Personal Tax Services – Keytax Accountants

Personal Taxation Services

Personal Taxation

We can start for you.

As an accountant, we can provide you with a range of services to help you register with HMRC and keep accurate records of your financial transactions. Here are some ways we can help:

Registering with HMRC: We can assist you in registering with HMRC for a range of taxes, including income tax, corporation tax, VAT, and PAYE. We'll help you understand your tax obligations and ensure that you're registered correctly and on time.
Formation and incorporation: If you're starting a new business, we can provide advice on the most appropriate legal structure for your business, such as sole trader, partnership, or limited company. We can also assist with the formation and incorporation process and help you understand the tax implications of each structure.
Bookkeeping and accounting: Keeping accurate financial records is crucial for any business, and we can provide a range of bookkeeping and accounting services to help you manage your finances. This may include setting up accounting software, maintaining records of income and expenses, preparing financial statements, and reconciling bank accounts.
Tax planning and advice: We can provide you with advice on tax planning to help you minimize your tax liability and ensure that you're complying with all relevant tax laws and regulations. This may involve advising you on the most tax-efficient ways to structure your business or investments, or helping you understand the tax implications of specific transactions or events.

Overall, our goal is to help you manage your finances and tax obligations in a way that maximizes your profits and minimizes your tax liability. Contact us today to learn more about how we can help you register with HMRC and keep accurate financial records.

Sole Trader

As an accountant, We can help you with your sole trader tax return by gathering all the necessary financial documents, calculating your taxable income, completing the tax return form, checking for errors, and submitting the form to the relevant tax authority by the due date. We can also provide advice on tax planning to reduce your tax liability in the future. Contact us today to learn more.

In addition, we have a state-of-the-art reminder system that will keep you informed about your upcoming tax return deadlines. We'll send you regular reminders so that you're always aware of when your tax return is due. This way, you won't have to worry about missing any deadlines or incurring any penalty charges.

At Midas Accountants we're committed to providing you with the best possible service. We'll take the stress out of filing your self-assessment tax return so that you can focus on your business. Contact us today to learn more about our services and how we can help you with your tax needs.

In the UK, sole traders are self-employed individuals who run their own business. As a sole trader, you are responsible for managing your finances, keeping records of your income and expenses, and reporting your taxable profits to HM Revenue & Customs (HMRC). The taxation system for sole traders in the UK is based on self-assessment, which means that you are required to complete an annual tax return to report your income and calculate the amount of tax you owe. The deadline for submitting your tax return is 31st January following the end of the tax year, which runs from 6th April to 5th April the following year. As a sole trader, you will pay income tax on your profits, which is calculated as a percentage of your total income. You will also be liable for National Insurance contributions (NICs), which are based on your profits and are paid on top of income tax. It's important to keep accurate records of all your income and expenses throughout the year to ensure that you are paying the correct amount of tax and to avoid any penalties for incorrect reporting. Seeking the advice of a qualified accountant can also help you to navigate the taxation system and ensure that you are making the most of any available tax allowances and deductions.

Self Employment

At Keytax Accountants we understand that filing your self-assessment tax return can be a stressful and time-consuming task. That's why we offer a comprehensive service that will help you file your tax return on time and avoid any potential penalty charges.

Our team of experienced accountants will gather all the necessary information to complete your self-assessment tax return accurately. We'll take care of all the paperwork and ensure that your tax return is submitted to HMRC on time.

At Keytax Accountants we're committed to providing you with the best possible service. We'll take the stress out of filing your self-assessment tax return so that you can focus on your business. Contact us today to learn more about our services and how we can help you with your tax needs.

Self-employment refers to working for oneself instead of being employed by someone else. As a self-employed individual, you are responsible for managing your own business and finances, including marketing your services, finding clients, and maintaining financial records.

One of the advantages of self-employment is the ability to set your own hours and work on projects that you are passionate about. However, self-employment also requires a lot of hard work and dedication, as well as the ability to manage your finances and plan for the future.

In the UK, self-employed individuals are required to register with HM Revenue & Customs (HMRC) and file an annual tax return. You will be responsible for paying income tax and National Insurance contributions on your profits, which is calculated based on your total income minus allowable expenses.

Self-employment can take many forms, from freelancing and consulting to starting your own business. It's important to carefully consider the pros and cons of self-employment and to seek the advice of a qualified accountant or business advisor to help you make informed decisions about your career path.

