sole trader accounting services
maximise your income by using an accountant!
from £20 per month
As expert self-assessment tax return accountants in Cheltenham since 2009, we will potentially save you hundreds of pounds vs filing your own accounts. We do all of the number crunching and prepare your tax return quickly and easily saving you time and money!
Your tax return will be filed with HMRC on time, every time.
What is a self-assessment tax return
A self-assessment tax return, also known as “Personal Tax Return”, is the process in which individuals can declare their annual tax on income received or gains/profits made on their capital investments.
Some taxes, like PAYE, are collected at source, i.e. employees’ taxes are deducted before pay, and banks tax savings income when paying interest. However, income is not taxed at source in other cases, such as rental property, sole trader business, or sale of an asset that increased in value (e.g. Buy-to-let property). Instead, it must be declared, and any additional taxes paid.
Similarly, a tax return may be done to claim any overpaid taxes, e.g. the wrong tax code was entered by your employer and you were overcharged.
professional tax advice
We do not just do your self-assessment tax returns; we will provide you with the necessary advice and guidance on how to minimise your tax liability. This is because we believe in providing a value-added service, not just number crunching.
We make sure that our clients stay on top of their taxes and financial situations so that they can make well-informed business and investment decisions.
dedicated accountant
Anne will be your dedicated accountant and sole point of contact you can easily reach, whether it's in person at your premises, or our Cranham based offices just outside of Cheltenham, or by phone or email.
If you're a newbie to running your own business you're in safe hands and we'll break down any tax jargon into a simple and easy to understand way and oversee all your tax affairs.
And for experienced business owners changing accounting firms you'll be blown away by our friendly, customer focused approach.
our comprehensive tax return service
Completing and submitting your personal tax return, we follow this 9-step process:
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Supply you with a Tax Return checklist making it easier to gather all the relevant information
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We then use the information you give us to complete your Personal Tax Return.
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To avoid penalties and interest, we calculate your tax bills and payments on the account.
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We will advise you on possible claims and elections to reduce your tax bills except for tax credits. We will make the HM Revenue & Customs required claims and elections (HMRC) if you instruct us.
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Once we have your written approval, we will submit your Personal Tax Return to HMRC.
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We will file your tax return electronically, which means you will know when HMRC has received it, and if you are entitled to a tax refund, you will get it much faster.
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We will check HMRC’s calculation of your tax bills and initiate repayment claims if you have overpaid.
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All refunds from HMRC will be transferred to you directly to your bank account.
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We will deal with all communications relating to your Tax Return from HMRC directly or forwarded to us by you.
Payment dates
Two payments on account are made on 31 January and 31 July after the tax year.
These are 50% of the previous year’s tax due but only apply to income tax, not Capital Gains Tax.
Payment on account is not required if:
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Tax due for previous year < £1,000, or
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80% of tax is collected at source
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Payment due in respect of a simple assessment is due on 31 January after the tax year.
speak to Anne today!
Our self-assessment tax return service from just £20 per month
01452 470165
request a call back
frequently asked questions
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What is a self-assessment tax return?A self-assessment tax return, also known as “Personal Tax Return”, is the process in which individuals can declare their annual tax on income received or gains/profits made on their capital investments. Some taxes, like PAYE, are collected at source, i.e. employees’ taxes are deducted before pay, and banks tax savings income when paying interest. However, income is not taxed at source in other cases, such as rental property, sole trader business, or sale of an asset that increased in value (e.g. Buy-to-let property). Instead, it must be declared, and any additional taxes paid. Similarly, a tax return may be done to claim any overpaid taxes, e.g. the wrong tax code was entered by your employer and you were overcharged.
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Can I book a FREE consultation to discuss my self-assessment tax return needs?Yes! We do not charge for an initial appointment and you'll walk away with lots of useful information. There's no obligation to use us and it's an opportunity to answer all of the questions you may have as well.
