FAQs

At T.A.C.S., we specialize in providing effortless tax solutions for both individuals and businesses. Our comprehensive services range from UTR (Unique Taxpayer Reference) registration to the meticulous submission of tax returns and beyond. With a professional team that brings extensive expertise and a commitment to accuracy, we ensure that navigating tax obligations is a seamless experience for our clients. Our focus is on delivering prompt, reliable, and personalized tax services that cater to your unique financial needs, allowing you to stay compliant and stress-free throughout the tax season. Click the button below to discuss your needs:

At T.A.C.S., we pride ourselves on providing effortless tax solutions from UTR registration to Tax Return submission and beyond. Our team of experienced professionals is dedicated to making the tax process as smooth and stress-free as possible. We stay up-to-date with the latest tax laws and regulations, ensuring that you receive accurate and efficient service. Our comprehensive approach means we cover all aspects of tax preparation, so you can focus on what you do best. Choose T.A.C.S. for a personalized, expert-driven experience that takes the hassle out of taxes!

At T.A.C.S., we pride ourselves on offering effortless tax solutions that make your life easier and your tax process seamless. Our comprehensive services are split in three categories based on your circumstances: Sole Traders: Self Assessment Registration (UTR Application Subcontractor CIS registration Self Assessment Tax Return CIS tax return Bookkeeping: VAT (registration and submission) Payroll (registration and RTI submission) CIS Return (registration and monthly submission) Day to day bookkeeping Incorporated entities (Ltd.) Annual Accounts Confirmation Statements Corporation Tax Returns Whether you're an individual or a business, our expert team is dedicated to guiding you through each step of the tax preparation process with enthusiasm and precision. We go beyond mere preparation, offering ongoing support and advice to help you optimize your financial situation year-round. Let us take the stress out of your taxes so you can focus on what you do best! Not sure where to start from? Click the button below to contact us:

If you are working for yourself, or you have a side hustle, and your income in over £1000, you must register for self assessment. Also, if you received any income from sources that are not yet reported to HMRC, then you must register for self assessment. These sources can be: dividends, bank interests, capital gains, etc. Moreover, people earning over £100,000 per year must also register for self assessment. Our registration service has been simplified for your convenience. If you want to start a registration (UTR Application), you can use the button below:

The deadline to register for self assessment is the first 5th of October following the end of the tax year you started work, or earned the untaxed income.

Registering for Self Assessment and obtaining your Unique Taxpayer Reference (UTR) number is a critical step for managing your taxes effectively. At T.A.C.S., we streamline this process to make it as seamless as possible for you. Here’s how we can help: 1. **Initial Consultation:** We start with a detailed consultation to understand your specific tax situation and requirements. This helps us tailor our service to best suit your needs. 2. **Filling the Application:** Our team of experienced tax professionals will assist you in filling out the Self Assessment registration forms accurately. This includes verifying all essential details to avoid any delays or rejections by HMRC. 3. **Submission to HMRC:** Once the forms are completed, we handle the submission process to HMRC on your behalf. We ensure that all documents are correctly filed, minimizing potential errors. 4. **Obtaining UTR:** After submitting your application, HMRC will process it and assign you a UTR number, which is necessary for all your future tax dealings. We will follow up on the application status and update you promptly once your UTR number is issued. 5. **Additional Support:** Post-registration, our services extend beyond just getting your UTR. We provide ongoing support and guidance for all your tax-related queries and needs, including annual tax return submissions and compliance checks. At T.A.C.S., our goal is to provide effortless tax solutions from UTR registration to comprehensive tax return submission and beyond, ensuring that you remain compliant and stress-free. Contact us today to get started with your Self Assessment registration and UTR application.

After submitting your UTR application to HMRC, it typically takes about 10 working days to receive your UTR number by mail. In the meantime, you can begin working as a sole trader or self-employed individual. To prepare for your self-assessment tax return, it's essential to keep all business-related documents, such as invoices, receipts, credit notes, and bank statements. These records must be stored, either in paper form or digitally, for at least six years.

