Stephenson Smart provide income tax services to many clients across Norfolk and Cambridgeshire.

Our experts can guide you through all aspects of personal tax, from self assessment assistance to bespoke tax planning.

The UK tax system is increasingly complex and the responsibility rests with the individual to calculate and pay the correct amount of tax under self assessment.

We offer a complete service to ensure that all returns are made to HMRC on time, all your obligations as a taxpayer are fulfilled and, most importantly, that the correct amount of tax is paid.

The benefits of using an accountant for your income tax:

  • We can ensure that your tax liability is minimised through income tax planning and the correct calculation of taxable income.
  • We can make sure that all available reliefs and deductions are claimed.
  • We have specialist knowledge to ensure accurate reporting and compliance.
  • Peace of mind that you have paid the correct amount of tax, on time.
Income Tax

The income tax service we provide is:

Professional

Our teams are fully qualified and experienced in income tax, to provide you with an efficient and personal service.

Compliant

As chartered accountants we are aware of your obligations to HMRC and qualified to ensure they are fulfilled.

Supportive

The advice and support we can offer you will give you financial peace of mind.

As part of our income tax service, we can provide:

  • Tax planning to minimise your liability.
  • Knowledge of any reliefs or deductions that may be applied.
  • Correct calculation of tax owed.
  • Assurance that all returns to HMRC will be on time.
  • Registration for self-assessment.
  • Calculation and application for tax credits.
  • Knowledge of benefits in kind such as a company car or van, fuel allowances, private medical insurance, use of company assets for private use.
  • Advice on tax coding notices received from HMRC.

We are members of the Institute of Chartered Accountants, making us fully qualified to be your trusted income tax accountant.

We take time to get to know you and your personal circumstances. We support you to maximise tax savings in the face of ever-changing legislation and increasing pressure on you to formalise and sort out your own tax affairs in the face of harsher penalties and HMRC’s ever growing powers. As such, we can provide expert income tax planning advice.

FAQS

You must complete a self assessment tax return if in the last tax year (6 April to 5 April):

  • you were self-employed as a sole trader and earned more than £1,000 (before taking off anything you can claim tax relief on), or you were a partner in a business partnership.
  • you had a total taxable income of more than £100,000.
  • you had to pay Capital Gains Tax when you sold or disposed of something that increased in value.
  • you had to pay the High Income Child Benefit Charge.

You may also need to complete a self assessment tax return if you have any untaxed income, such as:

  • money from renting out a property.
  • tips and commission.
  • income from savings, investments, and dividends.
  • foreign income.

Individuals are assessable on a wide variety of income such as employment and self-employment income, investment income – both dividend and interest, pensions, child benefits and tax credits, trust income and benefits in kind – such as company cars and fuel allowances and rental income.

Income tax paid to the government is the main way that most people contribute to the country’s financial resources. The government spends income tax revenue on public services including the NHS, welfare, education, and state pensions.

Anyone working in the UK or obtaining an income from a resource in the UK (business or property) will be subject to UK income tax law and liable to pay income tax.

Even if you are under 18 and you earn more than £1,000 in a tax year, you could be liable to pay income tax.