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Employed Individuals
As an employee you tend to meet all of your responsibilities to the UK tax regime using the PAYE system, but there can be instances when submitting a tax return can be the best move for reducing the amount of tax you have to pay or because you are obliged to under HMRC rules. This might apply where you are employed and:
- You are self-employed or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You’ve lived or worked abroad or aren’t domiciled in the UK
- You own land or property that is being let
- Your household receives Child Benefit and you have income in excess of £50,000
- You have income from overseas
- You have sold or given an asset away (such as a holiday home or some shares)
Even if some of these activities do not generate a profit (such as rental properties or self-employment), completing a tax return may be compulsory and even when a tax return is not required, it could lower your tax bill and therefore voluntarily completing one can be beneficial.
Red Accountants can do a number of things for taxpayers that receive most or all of the income from employment, such as:
- Prepare your tax return and check your tax position for you, because you suspect the tax collected by your employer(s) was too high/ low
- Prepare your tax return because you have some untaxed income from savings/ properties or you have income in excess of £100,000.
- Make a claim for a tax refund from HMRC on your behalf
- Check your tax code to ensure it is appropriate- meaning the tax collected by your employer each pay period is appropriate. Checking tax codes where you have multiple employments can be particularly important, as errors can often occur in such circumstances
- If you have incurred expenses as a result of being employed, we can complete the claim form or tax return for you in order for you to obtain tax relief on them. This might be for items such as business mileage (this excludes commuting to your normal place of work), hotel accommodation/ meals/ business phone calls and professional subscriptions
We will take the worry away when it comes to meeting your responsibilities and deadlines- whilst still ensuring that you pay only the right amount of tax and not a penny more.