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As an introductory offer we are giving all new customers £25 discount off of the standard Self Assessment tax return price of £275 + VAT.

This is applied when all information has been passed over for processing by 30th November following the end of the tax year.

Please note the standard price does not include bookkeeping for high volume Sole Trader businesses. 

The Sole Trader Tax return including annual bookkeeping is £375 + VAT (based on information being submitted electronically with a maximum of 50 transactions per month). 

Please contact us for a tailored quote for higher volume businesses. 

Please do not hesitate to get in touch if you would like to discuss your requirements 

MTD for ITSA will apply to individuals from April 2024, if their total gross income from self-employment and property exceeds £10,000 in a tax year. 

Most businesses will have 2 years to prepare and test the service voluntarily prior to its introduction but eligible businesses can take advantage of the opportunity to go digital for Income Tax now.

Businesses can sign up if they’re a sole trader with income from one business and/or are landlords.

If a business that signs up to MTD for Income Tax has no other income to provide to HMRC they won’t need to complete a separate Self Assessment return.

Where additional personal income needs to be reported, such as employment income, bank and building society interest, dividends and Gift Aid, additional functionality will be made available in the coming months to allow software providers to build this into their products, meaning many more businesses will be able to send all of their additional personal income details using MTD.

Once you have signed up to MTD for ITSA You’ll need to keep digital records of all your business income and expenses and:

send quarterly updates to HMRC

submit an end of period statement when you finalise your business income and expenses for the tax year

submit your final declaration and pay the tax you owe by 31 January of the following year

You’ll still need to send HMRC a Self Assessment tax return for the tax year before you signed up for Making Tax Digital for Income Tax.

To find out more about MTD for ITSA or to sign up visit https://www.gov.uk/guidance/sign-up-your-business-for-making-tax-digital-for-income-tax

You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over £50,000 and either:

You or your partner get Child Benefit

someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s upkeep

It does not matter if the child living with you is not your own child.

To work out if your income is over the threshold, you’ll need to work out your ‘adjusted net income’. Your adjusted net income is your total taxable income before any personal allowances and less things like Gift Aid.

If your individual income is over £50,000 and so is your partner’s, then whoever has the higher income is responsible for paying the tax charge.

‘Partner’ means someone you’re not permanently separated from who you’re married to, in a civil partnership with or living with as if you were.

If your income is over the threshold you can choose to either:

Get Child Benefit payments, and pay any tax charge at the end of each tax year, or

not get Child Benefit payments, and not pay the tax charge

The Child Benefit tax charge is a 1% repayment of the benefit you have received during the tax year for every £100 over £50,000 that you earn. For example, if you earn £52,000, you will need to repay 20% of the benefit received.

If you choose to not get Child Benefit

You will still need to fill in the Child Benefit claim form but you need to state on the form that you do not want to get payments.

You need to fill in the claim form if you want to:

Get National Insurance credits, which count towards your State Pension

Ensure your child gets their National Insurance number automatically before they’re 16 - otherwise they need to apply for one themselves

You can get up to £500 every 3 months (up to £2,000 a year) for each of your children to help with the costs of childcare. This goes up to £1,000 every 3 months if a child is disabled (up to £4,000 a year).

If you get Tax-Free Childcare, you’ll set up an online childcare account for your child. For every £8 you pay into this account, the government will pay in £2 to use to pay your provider.

You can use tax-free childcare to pay for approved childcare, for example, childminders, nurseries and nannies, after school clubs and play schemes. However, your childcare provider must be signed up to the scheme before you can pay them and benefit from Tax-Free Childcare. Check with your provider to see if they’re signed up.

If your child is disabled you can use the extra Tax-Free Childcare money you get to help pay for extra hours of childcare. You can also use it to help pay your childcare provider so they can get specialist equipment for your child such as mobility aids. Talk to them about what equipment your child can get.

Your eligibility depends on - if you are working, your income (and your partner’s income, if you have one), your child’s age and circumstances and your immigration status

If you are working, you can usually get Tax-Free Childcare if you (and your partner, if you have one) are in work, on sick leave or annual leave,

on shared parental, maternity, paternity or adoption leave

(If you’re on adoption leave, you cannot apply for the child you’re on leave for unless you’re going back to work within 31 days of the date you first applied)

If you are not currently working you may still be eligible if your partner is working, and you get Incapacity Benefit, Severe Disablement Allowance, Carer’s Allowance or contribution-based Employment and Support Allowance. You can apply if you’re starting or re-starting work within the next 31 days.

You’ll need to expect to earn a certain amount over the next 3 months. This is at least the National Minimum Wage or Living Wage for 16 hours a week on average. For example, over the next 3 months you expect to earn at least £1,976 - the National Living Wage for people over 23. If you have a partner, they’ll need to expect to earn at least this much too.

If you’re self-employed and do not expect to make enough profit in the next 3 months, you can use an average of how much you expect to make over the current tax year.

This earnings limit does not apply if you’re self-employed and started your business less than 12 months ago.

If you or your partner have an expected ‘adjusted net income’ over £100,000 in the current tax year you will not be eligible. This includes any bonuses you expect to get.

To find out more about Tax-Free Childcare, visit https://www.gov.uk/tax-free-childcare