Personal Tax Returns

Aberdeen Accountant’s Personal Tax Service involves collecting all the required information for any individual client, performing the tax computations, and submitting the information online.

In the UK, Self Assessment Personal Tax Return (or SA100) must be filed with HMRC by an individual in the following circumstances:

  • Directors of a Limited Company
  • Have income where tax was not withheld at source. (E.g. Rental Income or Capital Gains)
  • Pays tax at the higher rate (40% for PAYE, 32.5% for Dividends)

Individual Tax – When Don’t I Need to File a Return?

Most employees pay tax under PAYE system and are not required to file a tax return as the PAYE system operates to withhold the correct amount of tax from wages or salaries.

Assisting You With Your Personal Tax: What We’ll Need to Know

The information requested includes the following:

  • Marital Status
  • Details of any children – number of children and ages
  • Income earned and PAYE and NI paid
  • Details of additional employment including P60’s or P45’s
  • Any rental income
  • Any interest earned, paid as net (taxed at source @ 20%) on which additional tax may be due
  • Any Capital gains, for example from the sale of property, shares, jewellery etc.
  • Details of any Pension contributions made
  • Details of any P11d benefits received that might attract additional NI payments
  • Details of Statutory Maternity/Paternity pay received
  • Any Job seekers allowance/benefits received
  • Any foreign income received greater than £2000
  • Any other information that might affect the tax position of the individual

Once the required information is collected, the amount of tax already paid is checked against the amount calculated as owing for the period, and the difference is either paid to; or claimed as a refund from HMRC.