Property Income

At Keytax Accountants we understand that managing your property income can be a complex and time-consuming process. That's why we offer a comprehensive service that will help you file your property income tax return on time and avoid any potential penalty charges.

Our team of experienced accountants will gather all the necessary information to complete your property income tax return accurately. We'll take care of all the paperwork and ensure that your tax return is submitted to HMRC on time.

In addition, we have a state-of-the-art reminder system that will keep you informed about your upcoming property income tax return deadlines. We'll send you regular reminders so that you're always aware of when your tax return is due. This way, you won't have to worry about missing any deadlines or incurring any penalty charges.

At Keytax Accountants we're committed to providing you with the best possible service. We'll take the stress out of managing your property income so that you can focus on your business. Contact us today to learn more about our services and how we can help you with your tax needs.

In the UK, property income is subject to tax, and landlords must report their rental income on their annual tax return. The taxation of property income is based on the type of property and the way it is rented out. For residential properties, landlords are taxed on their rental income after deducting certain expenses, such as mortgage interest payments, repairs and maintenance costs, and letting agent fees. The amount of tax payable is based on the landlord's marginal tax rate, which can range from 20% to 45%, depending on their total income. For commercial properties, the taxation of rental income can be more complex. The rental income is subject to both income tax and corporation tax, depending on how the property is owned and managed. In addition, the landlord may be able to claim capital allowances on certain expenses, such as fixtures and fittings. It's important to keep accurate records of all income and expenses related to your property, to ensure that you are paying the correct amount of tax and to avoid any penalties for incorrect reporting. Seeking the advice of a qualified accountant or tax advisor can also help you to navigate the taxation system and ensure that you are making the most of any available tax allowances and deductions.[/accordion]

Dividend

At Keytax Accountants we take our responsibility to help our clients manage their dividend income very seriously. Our team of expert accountants is committed to helping our clients accurately report their dividend income on their tax returns and ensuring that they are filed on time.

We offer a comprehensive service that involves gathering all the necessary financial documents, calculating the taxable amount of dividend income, completing the tax return form, checking for errors, and submitting the form to the relevant tax authority by the due date. This way, our clients can be confident that their dividend income tax returns are accurate, complete, and compliant with all relevant tax laws and regulations.

In addition, we also provide advice on tax planning to help our clients reduce their tax liability and ensure that they are making the most of their investments. We help our clients understand the different tax rates that apply to dividend income and advise them on the most tax-efficient ways to structure their investments.

Overall, our role as an accounting firm is to provide our clients with expert advice and support to help them manage their dividend income and meet their tax obligations. By choosing Midas Accountants our clients can avoid potential penalties and ensure that they are making the most of their investments. Contact us today to learn more about our services and how we can help you with your dividend income tax needs.

Dividend Income: Dividend income is the income that an individual receives from their shareholdings in UK companies or foreign companies that are subject to UK corporation tax. In the UK, there is a dividend allowance which allows individuals to earn up to £2,000 in dividends tax-free each year. Any dividends received above this allowance are subject to tax at different rates, depending on the individual's total income. The rates range from 7.5% to 38.1%, depending on the individual's tax bracket. It's important to note that the dividend tax rates are different from the income tax rates, which means that an individual's total income (including any dividend income) can affect the rate of tax they pay on their dividends. In addition, some dividends are subject to different tax rates, such as dividends from foreign companies or dividends received by shareholders who are not UK residents. These dividends may be subject to different tax rates and may require additional reporting to HM Revenue & Customs (HMRC).

Crypto income

At Keytax Accountants we offer a range of services to help our clients navigate the complex world of cryptocurrency taxation.

Here are some services we can offer:

Tax reporting and compliance: Our team of expert accountants can help you accurately report your cryptocurrency transactions on your tax returns and ensure that you are complying with all relevant tax laws and regulations. We'll help you calculate your taxable gains and losses, complete the necessary tax forms, and submit them to the relevant tax authorities.
Tax planning: We can provide you with advice on tax planning to help you reduce your tax liability and maximize your tax savings. This may involve helping you understand the different tax rates that apply to cryptocurrency transactions and advising you on the most tax-efficient ways to structure your investments.
Record keeping: Keeping accurate records of your cryptocurrency transactions is crucial for tax purposes. We can help you set up a system for tracking your cryptocurrency transactions and ensure that you have all the necessary documentation to support your tax reporting.
Audit support: If you're ever audited by the tax authorities, we can provide you with the support you need to respond to any inquiries and ensure that you're properly represented.

