Tax & Tax Planning
Personal Tax by MSK Accountants Preston Ltd
“Personal tax? Oh, no thanks”. Guys, this isn’t Monopoly. Tax isn’t an option, so in real life when you collect £200 for passing go, you’ve got to pay some tax to HMRC. So now we know that tax is compulsory, let’s try and make it easy to understand.
You will pay personal tax on money earned from your income, pensions, savings and various other benefits. Personal tax accountants (like us) make sure you’re tax compliant and avoid any surprise bills.
What do personal tax accountants do?
How do I find a good tax accountant?
Right here. But in all seriousness, look for an accountant that will keep things legal, simple, and on time. We’ll do all the fiddly bits and will try to save you paying more tax than you need to, but we will never break the rules for you. Ever.
Do you need an accountant to do your tax return?
How do I set up a personal tax account?
Setting up your personal tax account can be done on HMRC’s website. Before you begin, you’ll need to have your National Insurance number, passport or a recent P60 handy. Then head on
When is personal tax due?
Your personal tax deadline is midnight on 31st January the year after your tax year ends. For example, for the tax year ending 5th April 2024, it will need to be submitted before 31st January 2025.
How long do I have to keep personal tax records for?
Coming straight from the horse’s mouth, HMRC says that “you must keep your records for at least 5 years after the 31st January submission deadline of the relevant tax year. HM Revenue and Customs may check your records to make sure you’re paying the right amount of tax.”
What is a personal tax summary?
A personal tax summary might not be something you want to get framed, but it’s definitely helpful to have. HMRC issue personal tax summaries to confirm how much income tax and National Insurance you paid during a tax year. The tax summary will also show how the government spent your tax.
What is a personal tax allowance?
This is the amount of money you can earn free from tax. For example, for the year 2025-2026, the personal tax allowance is £12,570, meaning you don’t get taxed on that income. Anything earnt over £12,570 will be subject to tax.
Am I eligible for a personal tax allowance?
To take advantage of juicy tax-free income in the UK, you must either:
- hold a British passport
- be a citizen of a European Economic Area(EEA) country
- have worked for the UK government at any time during that tax year
What is the personal income tax rate?
To see the personal income tax rate for the tax year 6th April 2025 to the 5th April 2026, please visit the Government website.
CIS Returns – Accountancy & Tax Services
We know that submitting CIS Returns isn’t always as straightforward as it should be, which is why we work on behalf of contractors & sub-contractors to ensure that they are both compliant and stress free.
Our CIS Returns service includes monthly statements which are emailed to your sub-contractors so you can focus on running your business rather than printing and handing out pieces of paper. We advise the contractors on what they need to pay over to HMRC each month and ensure that any CIS they suffer is also recorded with HMRC.
CIS Returns Simplified, With MSK Accountants
Under the Construction Industry Scheme (CIS), contractors must submit a CIS return before the 19th of each month to inform HMRC about any payments that they’ve made to a sub-contractor, this will then be used as an advanced payment for your sub-contractor’s national insurance and tax.
Not only do we claim contractors CIS suffered back from HMRC so you don’t have to, but we also save you valuable time each month so you can concentrate on growing your business and doing what you do best.
Sub-contractors
Although they are self-employed, Construction Industry Scheme (CIS) workers often have an amount deducted from their payments before they receive them. This is to cover their tax and National Insurance contributions (NIC). For many CIS workers the amount deducted will be too high, and they will be due a refund when they submit their tax return.
Contact our friendly team or send us a message to find out more about our services and see how we can help solve your tax headaches.
