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Personal Tax

At Amanah our Personal tax return service we ensure that every deadline is met and ease the burden of administration from you. Once you have handed us all your financial records in relation to your tax affairs, we will prepare all the necessary calculations and deductions, as well as claiming any reliefs, deductions, allowances and repayments that you might be due.

Persona Tax services include the following:

  • Personal tax returns and self-assessment
  • Financial planning
  • Self-employed accounting and tax returns

Personal tax returns and self-assessment

Self-Assessment is a system HM Revenue and Customs use to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. When doing your tax returns and self-assessment, you must remember to start all financial documents from 6th April to 5th April the following year.

There are not specific rules on keeping a record for Personal tax and self-assessment. If you only have digital records, it might be wise to have paper copies as well to avoid them being lost or destroyed. HMRC can charge you a penalty if your records aren’t accurate, complete and readable.

Financial planning

Financial planning helps to identifying your business’ target and devising a plan for your finances to help you achieve them. Having a financial planner helps you with the management of your business’ finances to ensure you are on the right track to meet your financial goals. A financial planner will develop and implement a plan to help you reach your goals, also review your plan as it develops to change and update it as necessary.

A financial planner will also help you make the right decisions to keep you on track for achieving your goals and advise you on the things you might not immediately think of. Financial planning gives you peace of mind that your finances are under control and help you achieve your financial objectives.

Self-employed accounting and tax returns

When you are self-employed, it is important to keep your records straight. All information provided for your tax returns must be based on your accounts and other records of your business dealings. All financial related documents and accounts must be kept for at least five years from 31 January following the relevant tax year in case HMRC wishes to inspect them and query your return.

There are plenty of hoops you need to jump through and a number of forms to complete, when it comes to filing your tax returns in October for paper returns or January for online. At Amanah, our consultants offer help and advice that can help you cover every base when it comes to submitting your tax return.