Personal Tax
Need help with your Tax Return or want to pay less tax?
What is Personal Tax?
Personal Tax, also known as Income Tax, is the tax that you must pay on most types of income. This tax must be paid on income from employment, profits you make from your business, rental income if you’re a landlord and most pensions, amongst others.
The amount of personal tax you pay will depend on how much you earn, and what type of income it is. For example, if you are self-employed, you may be paid in both salary and dividends, where each has a different tax rate and threshold.
If you are employed by a company, your income tax and national insurance are deducted from your gross income automatically, so the money you are paid every month (your net income) is yours and does not require you to set any aside for tax purposes. However, should you be self-employed as a ‘sole trader’, or are a partner in a business partnership, you must pay your tax via a Self Assessment Tax Return form. Income tax returns also apply to landlords renting out properties, and sometimes income from savings, investments or dividends, depending on the type.
Self-Assessment Tax Returns
For those new to self-employment, newly renting out a property or investment novices, the thought of filing your self-assessment or tax return can seem intimidating. Even for those who are experienced in self-reporting, the self-assessment tax return process can be time-consuming and often confusing.
It can be beneficial for anyone to have professional accountants filing their returns; the professional advice of a qualified accountant to help with personal taxes and tax disputes can not only offer peace of mind in streamlining the tax return process, but also offer tax saving opportunites. Hayvenhursts Chartered Accountants is a dedicated team of accountants in Cardiff, South Wales, offering a broad range of personal tax services, from tax enquiries to inheritance tax planning.
Who Are Hayvenhursts Chartered Accountants
At our accountancy firm, Hayvenhurts Chartered Accountants, we have extensive experience in a wide range of accounting services including, but not limited to personal tax, business tax, VAT returns and financial management.
Our wealth of experience is open to both business owners and private individuals, offering annual accounts preparation, payroll and PAYE, company secretarial services, business valuations and tax planning services. We appreciate that being a sole trader or company director can be overwhelming at times, so our business growth service can help you with a business plan to attain your business goals, all whilst liaising with HMRC to take reporting obligations and tax planning off your plate.
No matter your accounting needs, we promise to speak to you plainly and without financial and legal jargon. We pride ourselves on always being contactable for advice or enquiries, and our affordable agency fees. Give us a call to discuss passing your administrative burden over to us at Hayvenhursts on 02920 777 756 or contact us here.
How Hayvenhursts Can Help You With Your Personal Taxes
If you are a business owner, a sole trader or an individual with diverse investment interests in South Wales, then we can offer you a comprehensive range of specialist services to reduce your tax liability by minimising your current and future tax burden and ensuring that your tax allowances are fully taken advantage of.
Whether you have extensive financial interests that need management alongside advice as to their tax implications or a business owner wanting help with self-assessment tax returns, we can help. We take pride in our long-term relationships with business and private clients alike, with many of our customers using our professional services year after year.
If you own a company (including owners of large corporations and limited companies), are a sole trader, a landlord or an individual with a large investment portfolio, we can provide all areas of personal tax services:
- All aspects of Self Assessment
- Dealing with Tax Returns
- Tax enquiries
- Tax disputes
- Tax Investigation Fees Protection
- Inheritance tax planning
- Computation of liabilities
- Correspondence with HMRC
- Trusts
We have years of experience in managing the personal tax of private individuals, high net worth clients, entrepreneurs, property owners, higher tax rate pensioners and even celebrities. Our affordable accounting fees and high-quality client service result in our clientele trusting us with their personal taxes, business taxes, and investment taxes. If you are looking for support with your personal taxes, or require help with your self-assesment tax return, then get in touch with Hayvenhursts Charted Accountants for a free consultation by contacting us here or giving us a call on 02920 777 756.
Next Step:
Please contact us if you need further advice, have any questions about our services, or would like a free consultation.
Frequently Asked Questions
The personal tax allowance for Wales is the same for the rest of the UK. For the 2024/2025 financial year, any earnings under £12,570 remain tax-free.
No. Currently, you would pay the same amount of tax if you lived and worked in either England or Wales. This may change in the future if the Senedd Cymru (Welsh Parliament) decide not to keep tax rates the same as the UK rates
Yes, you can pay an accountant to do your Self-Assessment tax return. Whilst you may be capable and willing to complete your own tax return, it can be a complicated, time-consuming and confusing process.
The cost of having an accountant file your personal tax return can vary from as little as £50, to as much as over £500 (plus VAT). Hayvenhursts Chartered Accountants charge a fixed fee linked to the value of what we provide for your unique circumstances, and fee arrangements are always agreed in advance.
If you receive a pension, your pension provider will usually deduct any tax you owe before they pay you – this can apply to both State and private pensions. You will not be taxed on any pension income that falls below the Personal Allowance, but you are responsible for paying any tax on income other than your pensions, where you may need to file a Self-Assessment tax return at the end of the tax year.
Yes, you can submit your own self assessment tax return. Whilst self assessment tax returns can be confusing and time-consuming, if you are organised and have all the relevant information required at hand, it can save you accountancy fees. However, many people opt to engage the services of a tax accountant to ensure everything is in order, the full amount of allowances is applied, and the correct amount of tax is paid.