Personal Tax

Personal tax compliance means meeting your obligations under UK tax law. Depending on your circumstances, this may include keeping appropriate records, reporting your income and gains, claiming available reliefs and allowances, submitting tax returns and paying any tax due by the relevant deadlines. 

Tax rules change regularly, and it’s not always easy to know which requirements apply to you. At Shorts, we help you understand your obligations, meet the relevant deadlines and identify any issues or opportunities as early as possible. 

Who may need help with personal tax compliance?

You may need to submit a Self Assessment tax return if you are self-employed, receive income that has not been fully taxed at source, have capital gains to report, or have more complex personal tax affairs.

We commonly advise:

• Self-employed individuals
• Landlords with property income
• Company directors
• Shareholders and investors
• Individuals with several sources of income
• Higher earners
• Individuals with capital gains
• Individuals with overseas income, gains or assets
• Trustees, personal representatives and others with more complex reporting requirements

Whether you need to submit a tax return will depend on your individual circumstances. 

What are my personal tax obligations?

Under Self Assessment, you are responsible for making sure that a complete and accurate tax return is submitted to HMRC and that any tax due is paid on time.

Your responsibilities may include:

• Registering for Self Assessment where required
• Providing complete and accurate information for your tax return
• Submitting your return by the relevant filing deadline
• Paying your tax by the relevant payment deadline
• Keeping appropriate records to support the figures reported
• Telling HMRC about relevant changes where required

Additional reporting requirements may apply if, for example, you have overseas income or gains, dispose of property or other assets, or have income from a number of different sources.

What does our personal tax compliance service include?

Once we have worked with you to collate the information we need, our team can manage the tax return process for you.

Depending on the agreed scope of our work, our service can include:

• Preparing your Self Assessment tax return
• Calculating your Income Tax and Capital Gains Tax liabilities
• Submitting your return to HMRC
• Explaining how much tax is due and when it must be paid
• Dealing with routine HMRC correspondence relating to your return
• Providing reminders about key deadlines
• Identifying relevant reliefs, claims and elections
• Highlighting matters that may benefit from separate tax planning advice

We work with clients whose affairs range from relatively straightforward to highly complex, providing a consistent and personal service throughout. 

What happens if I do not meet my tax obligations?

Missing a filing or payment deadline can result in penalties and interest. HMRC may also charge penalties where a tax return contains an inaccuracy, with the position depending on the circumstances and the behaviour that led to the error.

HMRC can open a compliance check to confirm that a return is accurate and complete. A check does not necessarily mean that HMRC believes anything is wrong, but it is important to respond properly and within any deadlines given.

If you are unsure whether you need to submit a tax return, or you are concerned that something may have been missed, seeking advice at an early stage can help you understand your position and decide what action is required.

How our Personal Tax Compliance team can help

Our Personal Tax Compliance team includes experienced and professionally qualified tax advisers who deal with a wide range of personal tax matters.

We take the time to understand your circumstances and provide continuity from year to year. As well as preparing your tax return, we will explain the figures, confirm the key deadlines and draw your attention to any matters that may require further advice.

Completing your return early can give you more time to plan for any tax due and allows potential tax planning opportunities to be considered before important deadlines pass. 

The Shorts Tax Investigation Service

An HMRC compliance check can be time-consuming, disruptive and costly, even where the taxpayer has made no deliberate error.

For a small annual fee, our Tax Investigation Service provides access to specialist support if HMRC opens an eligible compliance check or enquiry. Our team can deal with HMRC correspondence, help you understand the information being requested and assist with preparing an appropriate response.

Through our arrangement with Professional Fee Protection, the professional fees we incur in dealing with an eligible HMRC enquiry will normally be covered, subject to the terms, conditions and applicable cover limit of the service.