Personal tax accountant
in Oswestry.
The director’s self-assessment, prepared in Oswestry from the same payroll and dividend records as the company accounts, so the two agree.
Dividends
Dividends declared by the company go on the director’s return. Finstem reconciles each one to the company’s vouchers and minutes, so the return and the accounts show the same figures.
What’s included
- Every dividend matched to a voucher and to the profits available when it was declared
- The dividend allowance and the rates for the year applied on the return
- A dividend the profits did not cover flagged before it reaches the return, not after
Who it’s for
Any director paid partly or wholly in dividends. The accounts and the return are prepared by the same person, so the dividend figure is entered once.
Salary
A director’s salary runs through the company payroll, so the return takes its figures from the P60 and the Real Time Information submissions Finstem already files.
What’s included
- Salary and tax deducted taken from the payroll records, not re-keyed from a payslip
- Employment income from any other job or a pension reported in the same return
- The salary and dividend mix for the coming year reviewed while it can still be changed
Who it’s for
Directors on the company payroll, including one paying only themselves. If Finstem does not run the payroll, the P60 is enough to start.
Benefits in kind
A company car, private medical cover or a loan from the company can all be taxable benefits. Finstem reports them on the company’s P11D and on the director’s return from the same figures.
What’s included
- Each benefit valued under HMRC’s rules and reported on the P11D for the company
- The same figures carried onto the director’s return, so a benefit is reported once and the same way
- The director’s loan account reviewed before the year end, since an overdrawn balance can cost the company tax too
Who it’s for
Directors with a company car, health cover, or a loan account that goes overdrawn during the year.
Property income
A director who lets a property in their own name reports the rent on the same return as their salary and dividends. Finstem prepares the property pages from the letting records, with the allowable expenses claimed.
What’s included
- Rental income and expenses for each property, from the agent’s statements or the director’s own records
- Mortgage interest on a residential let relieved under the current rules
- Making Tax Digital for Income Tax checked each year, as it now applies to landlords above HMRC’s threshold
Who it’s for
Directors with a rental property in their own name. A property owned by the company goes through the company accounts and the CT600 instead.
Deadlines
The return is prepared once the company’s year-end figures are in, so the amount due and the dates are known months before they fall.
What’s included
- The online return filed by 31 January, with the balancing payment due the same day
- The second payment on account due by 31 July, confirmed to the director in writing
- Payments on account explained the first time they arise, so the first January bill is not a surprise
Who it’s for
Every director whose return Finstem prepares. HMRC’s dates do not move; the work is done early so they are not a rush.
Questions about personal tax.
Get in touchQ1I am a company director. Do I have to file a tax return?
Not automatically; being a director is not by itself a reason. A director who takes dividends above the allowance, has benefits in kind or has other untaxed income usually does. Finstem checks whether a return is needed and registers the director with HMRC if it is.
Q2Can you tell me what I owe before January?
Yes. The return is prepared once the company’s year-end figures are in, so the amount and the dates are known months ahead. Any payments on account for the following year are confirmed at the same time.
Q3Do you do returns for sole traders or landlords?
No. Finstem Accountants acts for limited companies and their directors. A director’s rental or other income goes on their return; sole traders, and landlords who are not directors of a client company, are not taken on.
Q4Can you plan my tax as well as file the return?
Yes. The return is the record; the planning happens earlier in the year, when salary, dividends and pension contributions can still be changed. Tax planning in Oswestry covers what gets decided when.
Talk to licensed accountants in the West Midlands.
Accounts, tax and payroll for limited companies and their directors, quoted in writing before any work starts.
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