Tax questions from individuals and businesses in Cardiff

A return may be required because of self-employment, untaxed income, rental profit, gains, foreign income, partnership income or a notice from HMRC. The correct test depends on the tax year and the nature and amount of the income. Check the official Self Assessment rules or ask us to review the position.

Keep evidence of income, tax deducted, allowable expenditure, pension contributions, charitable gifts and relevant acquisitions or disposals. Bank statements support the records but do not always establish the tax treatment on their own.

Rental income and allowable property expenses are normally brought together for the relevant tax year. Ownership shares, residential finance costs, jointly owned property and losses brought forward require separate attention. The government’s property income tax guidance explains the reporting starting point.

No. The calculation depends on ownership, acquisition cost, enhancement expenditure, sale costs, occupation history, available reliefs, losses and the rules applying on the disposal date. A reporting deadline may apply even when the annual tax return is filed later.

UK reporting can depend on residence, domicile-related rules for the period, the source and amount of income, foreign tax paid and any claim or election. Foreign income should not be omitted merely because tax was deducted overseas. See the UK foreign income overview.

No. The statutory accounts and Corporation Tax return are connected but distinct. The tax computation adjusts the accounting result for tax rules, and the figures should reconcile with the accounts submitted for the same period.

Review taxable turnover against the registration rules and consider whether compulsory registration, voluntary registration, exemption or a special case applies. Do not wait for the year-end accounts if turnover is approaching the applicable threshold.

The return should be supported by digital records, valid sales and purchase evidence, the correct VAT treatment and reconciliations to the business accounts. A bank payment alone does not establish that input tax can be claimed.

Pay must be calculated under the PAYE and National Insurance rules, with the required Real Time Information report sent on time. Pension duties, student loans, statutory payments, benefits and year-end forms may also apply.

No. Compare expected profit, drawings, salary, dividends, pension funding, administrative cost, commercial risk and future plans. A company is a separate legal and tax entity, so the decision should not be based on one headline rate.

Read the complete letter, note the tax, period, questions and reply deadline, and preserve the records. Before responding, establish what HMRC is entitled to request and make sure the answer is consistent with the return and source documents. The official compliance check overview explains the general process.

First understand the subject and gather the relevant filing and records. An unprepared call can create confusion if dates, figures or ownership are uncertain. Urgent protective action may be needed where the letter sets a short deadline.

The correction route depends on what was omitted, the affected years, whether the normal amendment window remains open and whether HMRC has already contacted you. Calculate the full position before choosing the disclosure method.

Not usually. A disclosure may require a tax calculation, interest, a penalty analysis and an explanation of how the error arose, as well as correction of the underlying figures. The appropriate route depends on the facts and taxes involved.

Explain what happened, the tax year or accounting period, what has already been filed, the condition of the records and any deadline. A short factual outline is enough; you do not need to identify the technical tax rule.

The fee follows the work, records and risk. We identify the return, calculation, advice or correspondence required and confirm the scope before paid work starts. Published prices cover defined routine work; extra sources, missing records and HMRC matters are assessed separately.

Most matters can be managed by telephone or video meeting with secure document exchange. We will tell you if original documents, identity checks or another arrangement is required.

No. You should have the opportunity to review the relevant figures and explanations before authority is given to file a return on your behalf.