Income Tax Return Preparation

Personal Tax Return Preparation

Filing an accurate and complete personal tax return is essential for maintaining compliance with HMRC while ensuring you claim all available tax reliefs and allowances. Our income tax return preparation service provides end-to-end support, from gathering information through to submission, with proactive tax planning to minimise your tax liabilities.

Whether you're self-employed, have multiple income sources, or have complex tax affairs, our personal tax specialists ensure your tax return is prepared accurately, submitted on time, and optimised to maximise tax savings.

Who Needs to File a Tax Return?

You may need to file a self-assessment tax return if you:

• Are self-employed with annual income over £1,000
• Have income from property rental
• Have income from investments or savings over certain thresholds
• Have capital gains from asset disposals
• Are a company director (unless all income is PAYE)
• Have income from overseas
• Have income over £100,000
• Need to claim certain tax reliefs
• Have been asked to file a return by HMRC

Our Tax Return Preparation Service

Comprehensive Information Gathering

We work with you to gather all necessary information, including:

• Employment income (P60, P11D, benefits in kind)
• Self-employment income and expenses
• Property rental income and expenses
• Investment income (dividends, interest, savings)
• Capital gains from asset disposals
• Pension contributions and reliefs
• Charitable donations and gift aid
• Other income sources and deductions

Accurate Tax Return Preparation

Our tax specialists prepare your return with meticulous attention to detail:

• Accurate completion of all relevant tax return sections
• Calculation of tax liabilities using current tax rates and allowances
• Claiming all available tax reliefs and allowances
• Optimising tax positions through strategic planning
• Ensuring compliance with all HMRC requirements

Tax Relief and Allowance Optimisation

We ensure you claim all available tax reliefs and allowances:

• Personal Allowance: Ensuring full use of the personal allowance (£12,570 for 2023/24)
• Marriage Allowance: Transferring allowances between spouses where beneficial
• Pension Contributions: Maximising pension tax relief through contributions
• Charitable Donations: Claiming gift aid relief on charitable donations
• Employment Expenses: Claiming allowable employment expenses
• Self-Employment Expenses: Ensuring all allowable business expenses are claimed
• Property Allowances: Utilising property income allowances and rent-a-room relief

Proactive Tax Planning

Beyond tax return preparation, we provide proactive tax planning to minimise future tax liabilities:

Income Tax Planning

• Strategic timing of income receipts to optimise tax rates
• Utilising tax bands and allowances effectively
• Planning for high-income child benefit charge
• Optimising pension contributions for tax relief

Capital Gains Tax Planning

• Strategic timing of asset disposals to utilise annual exemptions
• Planning for principal private residence relief
• Utilising capital losses to offset gains
• Coordinating disposals across tax years

Tax-Efficient Investment Planning

• Utilising ISA allowances for tax-free savings and investments
• Planning for dividend and savings allowances
• Optimising investment income tax positions

Self-Employment Tax Returns

For self-employed individuals, we provide comprehensive support:

• Preparation of self-employment pages with accurate income and expense reporting
• Calculation of taxable profits and Class 2/4 National Insurance
• Planning for payments on account
• Advice on allowable business expenses
• Support for Making Tax Digital (MTD) requirements

Property Income Tax Returns

For property landlords, we handle:

• Rental income reporting and expense deductions
• Mortgage interest restrictions and alternative finance costs
• Furnished holiday letting treatment where applicable
• Property loss relief and carry-forward planning
• Capital gains tax on property disposals

HMRC Compliance and Submissions

We ensure full compliance with HMRC requirements:

• Accurate tax return preparation meeting HMRC standards
• Timely submission before 31 January deadline (or 31 October for paper returns)
• Payment planning and payments on account management
• Handling HMRC enquiries and correspondence
• Amending returns where necessary

Why Choose Acumon for Tax Return Preparation

Next Steps

Ensure your tax return is prepared accurately and optimised for maximum tax savings. Contact our personal tax specialists to discuss your tax return requirements and discover how we can help minimise your tax liabilities through comprehensive preparation and proactive planning.