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Who needs to do a PTR (personal tax return)/ self-assessment?You will need to do a tax return during the financial year ending 5th April: Self-employed sole traders who are running their own business or service Partner in a partnership Received more than £2,500 in untaxed income (e.g. you received rental income from property) Investors with dividend income Your savings income or investment income was more than or equal to £10,000 before taxes You realised profits from selling assets such as buy to let property or shares Received child benefit when your income was over £50,000 Received income from abroad on which you need to pay UK tax on You lived abroad but received income from the UK You are a trustee There may be other reasons you may need to do a PTR. For example, You may need to do a personal tax return to declare additional payable or reclaimable taxes.
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Notification of chargeabilityIf an individual becomes chargeable to Income tax or Capital Gain Tax for the first time, they must notify HMRC within six months of the end of the tax year in which he becomes chargeable. For example, an individual who received dividend income on the tax year 2023/24 has until 5 October 2024 to notify HMRC. To file a tax return, you need to be registered for self-assessment and have a UTR or Unique Tax Identifier number. A self-assessment registration form is submitted for a UTR number and can take up to 6 weeks for a UTR number to be issued by HMRC.
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Payment datesTwo payments on account are made on 31 January and 31 July after the tax year. These are 50% of the previous year’s tax due but only apply to income tax, not Capital Gains Tax. Payment on account is not required if: Tax due for previous year < £1,000, or 80% of tax is collected at source Payment due in respect of a simple assessment is due on 31 January after the tax year.
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If I don't owe any taxes, do I still need to file a self-assessment tax return?If you have received a letter from the HMRC and been asked to file a tax return, then you must file one even if you do not have any income or even have losses.
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How do I register for self assessment with HMRC?You need to register online with HMRC by creating a Government Gateway account. It’s best to do this as soon as you start earning income that requires you to pay tax. We can handle this for you. Call Anne on 01452 470165
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What information do I need to provide on my self assessment tax return?You’ll need to provide details about your income, self-employed earnings, any other sources of income, expenses, pensions, and benefits. You might also need to include information about capital gains or foreign income.
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What if I made an error in my tax return? Can I amend it?An amended tax return can surely be submitted to the HMRC before the deadline for filing an amended tax return. Generally, you can amend a tax return within 12 months of the tax return deadline for that tax year, e.g., for tax year 2022-23, the deadline for amendment will be 31 January 2025.
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How can I pay the tax I owe through self assessment?You can pay your tax bill through various methods including online bank transfer, credit or debit card, direct debit, or by cheque. HMRC provides guidance on the available payment options.
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Can I claim expenses against my self-employed income?Yes, you can claim legitimate business expenses to reduce your taxable income. Common examples include office rent, travel costs, and professional fees. However, the expenses must be directly related to your business.
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What records do I need to keep for self assessment?You should keep records of your income, expenses, bank statements, invoices, receipts, and any other relevant financial documents for at least 5 years after the self assessment deadline.
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What is Making Tax Digital for Income Tax?Making tax digital MTD for income tax is an initiative by the Government to modernize the way income and expenses are reported. Under MTD you will need to maintain your record in digital format and file quarterly returns. MTD for Income Tax starts in April 2026.
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Can I get professional help to complete my self assessment tax return?Absolutely, many people hire accountants or tax professionals to assist with self assessment. They can help ensure accuracy, claim all eligible deductions, and navigate complex tax regulations. Regent Accountants Cheltenham Ltd has years of expertise in tax planning can help you minimize your taxes.
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How much does a self-assessment tax return cost?The price of a self-assessment tax return start from £20 per month. Give Anne a call today on 01452 470165 for more information or to book a free initial consultation.
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Alexa Young, CA
"Anne has been a wonderful support over many years and many changes to my business. I greatly appreciate her straightforward approach and friendly advice and thoroughly recommend her to any small business looking for a good accountant."
Ian Muir
Direct Sales Solutions Ltd
"Anne is great to deal with and explains everything in layman’s terms. Been my Accountant for 7 years. First class service"
Richard Wakefield
Cheltenham Gas Services
"Regent Accountants has provided a professional service for the last 15 years, Anne has delt with several changes to my business and has always given me advice to enable Cheltenham Gas Services to deal with the challenges a small business comes across."
