Frequently Asked Questions (FAQs)
Welcome to our FAQs page, where you’ll find essential information about our tax services, important deadlines, and guidance on navigating the complexities of UK tax regulations. This section aims to address common queries and provide clarity on how our specialist services can benefit you.
FAQs on Tax Services
What tax services do you specialise in?
We provide specialist UK tax services, including:
- Self-Assessment tax returns
- Capital Gains Tax (CGT) reporting
- Property and landlord tax
- Tax investigations and HMRC enquiries
- Tax planning and advisory
Our focus is purely tax, allowing us to provide detailed, up-to-date advice aligned with HMRC rules and legislation.
Why should I use a tax specialist instead of a general accountant?
A specialist will help claim all allowable reliefs as well as:
- You stay compliant with HMRC regulations
- Gives strategic advice whereas most general accountants are compliance-focused
- Trained to navigate complexity that most general accountants simply do not spend their careers dealing with
- Spot opportunities and risks that a general accountant might not even know exist.
- Know where HMRC tends to challenge
- Understand how to document positions defensibly
- Can represent you in disputes or enquiries
- Are trained to interpret legislation and case law, not just apply rules
- Works proactively through tax planning whereas a general accountant often works retrospectively after the year has ended.
Self Assessment Tax Returns (UK)
Who needs to file a Self Assessment tax return?
According to HM Revenue & Customs, you may need to file if you:
- Are self-employed (sole trader) earning over £1,000
- Receive rental income over £1,000
- Earn over £100,000 annually
- Have capital gains of more than £3,000
- Have foreign income or gains
What is the Self-Assessment deadline?
- 31 October – Paper returns
- 31 January – Online returns and payment deadline
Missing deadlines can trigger automatic penalties from HMRC.
What happens if I submit my tax return late?
Late filing penalties typically include:
- Automatic £100 initial fine
- Daily penalties of £10 after 3 months
- Additional penalties after 6 and 12 months
- Interest on unpaid tax
We can help reduce penalties where possible by working with HMRC on your behalf.
What information do I need for my tax return?
You’ll usually need:
- Income records (employment, self-employment, dividends)
- Expense receipts
- Property income details
- Pension and investment statements
We guide you through exactly what’s required, step by step.
Property & Landlord Tax
Do I need to pay tax on rental income?
Yes. Rental income must be declared to HM Revenue & Customs if it exceeds £1,000. However, you can deduct allowable expenses such as:
- Letting agent fees
- Maintenance and repairs
- Mortgage interest (subject to current tax rules)
What is Capital Gains Tax on property?
Capital Gains Tax (CGT) is charged on the profit when you sell a property that is not your main residence.
When do I need to report Capital Gains Tax?
For UK residential property, you must:
- Report the gain within 60 days of completion
- Pay any tax due within the same timeframe
Missing this deadline can result in penalties from HMRC
Can I reduce Capital Gains Tax Legally?
Yes, through:
- Annual CGT allowance
- Private Residential Relief
- Lettings Relief (where applicable)
- Offset of capital losses
Planning ahead before selling is key.
HMRC Enquiries & Tax Investigations
What is an HMRC tax investigation?
An investigation is when HM Revenue & Customs reviews your tax affairs to ensure accuracy.
Why would HMRC investigate me?
Common triggers include:
- Errors or inconsistencies in tax returns
- Late or missing filings
- Industry-specific risk profiling
- Random compliance checks
What should I do if HMRC contacts me?
Act quickly. Early professional support can:
- Reduce stress
- Prevent escalation
- Improve outcomes
We handle communication directly with HMRC on your behalf.
Deadlines & Compliance
What tax deadlines should I be aware of?
Key UK deadlines include:
- 31 October – Self Assessment paper filing & payment
- 31 January – Self Assessment online filing & payment
- 31 July – Second payment on account
- 60 days after property sale – CGT reporting
Staying ahead of deadlines helps you avoid penalties and interest.
What are payments on accounts?
These are advanced payments towards your next tax bill, required if your tax liability exceeds £1,000.
They are split into two instalments:
- 31 January
- 31 July
Fees & Getting Started
How much do your tax services cost?
Our fees depend on complexity, but we aim to:
- Offer fixed, transparent pricing
- Provide clear quotes upfront
- Deliver value through tax savings and peace of mind
Do you offer tax planning advice?
Yes. Tax planning helps you:
- Reduce future liabilities
- Structure income efficiently
- Make informed financial decisions
Can you help if I am behind on my taxes?
Yes, and you’re not alone. We can:
- Bring your filings up to date
- Negotiate with HMRC
- Minimise penalties where possible
Security & Support
Is my financial information secure?
Yes. We use secure systems and comply with UK data protection regulations to safeguard your information.
Will I have a dedicated tax advisor?
Yes. You’ll work with a specialist who understands your situation and provides ongoing support.
Working With Our Accountancy Firm
Do I also need an accountant?
If you require bookkeeping or full accounts, we can connect you with our separate accountancy team for a complete solutions.