Overall, our goal is to help you manage your cryptocurrency investments in a tax-efficient manner and avoid potential penalties. Contact us today to learn more about our cryptocurrency taxation services and how we can help you.

Crypto Income: Cryptocurrency income is also subject to tax in the UK, and the way it is taxed depends on how the individual earned the income. If the individual is considered a trader, any profits made from buying and selling cryptocurrencies are subject to income tax at their marginal tax rate, which can range from 20% to 45%. If the individual is considered an investor, any profits made from buying and holding cryptocurrencies are subject to capital gains tax (CGT) when they sell their cryptocurrencies. The CGT rate can range from 10% to 28%, depending on the individual's total income and the amount of profit made. It's important to keep accurate records of all income and expenses related to your dividend income and cryptocurrency income, to ensure that you are paying the correct amount of tax and to avoid any penalties for incorrect reporting. Seeking the advice of a qualified accountant or tax advisor can also help you to navigate the taxation system and ensure that you are making the most of any available tax allowances and deductions.

Capital Gain Tax (CGT)

At Keytax Accountants we understand that capital gains tax (CGT) can be a complex and confusing area for many individuals and businesses. That's why we offer a range of services to help our clients manage their CGT obligations and ensure that they are maximizing their tax savings.

Here are some services we can offer:

Tax reporting and compliance: Our team of expert accountants can help you accurately report your capital gains and losses on your tax returns and ensure that you are complying with all relevant tax laws and regulations. We'll help you calculate your taxable gains and losses, complete the necessary tax forms, and submit them to the relevant tax authorities.
Tax planning: We can provide you with advice on tax planning to help you reduce your CGT liability and maximize your tax savings. This may involve helping you understand the different CGT rates that apply to your investments and advising you on the most tax-efficient ways to structure your transactions.
Record keeping: Keeping accurate records of your capital gains and losses is crucial for tax purposes. We can help you set up a system for tracking your investments and ensure that you have all the necessary documentation to support your tax reporting.
Audit support: If you're ever audited by the tax authorities, we can provide you with the support you need to respond to any inquiries and ensure that you're properly represented.

Overall, our goal is to help you manage your capital gains tax obligations in a tax-efficient manner and avoid potential penalties. Contact us today to learn more about our CGT services and how we can help you.

In the UK, capital gains tax (CGT) is a tax on the profits made when you sell or dispose of an asset that has increased in value.

The amount of CGT you pay depends on a number of factors, including the type of asset you sold, how long you owned it, and your total income for the tax year. For the tax year 2022/23, the CGT tax-free allowance is £12,700, which means you can make a profit of up to this amount before you have to pay any CGT. Any profits made above this amount are subject to tax at different rates, depending on your total income and the type of asset you sold.

In the UK, capital gains tax (CGT) is usually payable on the profit made when you sell or dispose of an asset that has increased in value.

Here are some common assets that are subject to CGT in the UK:

Property: This includes any residential or commercial property that you own, including second homes, rental properties, and land.

Investments: This includes shares, bonds, and other securities that you hold in a personal investment portfolio or through a self-invested personal pension (SIPP).

Business assets: If you're a business owner, CGT may be payable when you sell or dispose of certain assets used in your business, such as equipment, vehicles, and property.

Personal possessions: Certain high-value personal possessions, such as artwork, antiques, and collectibles, may also be subject to CGT if they are sold for more than their original purchase price.

It's important to note that there are certain exemptions and reliefs available that may reduce or eliminate your CGT liability. For example, you may be able to claim Entrepreneur's Relief if you're selling a business, or claim Lettings Relief if you're selling a property that was previously rented out.

However, the rules surrounding these exemptions and reliefs can be complex, so it's always a good idea to seek the advice of a qualified accountant or tax advisor.

For individuals, the CGT tax rates are as follows: 10% on gains from the sale of assets that qualify for Entrepreneurs' Relief

20% on gains from the sale of other assets (such as shares, property, and personal possessions)

For higher rate taxpayers, the CGT tax rates are higher: 20% on gains from the sale of assets that qualify for Entrepreneurs' Relief

40% on gains from the sale of other assets (such as shares, property, and personal possessions)

Personal Taxation

We can start for you.

Sole Trader

Self Employment

Property Income

Dividend

Crypto income

Capital Gain Tax (CGT)

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