rare cases, for example if there is an undue delay in submitting your tax return. They will continue to raise assessments where appropriate for settling your tax affairs for any years prior to self-assessment, but generally, tax assessments are a thing of the past. You will, however, receive statements of account from the Revenue.

The Revenue may ask questions if they suspect that something is wrong. They also select some returns at random for checking even where everything appears to be in order. The Revenue have twelve months from the normal filing date to notify you if they intend to make enquiries.
MAP Accounting can insure you against the professional fees arising from a tax enquiry.

It is obligatory under self assessment rules to keep documentary evidence supporting all the figures making up your tax return.

Records relating to property income or any self employed income must be kept until at least the 5th anniversary of the filing date for the tax return. Income relating to employments and investment income must be kept for at least one year after the normal filing date. As a general rule, we would advise clients to retain all their tax and business papers for at least six years from the end of the tax year to which they relate.

If you do not keep your records for the required period, the Revenue may charge a penalty for each tax year concerned.

Your employer has a statutory obligation to provide you with the necessary information. There are also deadlines for providing you with this information, so that you will have it in time to complete your tax return.

Employees must be provided with form P60 by 31st May following the end of the tax year, and they must also be provided with a copy of form P11D (where relevant) by 6th July following the end of the tax year.

Get in touch with us to arrange a meeting, so that we can advise you of the information we need to bring everything up to date on your behalf.

Contact Ankur Shah who will be pleased to give you swift and expert guidance.