Offers

Yearend Limited Company Accounts from £55+VAT per month.

Self-Assessments from £25+VAT per month.

We can tailor a package around your business needs and set up a monthly payment plan if you wish.

Personal tax returns Coventry

We are here to help you calculate your tax liability, schedule necessary payments so they are made in time and requests refunds for any overpayments. We take the burden out of your hands by helping you understand all the rules associated with tax returns and all the penalties you need to avoid for failing to comply. Fortress Accounts is your reliable tax consultant and adviser dealing with VAT, PAYE, capital gains tax and other tax-related issues.

The self-assessment cycle

Expect to receive your tax returns notice after the end of every fiscal year which runs from 6 April to 5 April the following year. If you are self-employed, a landlord or a company director, HMRC will issue you a tax return.

Penalties

For any late submissions HMRC will impose a penalty of; £100 penalty after the due date for filling has gone even if you don’t owe any tax or the tax due had been paid. £60 daily fee up to £100 for 3 months delay. An additional £200 or 5% of the tax due if higher after 6 months delay. A further £300 or a further 5% of the tax due if higher. A penalty of 100% of tax due can be imposed for serious cases.

Calculating the tax liability and ‘coding out’ an underpayment

HMRC can complete and send you the tax liability in advance before your tax is due if you request them to. The return though will have to be completed and filed by 31 October of the following fiscal year but if the return is filed online, HMRC will exceed the return to 30 December.

HMRC collects any underpayment of tax through your tax code, a process known as ‘coding out’.

HMRC Enquiries

MHRC can send you or your accountant a written notice within 12 months of the filing date. An enquiry can be made to identify errors or omissions for a tax return.

 

Keeping records

Bank statements, invoices for purchases or other expenses plus bank receipts must be kept plus credit card statements, tax deduction certificates, and dividend vouchers.

Who needs to send personal tax returns in Coventry, UK?

If you own a small business, a sole trader in the UK or a company director, landlord and make more than £10,000 per year from all your income sourced or have an investment with more than £100 returns annually you will need to send tax returns.

Personal Tax Planning

Self-assessment can be overwhelming, and if you’re unfamiliar with all aspects of taxing you professional advice and support. Fortress Accounts is here to help you plan ahead to optimise your tax benefits.

What Making Tax Digital really means

MTD is the change of the administration of the tax system in the UK. It allows you to keep all your records online and using digital means and software to complete your tax returns.

Can you opt-out of making tax digital?

You can opt-out if you have already voluntarily signed up for the MTD and your taxable turnover has not exceeded £85,000 since you signed up and if you contact HMRC, they will do so in your next return period. You will still need to continue keeping digital records until your next return period and to submit your next returns using MTD compatible software.

Is making tax digital compulsory?

If you are a VAT registered business with a turnover of more than £85,000 annually you must comply with MTD, but because the system has only been operational for a few years much business don’t have to comply but must make it a priority to get into the system.

Does Making Tax Digital affect my business?

How you maintain your records and transact and communicate with HMRC will be affected by MTD. All VAT registered businesses are obligated as of 2019 to use online methods to send and receive information from HMRC.

How do I claim my self-assessment tax refund?

Work with us and we will help you claim your refund in optimal time. We will fill the request payment form for you from HMRC. We deal with all necessary paperwork and let you wait for the money.

Do HMRC automatically refund overpaid tax?

If you receive a P800 tax notice at the end of the year and it indicates that you overpaid your tax, you will receive an automatic refund in your next wage packet either to your bank or by cheque.

How can I claim my income tax refund online?

To claim online for an income tax refund you will need to use your P800. Visit the gov.uk website and search for the HMRC section and sign in to your personal tax account to claim a refund.

How much do you have to earn before doing a tax return?

If you are a sole trader or self-employed and earn more the £1000 per year from your business you are required to file for a tax return. If you earn less, you are not required to do so.

Do I have to declare income under 10000?

Yes, every self-employed individual in the UK is required to declare their income if they earn more than £10000 annually so they can be eligible to file for tax returns.

Do I need an accountant for self-assessment?

YES. Here at Fortress Accounts, we know it’s possible to end up with unclaimed tax returns by the end of the year so we are here to help you to claim everything you legally are entitled to.

How much does an accountant charge for self-assessment?

You can pay between £125 to £270 to cover assessment preparation and submission of forms to HMRC. The complexity of your tax issue and enquiries from HMRC might affect the rate.

How long does it take an accountant to do a tax return?

Most accountants will work between 5 to 2 weeks to help you deal with your tax return. An extension to 8 weeks is also possible.

Get in touch

To speak to one of our friendly, highly skilled accountants, please complete the form on our “Contact Us” page or just give us a call. We’ll discuss with you what your requirements are and quote our fees, so you know exactly where you stand right at the start.

Of course, you may already be running your own business. You’re possibly unhappy with your current accountant, or maybe just want a second opinion on some advice you’ve been given, potential business ideas, or just some general tax advice… Just get in touch with Fortress Accountants in Coventry and we’ll do everything we can to help!

Contact Us

Very knowledgeable and provided a sterling service and support

I'd like to thank Andrew @ Fortress Accounts for the advice and assistance my LTD company received over the past couple of years. Always available, very knowledgeable and provided a sterling service and support. Thank you!

Vassilis Pateras

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Excellent communication

Excellent communication, expertise and very informative. Recommend them to anyone!

Ben C

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A real pleasure to deal with

Fortress Accounts were recommended to me to support me in my first Tax self assessment. In my ignorance the complete system and details were explained in a language that I could understand and appreciate. The whole process was completed with the the utmost professionalism and I was guided through every action I was required to complete. Any questions I asked were not only answered but explained to ensure I fully understood the answer. I can not recommend Fortress enough to any business or private individual that requires any kind of accountancy service. The fact that I needed an accountant comes...

Lee Evans

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Exactly what I was looking for

First time using an accountant and couldn’t be happier. Extremely well organised, make everything crystal clear, simple and hassle free which allows me to get on with the other tasks in running the business. Exactly what I was looking for, and could not recommend Fortress highly enough.

Alex C

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Worth every penny

Worth every penny. Patient, knowledgable and a good communicator. I use Fortress for business accounts and my personal self-assessment, as well as any additional advice needed to stay on top of legal requirements. Andy has saved me considerably more money than I spend on his services, and massively reduced the stress around filing returns and handling HMRC correspondence. Highly recommended.

Andy W

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Excellent Accountancy firm

Excellent Accountancy firm. I was behind with my tax returns but Fortress Accountants sorted my tax returns, within 24 hours. Thank you Fortress.i will recommend you to all my co workers.

John Lewis

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I can not say enough good things about this firm

I can not say enough good things about this firm. Andrew and the Fortress team corrected the mistakes made by a less qualified firm and got me on track and able to focus on running my business. My business is located in the UK, with both British and American owners. Fortress has repeatedly gone above and beyond regarding all of the nuance of doing business internationally and the tax implications that arise. I appreciate Fortress's understanding and caring about my business.

Brad Palkevich

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Worth their weight in gold

I can’t stress enough how much Fortress Accounts stand out from the rest of the accounting services you may receive. Nothing is too much to ask for and everything is broken out clearly and in great depths. Worth their weight in gold. Extremely recommended

Matt Omari

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