Self assessment returns

Many people ask us to prepare their returns not because they cannot do them but because it is a headache they don’t want! We understand that – we complete them all the time and look for ways in which to save you tax. Whereas completing them once a year must be a big headache. Even once you have located your log in details and password.

Asking us to complete your personal self assessment return is normally a short and painless process and can cost as little as £150 plus VAT. We don’t send out large questionnaires, but we look to understand your circumstances through a meeting or phone call and then complete your return.

Your return may not be a simple one. Perhaps you have rental income from a property and are not sure what can be deducted for tax and what cannot. For instance you may not have considered that car mileage in connection with you property rental can be deducted at 45p per mile- for instance visiting the property for inspection or visiting the agents. Or you may consider that replacing the single glazed windows with double glazing would be capital – but it would normally be revenue expenditure.

If you have made a capital gain on the sale of a property or other capital asset, it could be difficult to enter onto your tax return. You may not be aware of the many deductions and reliefs that are available. If you sold a property that was once lived in by you as your PPR (Principle Private Residence) you could be able to consider the last 18 months of ownership as your deemed PPR in addition to your actual PPR. You may also be eligible for lettings relief. Deduction of the costs of acquisition and sale of the property from the proceeds should be considered – such as legal fees and estate agent fees – as well as suitable enhancement costs. Whether an item is considered an enhancement cost can sometimes be a complex matter. We prepare the tax returns for many landlords – some of whom live overseas and are still obliged to complete a UK tax return.