Best practice: Be organised: keep your personal and business affairs separated: although is not a legal requirement, it is advisable to have a separate bank account used for business. Financial documents: keep the details of all your transactions for next 6 years. This may include invoices, credit notes, receipts, bank statements, and any other relevant documents used in the self assessment. Be aware of your legal obligations: you have an obligation to submit a self assessment tax return at the end of each tax year. Communication with your accountant: communicate regularly with your accountant and informed them of any changes in your circumstances. Also, provide them with all the necessary information to prepare your self assessment. Review submitted information: double check the information provided to your accountant to avoid delays in the preparation of your self assessment. What to avoid: avoid last minute fillings: submitting your self assessment close to deadline may lead to errors or late submissions. Also, will give you a sort period of time to pay your taxes. don't ignore deadlines: failing to stick to deadlines will lead to penalties and you will be charged interest on amounts owed. don't miss any income in the self assessment: ensure that all your taxable income (taxed or untaxed) is added to the self assessment. don't ignore the correspondence from your accountant: they may request specific information related to your business, pertinent to your self assessment. Ignoring it, it may lead to delays in the submission. don't ignore letters from HMRC: if HMRC writes you, its either to inform you of something or to request something. If the letter contains changes to your tax circumstances and you do not understand it, contact your accountant. If its a request for information, make sure you reply by the deadline specified on the letter. If you want to discuss this in more detail, and the way we can help you and your business thrive, use the button below to contact us:

The Construction Industry Scheme (CIS) is a HM Revenue and Customs (HMRC) initiative in the UK aimed at overseeing and regulating payments from contractors to subcontractors in the construction industry. Under CIS, contractors deduct money from a subcontractor’s payments and pass it to HMRC. These deductions count as advance payments towards the subcontractor’s tax and National Insurance contributions. At T.A.C.S., we provide comprehensive services to ensure your CIS compliance is effortless. From registering your UTR (Unique Taxpayer Reference) number with HMRC, to meticulous tax return submission, our enthusiastic team ensures that all your CIS obligations are met efficiently. We help you keep track of your deductions, optimize your tax savings, and avoid any potential penalties. Let us handle the paperwork and details, so you can focus on what you do best—building and growing your business.

The Construction Industry Scheme (CIS) significantly impacts your tax return if you are a subcontractor within the construction industry. At T.A.C.S., we offer expertise in navigating the intricacies of CIS, ensuring that all deductions and payments are correctly accounted for. As a subcontractor, a portion of your payments will be deducted by the contractor and sent to HMRC, treating them as advance payments toward your tax and National Insurance. When you file your tax return, you'll need to include all CIS deductions. This can result in most case in a rebate or in some cases in additional tax to be paid, depending on your overall tax position. With our effortless tax solutions, T.A.C.S. ensures that you maximize any potential refunds and remain compliant with HMRC regulations, making the tax return process smoother and more efficient for you.

The registration as a subcontractor under the CIS is necessary to avoid having a higher tax deduction from your income. The registration can be made online or through a paper form, based on your circumstances: if you just registering for the first time for self assessment, we can register your UTR under CIS at the same time, or if you already have a UTR number, we can register your UTR number under CIS separately. At T.A.C.S., we make CIS registration a breeze! To register under the Construction Industry Scheme with us, follow these simple steps: 1. **Contact T.A.C.S.:** Get in touch with our friendly team for a consultation. We'll discuss your specific needs and explain how CIS can benefit your business. 2. **Provide Necessary Details:** We'll need some basic information such as your Unique Taxpayer Reference (UTR), National Insurance number, and business type (e.g., sole trader, partnership, or limited company). 3. **We Handle the Paperwork:** Our experts will take care of the entire registration process with HMRC, ensuring all forms are correctly completed and submitted promptly. 4. **Confirmation and Guidance:** Once your registration is confirmed by HMRC, we'll guide you through your obligations under CIS, such as how to verify subcontractors and submit monthly returns. With T.A.C.S., you can rest assured that your CIS registration and compliance are in expert hands, leaving you free to focus on growing your business. Contact us today to get started!

The answer will be based on your personal circumstances. You will need to submit a tax return if: you are registered as self employed or you have an active UTR number you receive income from property rental you received taxable income from other sources such as dividends, bank interest, or you sold an asset your income is over £150,000 per year you have to pay High Income Child Benefit Charge

A self-assessment tax return is a system used by HM Revenue and Customs (HMRC) in the UK to collect Income Tax. Tax is usually deducted automatically from wages, pensions, and savings, but individuals and businesses with additional income must report this income by completing a self-assessment tax return. This includes income from self-employment, rental income, dividends, interest on savings, and earnings from overseas.

