What You Need To Know About Taxes


What You Need To Know About Taxes – Everything You Need To Know About Taxes – Part II – Or Everything You Need To Know About Taxes But Were Afraid To Ask! (Isn’t that a Woody Allen movie!!)

So, here we are again and we’re going to cover the super-duper exciting topic of taxes!! First and foremost taxes, if you are like other people and it is an individual you have to use- yes, that’s right!! The fact that you are human makes you eligible to pay taxes!! If you work, you pay taxes. Very few of us inherit wealth and never have to work, but

What You Need To Know About Taxes

What You Need To Know About Taxes

Pay more taxes! Anyway, back to the people, we – so, where do we start? Is the income tax paid by me generally correct? Great question, the answer is no, not always!! You may have paid too little (not good, the tax robot will catch you eventually and then the amount will snowball into a fatberg (or if we’re using snow)) or it’s a really good situation asking yourself, “Am I paying too much tax?” Paid and HMRC will automatically refund the overpaid tax? ” No, we mean yes, yes, yes you may have overpaid tax, our figures show that 97% of visitors from abroad owe tax and 33%. Of all UK residents tax must be refunded, so you can sit on a pile of money you have and the other side sometimes , Yes, HMRC will sometimes refund you without you asking, but it’s small. What are the chances of being hit by a meteorite? Like saying yes! Get the picture? So, do something now, claim your refund here.

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So, refunds are refunds but we hear you say, accountants can help with personal taxes, how do I make it all work? An easy choice, that in itself, means

No, but then again, would you jump out of a plane to skydive without seeking professional advice? Probably not, so be careful, don’t jump out of planes without professional guidance and your taxes, get an accountant or agent as we sometimes call them.

Hmmm, so can accountants help with personal taxes? Yes, you are firing on all cylinders right now. “How to find a good personal tax accountant?” We can see you wondering out loud right now. Well, you’re here aren’t you, look no further, you’ve found the Holy Grail!

Now that you’ve found us, you now want an answer to the golden question, how much do accountants charge for UK tax returns? And this is another big question. The answer is, it can vary, like wondering how high my dog ​​can jump if he wants to catch a squirrel! The answer really depends, it depends on the amount of work and so on. We start our prices at the £100 mark and that gives you your own, straight forward, complete tax return for one tax year, signed, stamped and delivered – well not delivered, we do it all online, so you email !

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So, you paid us a fee, can you claim the accounting fee on your personal tax return? Or to put it another way, are personal accounting fees tax deductible? Short answer, yes and no (he-he!). Some, but most, are tax deductible, but we’ll let you know when we see more information about your situation.

Do you pay tax on your UK current account or tax on UK savings accounts?

So, in a nutshell (again not the squirrel thing!), how much does a personal tax accountant care. We have to move on to the questions many of you have been asking, do you pay tax on your UK current account or do you pay tax on your UK savings account? Yes, your bank will automatically tax any interest you earn on any UK accounts.

What You Need To Know About Taxes

Well, we are coming back to your all time favorite topic and refund, especially, you are asking some great questions about tax refund like how to check income tax refund status and how to file income tax refund online. Now, this is our real area of ​​expertise and how to apply for Income Tax Refund. We can take care of the entire process for you, first establish whether you really owe tax refund or not, claim it and then credit it to your bank account. Now apply for payment here.

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How long it takes to receive Income Tax refunds can vary, as the Tax Office currently has a large backlog of claims, but we usually receive them within 4 weeks, which is super fast. Average waiting time can be up to 6 months! So, can you get your income tax refund early, yes and no? Yes, if you have stopped working for a year and have no intention of working again. Examples of this are, you’ve had a pretty tough slog and are taking a break, or simply, you’re leaving the UK and won’t be back for a while (not for holiday makers – when we’re allowed to go. That’s it again!) and no, if so, this is the quick process we’ve just mentioned (NOTE! !).

Many of you may have already filed and not received your income tax refund and are asking how can I check my state income tax refund or specifically how to track income tax refund. Well, the answer is painful and you need to call HMRC (they don’t email!) to get an update. Painful as you can wait up to an hour some days for a reply. It’s so much easier if you let us do it all for you, you’re free to run through the grass, without a care in the world, just think of us here, getting you a nice fat tax refund and knowing. Of course, we are hanging up on the phone for you!!

Oh and by the way, this is a sink for us on how to claim a previous year income tax refund, we can go back 4 tax years for you and tell you what you owe and then we start the unnecessary work. Take it off the hands of the taxpayer and deposit it into your beautiful bank account, so you don’t have to know how to deposit your income tax refund check, because we’ll take care of it for you!

There is some confusion about how to link your bank account to an income tax return and that’s because at HMRC, their six-trillion pound supercomputer can’t do it! Well, it can’t or won’t deposit into foreign bank accounts, so if you’ve left the UK or you’re about to, we can deposit your hard-earned refund into any bank account. Any country. !

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So now you know almost everything you need to know about taxes, and hopefully, you’ll be smart and get help from a professional.

We say it, it makes sense, find out how to apply for your payroll tax refund here

Have you paid too much to HMRC? Have you paid UK tax back? Apply for a UK tax refund now and reclaim your overpaid tax. Making Tax Digital (MTD), which launched its first phase on April 1 2019, is one of those projects that many people have heard of but don’t really know much about. .

What You Need To Know About Taxes

Sure to affect millions of freelancers, James Foster, senior commercial manager at Optinis Group and holding company of SJD Accountancy, explains some of the key things to know about the scheme.

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By keeping digital records for businesses and individuals to self-assess, MTD aims to end annual self-assessment tax returns. HMRC says the scheme will make it easier for businesses and the self-employed to pay their own taxes and, more importantly, get them right. It aims to make tax administration more effective and efficient.

People and businesses currently affected by the MTD are those who are VAT registered and earn more than £85,000 – the VAT registration threshold. So if you are above this VAT threshold you should start keeping your records digitally and filing your VAT returns using MTD-compatible software. The scheme has been made mandatory for Income Tax and Corporation Tax from April 2021, delayed from April 2020.

The software you use for MTD will need to be linked to HMRC so that it is compatible with their systems. It allows you to keep digital records and send data directly to the government department without re-keying. There are several software options you can use that are compatible with MTD

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