Frequently Asked Questions
When do I need to file my Tax Return?
Officially, the deadline is 31st October. However, that’s the latest day by which you need to file. If you’re serious about not paying too much tax and want time to consider any options or advice we might have about minimising your tax liability, then we really recommend you get in touch with us ASAP.
Do I have to file an income tax return?
If you are classed as self-employed, then yes. If you have your own Personal Limited Company or if you are in our Umbrella solution for Directors, then you’ll need to file an income tax return. But don’t worry. Between your Dedicated Account Manager and our expert tax team, you’ll be contacted in plenty of time to get everything sorted.
I have an Investment property but I lose money on it every year. Do I need to give you that information?
Yes. If you’re making a loss, then you still need to declare it. But those losses are carried forward indefinitely and you will be able to offset them against future profits. So even though you have to declare your loss, there’s a benefit in doing so.
What Business expenses can I claim?
There’s no simple answer to that other than to say any expense which was incurred wholly and exclusively to allow you to carry on your trade or profession. However, your Dedicated Account Manager will talk you through any queries you have on expenses.
My only income was through the Salary paid to me through my own company or the Umbrella Company through which I operate. Do I still need to file a tax return?
Yes. Even if your only income is through the salary you were paid, as a company director with share ownership of more than 15%, you must file a tax return. Make sure though to include any medical expenses or college fees, nursing home fees you’re paying. Also make sure to ask if any expense you are paying might have a tax deduction available.