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, 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 Returns
Income Tax & Capital Gains Tax
Tax planning
Inheritance Tax
Estate Tax Returns
Tax enquiry
business accounting
Business Start-up
Book-keeping services
Company Accounts Filing
Management Accounting
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
Why choose us?
Who needs Self Assessment Tax Return?
The deadline for registering for Self Assessment is 5 October following the end of the tax year ie for 24/25 by 5 October 2025.
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 on sale of 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)
- Receive income from land and property
- 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.
Reform to the taxation of non-doms: new FIG regime
From 6 April 2025, new foreign income and gains (FIG) regime applies and replaces the remittance basis for non-UK domiciled taxpayers.
4-year foreign income and gains (FIG) regime
With the FIG claim, you will be free of UK tax on eligible FIG for your first four years of tax residence after period of 10 consecutive years of non-residence.
However, claiming the FIG, you will lose Personal Allowance, Marriage Allowance and Capital Gains Tax Annual exemption.
Temporary Repatriation Facility (TRF)
If you have been taxed on the remittance basis, you can elect for the TRF to pay tax on previously untaxed and unremitted FIG that arose before 6 April 2025. The tax rate will be 12% for the first 2 years and 15% for the third year.
Replacing the domicile-based system for Inheritance Tax (IHT) with a residence-based system
Whether you pay for IHT on non-UK assets is whether you have been resident in the UK for at least 10 out of the last 20 tax years (long-term resident) immediately preceding the tax year in which the chargeable event (including death) arises.
Once you became a long- terms resident, you will be subject to IHT on woldwide assets.
Making Tax Digital for Income Tax
What is Making Tax Digital (MTD) for Income Tax?
If you are landlords and self-employed, under the MTD you will need to keep digital records of income and expenditure relating to your businesses and rental properties and need to report digitally to HMRC in quarterly basis.
Who does MTD apply to?
Self-employed individuals and landlords with gross ‘qualifying income’ of more than £20,000 per year.
When does MTD apply from?
The requirements of MTD will apply to sole traders and landlords in three phases:
- Phase 1: from 6 April 2026 – those with gross qualifying income of more than £50,000.
- Phase 2: from 6 April 2027 – those with gross qualifying income of more than £30,000.
- Phase 3: from 6 April 2028 – those with gross qualifying income of more than £20,000.
Qualifying income is the gross income from sole trade and property businesses (ie sole trade and property income combined and measured before expenses).
For jointly held sources of income, only the relevant share is counted – eg if a husband and wife own a rental property equally, each spouse’s qualifying income would be their share of the gross rent.
Capital Gains Tax reporting 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 tax 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 £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 benefits.
- Higher income earner must register for Self-Assessment and pay HICBC by 31 January following the end of the tax year.
Non Resident Capital Gains (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 25/26.
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 £252 (21/22), £252 (22/23), £252 (23/24), £252 (24/25) & £252 (25/26) saving £1,260!
Once you claim Marriage Allowance, it continues until you notify HMRC about your change of circumstance ie income level, marriage status etc.
