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Here are some of the most common questions we get asked. Feel free to get in touch with us.
A tax return is a form that individuals and businesses in the UK must submit to HMRC (His Majesty's Revenue and Customs), detailing their income, expenses, and other relevant information for tax purposes. It helps HMRC calculate how much tax is owed or whether a refund is due.
Filing a tax return is not just a good practice – it's a legal requirement for many individuals and businesses in the UK. HMRC mandates that anyone with income outside of standard PAYE or with complex financial affairs must submit a tax return. Filing ensures compliance with UK tax laws and helps maintain transparency in your financial dealings.
It also gives you the opportunity to claim allowances and deductions you may be entitled to, ultimately helping you manage your tax liability.
Not filing can result in penalties, interest charges, and potential legal action, so it's crucial to stay on top of your obligations. Let One & Only Accounts guide you through the process with clarity and ease.
The tax year in the UK, runs from 6th April to the following 5th April (365 days).
If you miss the deadline, HMRC may impose penalties. The penalties include:
Yes, we offer a comprehensive service to help individuals complete and file their tax returns. We’ll ensure your return is accurate, complete, and filed on time, minimizing the risk of penalties.
Our tax return service is from £395.
Self-assessment is the system used by HMRC to collect income tax. Individuals and businesses must complete and submit their tax returns each year to calculate and pay their taxes.
While you’re not required to have an accountant, partnering with one can make your life a whole lot easier. At One & Only Accounts, we take the stress out of tax returns by ensuring they're not only accurate but also optimized for your financial benefit. We'll help you navigate the complexities, maximize your tax allowances, and make sure you're claiming every eligible deduction, so you pay only what's necessary – nothing more.
Capital Gains Tax (CGT) is a tax on the profit made from selling assets such as property, shares, or businesses. If you have made a gain from selling assets, you may need to report it in your tax return.
You can claim tax deductions and allowances such as:
Yes, if you’ve overpaid tax during the year (e.g., through PAYE or under the wrong tax code), you may be entitled to a tax refund. We can help you check if you're due a refund and assist with the claim process.
If you receive income from overseas, it needs to be reported in your tax return. Depending on your residency status, you may be eligible for tax relief on foreign taxes paid. Our team can help you navigate the complexities of foreign income and double taxation agreements.
Your tax bill is usually due by 31st January following the end of the tax year. You can pay via:
Yes, you can file your tax return even if you have income from multiple sources (e.g., self-employment, rental income, dividends, etc.). We will help you gather and report all the necessary information.
Filing early can help you:
If HMRC selects your tax return for an audit, they may ask for more details or evidence to verify your tax return. We can help you respond to HMRC and ensure that your return is accurate and complies with tax laws.
Simply get in touch with us to schedule a consultation. We will discuss your situation, gather the necessary information, and guide you through the process of filing your tax return accurately and on time.
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