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:
Individual (including Company Director): £292 inc VAT
Husband and Wife prepared at the same time: £440 inc VAT
Sole Trader or Partner if we prepare accounts: £196 inc VAT
Existing Fixed Fee Clients
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.
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 £98 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 £120 for each director is included on the P11ds. This is the 2015/16 fixed fee paid in July 2016 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.