PERSONAL TAX ACCOUNTANT

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Are you looking for a personal tax accountant? Our personal tax service covers the thorough preparation and filing of your personal tax return. We handle the declaration of your income and the utilisation of your allowances, as well as any reliefs you are entitled to. We also offer guidance to determine if you should register for Self Assessment.

You normally need to register only once, by 5 October following the end of the tax year in which the income or gains first arose. For instance, if you have income or gains to report for the 2024/25 tax year (from 6 April 2024 to 5 April 2025), you must register on or before the 5 of October 2025.

WHAT IS INCOME TAX?

Income Tax serves as the primary method of direct personal taxation in the UK. It is based on a percentage of an individual's earnings and is collected by HMRC and passed to the Treasury. 

England, Wales and Northern Ireland

The taxpayer’s income is assessed in the following order: income from employment (after the personal allowance) is taxed first, followed by savings income and then dividends.

Scotland

If you live in Scotland or if you move to Scotland and live there for a longer period than anywhere else in the UK during a tax year, you pay Scottish Income Tax, which may differ by up to 3% from the rest of the UK. If you live in more than one home, your main home is usually where you live and spend most of your time, regardless you own it, rent it or live in it for free. If you are unsure which property counts as your main home, HMRC has detailed information about working it out.

THE TAX YEAR

A tax year is a 12-month period, which is used by governments as a basis for calculating taxes. The British tax year or the “financial year” runs from 6 April to 5 April in the following year.

WHY DOES THE TAX YEAR START ON 6 APRIL?

To ensure that there was no loss of tax revenue, the Treasury extended the 1752 tax year by adding 11 days. Consequently, the beginning of the 1753 tax year was moved to 5 April. In 1800, a further adjustment was made, shifting the start of the tax year forward by one more day to 6 April.

WHO MUST SEND A TAX RETURN?

You will normally need to send a Self Assessment tax return if one or more of the following apply to you: 

- You are self-employed (sole trader) and earn more than the trading allowance;

- A partner in a business partnership;

- A minister of religion;

- A trustee or the executor of an estate;

- A company director and you have income that is not taxed under PAYE.

Or you have any other untaxed income, such as:

- Money from renting out a property;

- Tips and commission;

- Income from savings, investments, and dividends;

- Foreign income, regardless of whether you are resident in the UK.

Typically, you will not be required to submit a personal tax return if your sole income comes from wages or a pension. However, you will need to complete one if you receive other untaxed income where the tax due cannot be collected through your PAYE coding notice. In the meantime, you can choose to fill in a tax return:

- To claim some Income Tax relief; and/or

- To prove you are self-employed.

PAYING YOUR TAX BILL

You usually make two payments each year:

- 31 January: the balancing payment for any tax owed from the previous tax year, plus your first payment on account; and

- 31 July: your second payment on account is due.

THE DEADLINE

Make sure you make your payment to HMRC by the deadline. If you need to send a tax return and you miss the deadline for submission, you will get a penalty. If you owe Self Assessment tax and you do not pay your bill on time, you will be charged interest from the date your payment is due. 

PERSONAL TAX SERVICE

If you are already registered and need to submit a tax return, we can handle the preparation and submission process on your behalf. Note that the deadline for online 2024/25 tax returns is 31 January 2026. Alternatively, you could submit a paper tax return by 31 October 2025 and settle your tax bill by 31 January 2026.

GET HELP WITH TAX

We are a London-based accounting firm helping business owners save time and money while complying with rules and regulations. At Xcountant® we use our experience along with advanced technologies to help you obtain personalised reports. These reports offer the valuable insights necessary for the advancement of your business. Join Xcountant® now!