The submission of your self assessment is your responsibility, and you can do it either online or as a paper form. Be aware that each option has a different deadline. Another way of submitting your self assessment will be with the help of your accountant. We structured the self assessment process in three major steps: contact us: we will discuss your circumstances and what information we will need from you. send us the information we requested. In the meantime we will work on accessing your HMRC Account as Authorised Agents if we do not have access already. after we prepare your self assessment, we will send it for your approval, and submit it to HMRC once you give us the go ahead. By leveraging T.A.C.S.’s expertise and efficient processes, you can rest assured that your self assessment is in knowledgeable hands, allowing you to focus on your priorities. Contact us today to get started with your Self Assessment

T.A.C.S. specializes in providing comprehensive support for individuals and businesses needing assistance with self-assessment tax returns. Here’s how we can help: 1. UTR Registration Support: If you're new to self-assessment, we guide you through the process of registering for a Unique Taxpayer Reference (UTR) number, ensuring you meet all HMRC requirements seamlessly. 2. Accurate Tax Calculations: We meticulously handle your financial data to perform precise tax calculations, ensuring all allowable expenses and reliefs are considered, thereby optimizing your tax liability. 3. Maximise your tax rebate/ minimise your tax liability: we meticulously review all aspects of your income and expenses to maximise allowable deductions. This will result in maximising your tax rebate, or minimising your tax liability. 4. Professional Tax Return Preparation: Our team prepares your tax return with attention to detail, ensuring accuracy and compliance with HMRC regulations. This reduces the risk of errors that could lead to penalties. 5. Timely Submission: We manage the submission of your self-assessment tax return, ensuring it is filed before the deadline, so you avoid any late-filing penalties and interest charges. T.A.C.S. aims to make your self-assessment process effortless and stress-free, from the initial registration to the final submission and beyond. Let us handle the complexities so you can focus on what you do best.

The process of preparing and submitting your self assessment tax return is straightforward: Contact: we will arrange a phone call to discuss your circumstances and the information we need from you. we will arrange to receive access to your HMRC Online account as Authorised Agents. This will be done by either signing the 64-8 Authorise your agent form, or direct access from your HMRC online account, or through the authorisation code. We will let you know which will be used. you will send us the relevant information related to your self assessment based on the initial call. we will prepare your self assessment. Should we need any additional information we will contact you. after the self assessment is prepared, we will send it to you for your approval. If the information is correct, and we receive your approval, we will submit it to HMRC. If any changes are needed, you will need to let us know.

A simple tax return can be submitted within 24-48 hours, providing that certain conditions are met (we have access to your HMRC Account as Authorised Agents, and we have the necessary income information). That being said, some more complex self assessments can take longer than that and the timing is affected by: completeness of information received speed of replying to our communication the way we accessing your HMRC Account as Authorised Agents existing issues with the HMRC Account Although these may delay the submission, we have processes in place to ensure that the timings are minimised and the self assessment is submitted before any deadlines to the best of our abilities.

To efficiently process your self-assessment with T.A.C.S., you'll need to provide the following information: 1. Personal Information: Your full name, address, date of birth, and National Insurance Number. 2. Unique Taxpayer Reference (UTR): This is a 10-digit number unique to you, essential for your self-assessment. 3. Income Details: Documentation of all income sources, including: - Employment income (P60, P45, or P11D forms) - Self-employment income and expenses - Rental income and expenses if you have rental properties - Any other taxable income, such as dividends or savings interest 4. Expense Receipts: Detailed records of any expenses that you wish to claim as deductions, such as business expenses for self-employed individuals. 5. Bank Statements: Relevant bank statements that reflect income and expenses. 6. Pensions, Investments and other income: Details of any pension contributions and income from investments, dividends, or any other source By providing this comprehensive information, T.A.C.S. can ensure your self-assessment is accurate, timely, and maximizes any potential refunds or deductions. Please make sure all documents are clear and legible and contact us if you need any assistance collecting or understanding the required information.

