There are many reasons why a private individual would need to submit a tax return such as:
- you're
self-employed
and you earned over £1,000 (before any expenses are taken off);
- you earned income through
property;
- you received income from savings, investments or dividends;
- you're
employed
and your
only
income was above £150,000 for the tax 2023 - 2024;
- you received foreign income;
- you're in a
partnership.
Monix provides services aimed at minimising your tax bill. We do this by understanding your circumstances, with this information we can determine how we can take full advantage of the
tax
savings
options
available.
Here is a detailed look at our process:
- We will prepare your self assessment tax returns together with any supplementary pages required from the information and explanations that you provide to us. After obtaining your approval, we will submit your returns to HMRC.
- We will calculate your income tax, national insurance contributions (NIC) and tell you how much you should pay and when. Where instructed by you we will advise on the interest and penalty implications if tax or NIC is paid late. We will also check HMRC’s calculation of your tax and NIC liabilities, and initiate repayment claims if tax or NIC has been overpaid.
- We will advise you as to possible tax return-related claims and elections arising from information supplied by you. Where instructed by you, we will make such claims and elections in the form and manner required by HMRC.
Where you have instructed us to do so we will provide such other taxation ad hoc and advisory services as may be agreed between us from time to time. These services will be subject to the terms of this engagement letter and standard terms and conditions of business unless we decide to issue a separate engagement letter. An additional fee may be charged for these services. Examples of such work include:
- dealing with any enquiry opened into your tax return or tax affairs by HMRC;
- preparing any amended returns that may be required and corresponding with HMRC as necessary; and
Your responsibilities include:
- ensuring that your self-assessment tax returns are correct and complete;
- filing any returns by the due date; and
- paying tax on time.
Failure to do this may lead to penalties and/or interest.
Remember, taxpayers cannot delegate this legal responsibility to others. You should always check that returns that we have prepared for you are complete before you approve them.
Prices start from £12.50 per month.