Our personal tax service includes preparing the draft tax return for approval, submitting the return electronically to HMRC and advising clients of tax payments as they become due.

Fixed Fees for New Clients

The following fixed fees are for a “standard tax return”:

A “standard tax return” is assumed to be one with 5 or less interest figures, 5 or less dividends and no more than 3 employments or pensions. A consolidated Brokers Tax Certificate only counts as one entry for each different source of income on the consolidated tax voucher.

Existing Fixed Fee Clients

All existing fixed fee clients will be treated individually and will receive a specific fixed fee quote based on their circumstances. The figures quoted in our 5th April letters will be for a “standard return” that excludes any CGT and IHT.

A fixed fee is only available for personal tax work if paid by direct debit (or cheque) in July each year.

Sole Traders and Partners – tax disallowance

Where we include personal tax fees with the accounts work, we usually disallow £90 per individual, being 50% of the fixed fee in the tax computations.  As most of the personal tax work deals with the accounts information this disallowance in the adjusted profit computation is set to reflect incidental personal tax work.

For Directors – P11d preparation

Where the cost of preparing a director’s personal tax return is included in the fee to the company, an amount of £255 for each director is included on the P11ds. This is the 2009/10 fixed fee paid in July 2010 and includes VAT.  A separate VAT adjustment should be made in the company records to reduce the VAT claim in respect of this personal cost.