Accounting & Tax Services
Chartered Accountant, Chartered Tax Adviser & Book-keeper in Maidenhead
Welcome to SHP Account & Tax, Chartered Accountants & Chartered Tax Adviser in Maidenhead. We provide a reliable service at fixed fee with free initial consultation giving you a peace of mind. If you are a business starter, small company, sole trader, contractor, CIS, personal tax clients in Maidenhead, Windsor, Slough & High Wycombe, you are in the right place.
We offer a wide range of book-keeping, accounting and taxation services. We are easily accessible and ready to listen to what you need, and help you to pay a right amount of tax with value added services.
If you want to have an informal chat, please contact us with brief description of your issues.
what we do
PERSONAL TAX
Self Assessment Tax Return
Income Tax & Capital Gain Tax
Tax planning
Non UK Resident Tax, Non domiciled UK Resident
Inheritance Tax
Tax enquiry
business accounting
Business Start-up
Book-keeping services
Company Accounts Filing
Management Accounting
Business Tax, Corporation Tax
VAT Returns
Business Start-Up
Business Plan
Set up Sole Trader
Set up Company
Set up Partnership
Construction Industry Scheme
(CIS)
Property Tax
Property income Tax
Allowable Property expense
Cash accounting/property allowance
Capital Gains Tax
Stamp Duty Land Tax
Have you registered for Self Assessment Tax Returns?
The deadline for registering for Self Assessment is 5 October following the end of the tax year ie for 23/24 by 5 October 2024.
You have an obligation to notify HMRC of chargeability to income tax and capital gains tax within 6 months of the end of the tax year.
You need to Notify HMRC of chargeability to tax if you have, during the tax year:
- Received self employed income of £1,000 or more before expenses.
- Made a capital gain over your annual exemption (sell shares, property or other assets)
- Employment income that is not taxed under PAYE.
- Dividend income and further tax to pay on that income.
- Any other untaxed income or are liable to tax at higher rates (yearly income over £150K).
- High Income Child Benefit Charge (income over £60K and receiving Child Benefit)
- Become a company director
- Receive income from land and property in the UK
- Have taxable foreign income of more than £300 a year
- Receive yearly income from a trust or settlement
If you fail to make a notification and have unpaid tax as at 31 January following the end of the tax year, penalties will be due unless you have Reasonable excuse for the failure. You can register with HMRC for self-assessment here.
Capital Gains Tax 60 days rule on the sale of residential property
From 6 April 2020, when you sell UK residential property, you need to report UK property return and pay the capital gains tax within 60 days of completion of the sale.
You may still needs to report it on your normal self-assessment return and where joint ownership, each of you need to make a separate return.
You need the return only when capital gains tax (CGT) is due using estimated your income of the year for CGT rate purpose.
Due to the tight 60 days deadline, you must set up a capital gains tax UK property account through government gateway before proceeding.
High Income Child Benefit Charge (HICBC)
Child benefit is a tax-free payment that you can claim for your children (or for children in your care).
However, if adjusted net income of either you or your partner is between £50K and £60K (23/24), £60K and £80K from 6 April 2024, ‘high income child benefit charge’( HICBC) arises and effectively claws back all or part of the child benefit.
Electing not to receive the child benefit?
- You can make an election not to receive child benefit to avoid HICBC.
- Low income earner may still benefit from filling in the child benefit claim form (and choosing not to receive the payments) to get credits for National Insurance and State Pension purposes.
- Higher income earner must register for Self-Assessment and pay HICBC by 31 January following the end of the tax year.
Why choose us?
Non Resident Capital Gain (NRCGT) Tax return
From 5 April 2015, if you are non-UK resident you pay for capital gains tax (CGT) on disposal of UK residential property.
From April 2019, NRCGT applies to:
- Direct disposals of UK land and property, i.e. both commercial and residential.
- Indirect disposal of an interest in a ‘UK property rich’ entity (companies or other entities with 75% or more of gross assets represented by UK land and property)
- You calculate gains or losses using original cost or rebased value:
- For residential property, rebased value at April 2015.
- For non-residential property, rebased value at April 2019.
- you will need to report the sale and pay for capital gains tax within 60 days of completion of conveyance.
Marriage allowance (MA)
If you are married/registered civil partnership for all or part of the tax year ( no requirement for living together), you can claim MA saving tax relief of 20% of transferred amount ie up to £252 for 24/25.
To be eligible for the benefit, both of you are basic tax payers and one of your earning is less than Personal Allowance. If your earning is less than Personal Allowance, you can transfer 10% of Personal Allowance to your spouse/partner, as a result your spouse/partner gets tax relief 20% on the transferred Personal Allowance.
You can claim current tax year and backdate for previous 4 years ie £250 (20/21), 252 (21/22), 252 (22/23). 252 (23/24) & 252 (24/25) saving £1,258!
Once you claim Marriage Allowance, it continues until you notify HMRC about your change of circumstance ie income level, marriage status etc.