Claiming a tax rebate through T.A.C.S. is designed to be a straightforward and efficient process! On average, it takes around 4-6 weeks to receive your tax rebate after submission, though this timeframe can vary depending on individual circumstances and HMRC processing times. Once the rebate is processed, it will be deposited into your bank account directly by HMRC. At T.A.C.S., we make it our mission to simplify the tax rebate process, so you can get your money back without the hassle. If you have any questions or need assistance, feel free to reach out to our enthusiastic team who are always ready to help!

The most common option to pay your tax liability is through your HMRC Online Account. You can accessit or register here: However, if you have difficulties signing in, HMRC offers different methods of payment including a direct debit, credit/debit cards payment, bank transfers or cheque payments. If you have difficulties paying the tax liability, HMRC also offers a payment plan option. To check all the options of making a payment use the button below:

At T.A.C.S., we understand the importance of meeting crucial tax deadlines to avoid penalties and ensure peace of mind. For the self-assessment tax return, there are specific deadlines to keep in mind: 31st of October for paper returns 31st of January for online returns For the payment of the tax liability, here are the deadlines 31st of January - payment of the tax due 31st of January - first payment on account for the next year 31st of July- second payment on account for the next year Missing these deadlines can result in penalties and interest charges. Our dedicated team at T.A.C.S. is here to provide you with effortless tax solutions, from UTR registration to Tax Return submission and beyond, ensuring that you never miss an important tax deadline. For tailored assistance and comprehensive support with your self-assessment, get in touch with us today.

Submitting your self-assessment tax return early with T.A.C.S. offers numerous benefits that can greatly simplify your tax obligations and maximize your financial planning. claim your tax rebate sooner early submission allows our experienced team more time to meticulously review and prepare your tax return, ensuring that every deduction and allowance is accurately claimed, potentially saving you money. provides greater peace of mind, as you can avoid the last-minute rush and the stress that often accompanies it. can help you better manage your cash flow by giving you more time to plan for any tax payments due and, if applicable, secure refunds sooner. gives you more time and flexibility to pay our tax Take advantage of our professional support and submit your self-assessment early to experience a smoother, more efficient tax season.

If you received a letter from HMRC claiming that you received a penalty fine for any reason, the first thing you need to do is: do not ignore the letter. Next, you need to follow these steps: check your HMRC Online account to confirm the information on the letter. the letter should state why you received the fine, and what options you have. act of the information given on the letter, and be aware of the deadlines on the letter. Usually, when it comes to self assessment, the fines are received for not submitting the tax return, or submitting late. If that is the case, then you should follow these steps: you should submit the tax return as soon as possible because the penalties will increase until you will submit the tax return (even if you make the payemnt for the initial fine) pay the fine by the deadline written on the letter, otherwise you may be charged interest. If you have a reasonable excuse, you can appeal the fine. If you still have any questions about the letter you received , we are here to help you. we can check the letter and advise you on your next steps, we can prepare and submit your tax return, and we can submit an appeal on your behalf.

At T.A.C.S., we understand the importance of timely tax return submissions to avoid any penalties. As of the current tax year, the fines for a late tax return can vary based on how late the submission is. up to 3 months late- initial penalty of £100. more than 3 months late- daily penalties of £10 per day for up to 90 days, potentially adding an extra £900. more than 6 months: additional £300 or 5% of tax due (whichever is higher) after 12 months of delay, another 5% of the tax due or £300 will be applied. At T.A.C.S., our goal is to provide you with effortless tax solutions, ensuring that you meet all deadlines and avoid these costly fines. If you need assistance with your tax matters, our professional team is here to help you navigate through the process seamlessly.

Wrong. As soon as you registered as self employed, or your UTR number is active, HMRC will expect a tax return from you. This is not affected by how much money you earned, how many days, weeks, months you worked, or if you have to pay tax or not. Simply put it, HMRC does not know how much you earned, how much you worked, so they are expecting you to let them know. If your income is below the personal allowance, then you will not have to pay any tax.

Wrong. Unless HMRC specifically tells you that you do not need to submit a tax return, then they will expect one, even if your income is £0 or you did not work. They do not know that that is the case, unless you let them know.