What Expenses Can Be Claimed When Self-Employed? If you are self-employed you are probably wondering what expenses you can and cannot include in your Tax return to claim back a Tax rebate. Here we have a summary that may help you along the way. To ensure you receive the best possible Tax rebate it is […]
Tax Return Review Services
NO WIN - NO FEE
Was your Tax rebate simply not big enough? Did your colleagues receive a higher Tax refund than you? Have you completed your own Tax return and you are unsure that you have claimed everything possible? If yes, then our Tax Return Review Service is for you.
Quick and Easy Tax Return Review Service
If you believe there is a shortfall with your earlier Tax returns, we will be more than happy to conduct a review over your expenditure and relief claims.
Whether you have prepared the Tax returns yourself or used the services of another accountant, it is extremely common to find under-claimed Tax reliefs or Tax deductible costs. This essentially means that your Tax rebate was not maximised to the fullest potential.
Our service involves undertaking an audit of your previous Tax returns with the sole intention of looking for possible Tax relief claims. With yourself being self-employed, there are so many areas of expenditure available as a Tax deduction, and because of this, it is common for things to be missed.
How Does the Review Service Work?
First of all, we will manage the majority of the work. We first start by requesting copies of your previous Tax returns. Most of the time we can do this on your behalf using the HMRCs Tax agent system. Sometimes we may have to request copies of the returns to be posted out.
Once we have copies of the Tax returns, we will then review what expenses and claims has been claimed, and where further opportunities lie for more Tax rebates.
Given that there are many items that can be missed during the preparation of a Tax return, we would carry out a full audit ensuring everything that can be claimed, will be claimed. We will then request a revision on your behalf and you receive your proper Tax rebate for that year.
How Much Does The Service Cost?
If we are unable to get you any more Tax back from HMRC, our costs will be zero! Where we can get you more Tax back, our costs are limited to £75 per return.
The good news is that it is very common for us to find areas where more Tax can be reclaimed back from HMRC and further refunds of £500 per year is a frequent occurrence. Given that you can go back to 2014/15, that is four Tax returns that can be reviewed.
Remember, we won’t charge you if there are no further Tax rebates. It is a true no-win / no-fee service. In 87% of cases we find it is worthwhile making a claim.
Will You Contact My Former Accountant?
In most circumstances this won’t be necessary but it may be required that we need to clarify how they have calculated certain reliefs or expenditure claims. We won’t do this without your prior agreement.
That aside, and as mentioned above, we would usually be able to source an exact copy of your Tax return filed directly from HM Revenue & Customs. In which case we wouldn’t need to contact your former accountant.
How Far Back Can We Go?
Current Tax law allows us to go back four years, which would include the following years:
There are deadlines for making revisions to previous Tax returns, and on that basis it is recommended that you act without delay to avoid being able to get more Tax back.
Given that we find an average of further £500 Tax each year, you could potentially be due £2,000 back, perhaps more.
How Long Will The Process Take?
We try to act as quickly as possible, but inevitably this process also relies on HMRC processing our requests.
Once we have authority to speak with HMRC on your behalf and have copies of your Tax returns, it would take up to 30 days for HMRC to action your repayment.
For the later years (2016/17 & 2017/18), it can be possible for these revisions to be made electronically, in which case Tax rebates can be paid out within two weeks.
All of the necessary UK Income Tax and National Insurance rates and allowances for the Income Tax year 2018/19 – fiscal year ending 5th April 2019.
Tax refunds are great, everyone loves a Tax rebate from HM Revenue & Customs. In many situations overpayments of Tax occur without the Tax payer knowing, or even HMRC having any knowledge. Because of this, they never get paid but get swallowed up by the Tax office over time. You don’t even need to register […]