Self Assessment doesn’t need to be painful.
12% discount for Crowdcube investors.
Investors, you’ve got more important things to think about than your taxes. So let us do them for you.
We’re offering Crowdcube investors a 12% discount on your first TaxScouts tax return or tax advice purchase.
And we mean a few. After a couple of minutes of answering questions online we’ll have everything we need to start preparing your tax return.
That’s right, you’ll be matched with a real accredited accountant who is best suited to prepare your return. Plus, they’re on hand for questions whenever you need.
Once you’ve signed off your return, your TaxScouts accountant will submit your return with HMRC for you.
Filling out your annual return needn’t be taxing. This start-up aims to take the pain out of many people’s biggest headache.
The Times
You’re not alone. If you’ve got a question about tax we’ve probably heard it before and have an answer, or we can walk you through what to do.
If you’re invested in a small business or start-up that is part of the Enterprise Investment Scheme (EIS), you’ll be eligible for EIS loss relief if the business fails.
It’s a type of tax relief available to you when you sell your shares of an EIS business at a loss. The tax relief allows you to reduce the amount of tax you pay HMRC.
Learn how to claim EIS loss relief here.
The current tax-free Capital Gains Tax allowance for the 2023/2024 tax year is £6,000.
You can make a profit up to this amount in capital gains without owing tax on it. However, if you make more than this amount, you’ll need to report it to HMRC and pay CGT through a tax return.
Capital gains include profits from assets like property, stocks and shares, crypto, paintings and more. Figure out what you might owe with our CGT calculator.
There are many tax-free allowances in the UK:
There are also a few tax-free allowances you can claim instead of expenses:
You can see a full list of tax-free allowances here
The type and amount of tax you pay depends on what kind of investment income you’re earning.
This can include Income Tax, Capital Gains Tax, and/or Dividend Tax.
Learn more about the types of investment income and what taxes you might owe HMRC.
We can!
If you use our tax returns service, your accountant will work to minimise any tax owed while preparing your tax return. They will use their expertise to claim relevant expenses, allowances and tax reliefs on your tax return.
We also run a one-off tax advice service where we can help you understand your UK personal tax situation. Whether you’re trying to find ways to reduce your tax bill, to improve your future financial position by making the most of relevant tax reliefs, and more – we can help you.
Check out our tax advice service to learn more.
Simply, it’s when a person or business lawfully pays the least in tax that they need to.
It’s not the same as tax evasion, which is illegal.
Learn more here.
A dividend is a sum of money you might receive if you own shares in a profitable limited company.
There is a yearly tax-free dividend allowance and for the 2023/24 tax year, it’s £1,000. This means you won’t need to pay tax on any dividend income under £1,000.
If you do make more, you pay tax based on what salary band you fall into and will need to report it to HMRC through a tax return.
Not really. Anyone can use the Real Time CGT return for any capital gains (shares, cryptocurrencies, etc.), but only people selling property HAVE to use it – starting from April 2020.
It really depends.
Basically, the Real Time CGT return asks you to estimate how much your income will be for the year. If nothing significant changes and you don’t go over/under £50,000 a year (there are different CGT rates if you earn less or more than this), then you don’t need to do a Self Assessment.
However, if you lose a job or get a significant promotion, you might need to file a Self Assessment as well – by January 31st of the second year.
It usually depends on how complex your tax situation is.
Our standard is two days from the point where our accountant has all the documents they need from you.
One thing to keep in mind: if this is your first Self Assessment you’ll need to register and get a UTR number first. HMRC can take a few weeks to send it by post – so you should register early.
The documents we require depend on why you need to do a Self Assessment.
If your only reason to file one is because you’ve gone over the £150,000 earnings threshold, and your only source of income is employment (PAYE), then we only need a P60 (sometimes a P45 as well), and any P11D forms you might have received from your employer.
However, if you already have an HMRC Online Services account, we can simply connect to it and simply pull your information from there. And, in case you’re wondering, we’re authorised by HMRC to do this.
For any other reasons to do a Self Assessment, we have a longer list of documents here.
After your personal, accredited accountant has filed your tax return, all you need to do is prepare to pay your bill or, if you’re due one, wait for your refund.
You can do this either directly on HMRC online or via your TaxScouts account, where we’ll redirect you to HMRC’s payment portal.