Personal Tax Accountant
What is a personal tax accountant?
Her Majesty Revenue & Customs (HMRC) states ;
“Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other untaxed income must report it in a tax return. you fill it in and file it electronically after the end of the tax year (5 April)” (https://www.gov.uk/self-assessment-tax-returns)
HMRC does not do this for you, and the area of Personal tax is a very complex one. Therefore, to ensure you do not make mistakes, it is vital to hire a qualified expert tax accountant that specialises in personal/self-assessment taxes.
Total books are AAT licensed accountants and HMRC Tax agents with over 30 years of experience as a group of licensed professionals. We handle all the accounting issues relating to your personal & business income. Ensuring your tax return is filed correctly & on time. So you pay as little tax as possible. Some of the services we offer to company directors, employees and self-employed individual are listed below:
Personal Tax clients reviews
Yell Bristol -Total Books – 5 stars – ten reviews
Who needs to do a personal tax return
Total books have put together a more detailed guide on self-assessment, also outlining who has to complete a tax return. Please click on the following Link [Link to the blog page on SA Guide section on who has to complete a tax return]
What services will a personal tax accountant provide:
The following are some but not all of the services that total books offer.
- Preparing client self-assessment tax returns
- Preparing and reporting on sole trader & partnership accounts
- Liaising with clients and HM Revenue & Customs
- Tax planning and advisory work for business and personal clients
- Review, preparation and submission of Personal Tax Returns.
- Application of research and Development Tax Credits allowances
- Preparation of required schedules, reports and statutory accounts.
- Pre & Post Year-End Tax planning
- Reviewing Accounts and tax positions and providing/recommending tax planning options.
- The preparation and submission of Company Accounts and Tax Returns.
- Advice and guidance in case of HMRC tax investigations.
- Inheritance Tax – reviewing the clients current IHT position and providing recommendations to reduce future tax liability.
- Preparation of annual P11Ds and Director salaries.
What are the benefits of using an accountant to do a tax return
How will an accountant assessment my tax liabilities:
Professional tax analysts do a full evaluation of the personal finances of our clients. A thorough review is essential as we identify any declarable and exempt income & expenditure, which is part of the self-assessment tax regime. We also ensure there is no omission of any necessary information that would affect your tax liabilities when completing your tax return.
What qualification and guidance can a personal tax accountant provide
Our tax accountants have the expertise and knowledge about UK & World laws that govern UK taxpayers. Therefore, when we review the client’s situation, we can advise them accordingly. Our employees ensure we are up to date with all Tax laws & changes. Our resources for tax information come from many places including;
HMRC, The Chartered Institute of taxes, Tolley-LexisNexis, AAT and directly from Personal Tax consultants. Ensuring current and ongoing compliance for our clients.
How to avoid HMRC missed deadlines & Penalties
Due to the full range of HMRC Penalties for inaccuracies and late filings. Acquiring the correct advice from an individual tax expert is essential. In the case of historic fines, Total books will advise & guide on the best ways to appeal and mitigate these.
Help with ongoing & historic payment plans
HMRC personal tax payments can be confusing at times. You have the actual detailed calculation for the year. To add to this, HMRC also takes a first and second payment on account. Total books ensure and advise the client on paying the correct amount of tax before this is due do. We also send out reminders to our clients to notify in case any taxes are still outstanding. Taking the stress away from non-payment or late payment penalties.
How to do bookkeeping for a personal tax return
Ease Of Documentation involves the recording of financial transactions that are carried out by the client. The tax accountant documents all of the relevant payments and receipts. We are efficient in record-keeping and thus pivotal for any business and personal accounting. In case of an investigation Total books aim to log soft copies of all records for the client to present to HMRC upon request.
How can the accountant minimise taxes
With our expert knowledge in personal taxes. Total books will ensure all tax allowable expenses have been explored with the client and included accordingly. We will also aim to reduce any further liabilities and historic liabilities where possible by providing proactive tax planning. We pride ourselves in keeping within the law and ensuring our clients pay as little tax as possible.
What other financial advice can the tax accountant provide
Total books have a reliable partner network including financial advisers, pensions advisers, corporate lawyers and many other specialists. We are happy to point the client into the direction of our partner companies.
What is the level of Security & GDPR compliance if I hire Total Books:
Our firm of accountants uses leading computer security to ensure all client information is kept safe as per GDPR compliance. information is kept unencrypted on hard drives and password-protected cloud portals.
Tax returns, backing paperwork and personal information is backed up in three separate secure locations to ensure data integrity for the client. All software is password protected, and hard copies of files are kept in a highly secure site.
Why Choose Total Books
Individual tax is a weighty issue for the taxpayer and business owners. However, it is crucial to have taxes filed on time.
Total Books is the firm of choice not only because they save you time and stress.
Our work removes your tax worries as we develop a trusted business relationship.
We are always available for a consultation, and being local to you, this virtually brings our professionals to your doorstep.
Our clients love the flexible payment options, and we are only a phone call away for total peace of mind
Where can I obtain links to Free personal tax advice.