Personal Tax by MyTaxDoc

The phrase “Personal tax? Oh, no thanks” may work in a game of Monopoly, but in the real world, taxes are mandatory. Unfortunately, when you collect money in real life, such as through income, pensions, savings, or benefits, you are obligated to pay a portion to HMRC in the form of personal tax.

Personal tax accountants, like our team, can assist you in ensuring that you comply with tax regulations and avoid any unexpected tax bills. Our goal is to make tax comprehension simple and straightforward.

What do personal tax accountants do?

Enlisting the assistance of a personal tax accountant can provide you with a comprehensive understanding of managing your taxes, including income tax, inheritance tax, capital gains, and trusts. Our personal tax services include preparing and submitting your tax returns to HMRC on your behalf. Additionally, a skilled personal tax accountant will review your tax liabilities, ensuring that you take advantage of any applicable claims or benefits.

How do I find a good tax accountant?

Looking for a reliable tax accountant? We offer legal, simple, and timely services, and prioritise compliance with the rules. While we aim to minimise your tax burden, we never break the law.

Do you need an accountant to do your tax return?

As experienced tax accountants, we possess a wealth of knowledge that enables us to save you time and reduce the likelihood of errors in your tax affairs. If you prefer to handle your personal taxes yourself, that’s okay, but using tax return software can be daunting. Our up-to-date knowledge and expertise ensure that we can take care of your personal tax for you.

How do I set up a personal tax account?

You can set up your personal tax account by visiting the HMRC website and having your National Insurance number, passport, or a recent P60 handy.

When is personal tax due?

The deadline for submitting your personal tax is midnight on January 31st the year after your tax year ends.

How long do I have to keep personal tax records for?

You must keep your personal tax records for at least five years after the 31st January submission deadline of the relevant tax year. HM Revenue and Customs may check your records to ensure you’re paying the correct amount of tax.

What is a personal tax summary?

A personal tax summary confirms the amount of income tax and National Insurance you paid during a tax year and how the government spent your tax. Your personal tax summary does not include information such as VAT, stamp duty, fuel, inheritance tax, capital gains tax, or other allowances.

What is a personal tax allowance?

Your personal tax allowance is the amount of money you can earn tax-free. The personal tax allowance for the year 2021-2022 was £12,570, and any income over that amount is subject to tax. You may be eligible for a higher personal allowance in certain situations, such as Blind Person’s Allowance or Marriage Allowance.

Am I eligible for a personal tax allowance?

To take advantage of juicy tax-free income in the UK, you must either:

• hold a British passport
• be a citizen of a European Economic Area (EEA) country
• have worked for the UK government at any time during that tax year
• What is the personal income tax rate?
• For the tax year 6th April 2021 to the 5th April 2022, these are the following income tax rates and bands:

How much is a personal tax accountant?

Contact us and we’ll provide you with a personalised quote for our services. The cost will vary depending on the specific personal tax services you require, so we can’t provide a one-size-fits-all price. Typically, our fees start at £230 and increase from there.

Talk to MyTaxDoc about your personal tax

It’s crucial to remember that personal tax is unique to each individual, and what works for one person may not be applicable to you. To ensure that your personal tax process runs seamlessly, get in touch with us through our contact form or by calling 01329 889345.