2, Inchford Close, NUNEATON, Warwickshire, CV11 6UF - 024 7637 0515 nicola@nicolafisher.co.uk

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Taxation The second largest part of our work is the preparation and submission of Tax Returns. We live in an era of Self-Assessment of taxation. This means that if an individual has a liability to taxation, he or she must complete a Tax Return whether or not one has been issued. What's more, if you use pen and paper, then the return must be submitted by 30th September following the end of the tax year and you must calculate you own liability. If you get it wrong you may be charged interest! Whilst as matter of course we complete Tax Returns for all of the small businesses for whom we act, we also complete Returns for individuals who are higher rate tax-payers, have high savings income, rental income or Capital Gains. Many people have a misconception that accountants act only for the wealthy, nothing could be further form the truth. As previously stated we live in an era of Self-Assessment and must advise HMRC if we have a liability. Unfortunately when the converse is the case and too much tax is paid or more usually deducted at source, HMRC do not make an automatic refund! Hence many individuals, particularly the elderly, need to complete an annual repayment claim form, to claim a repayment of tax deducted at source from savings income. Again this is something that is routine for us and we can do at a surprisingly low cost. We use accredited tax software which not only makes us more efficient but means that Tax Returns may be submitted until 31st January following the end of the tax year, It also allows for overpayments to be repaid almost instantly to our client's bank account. We can also help with applications for tax credits.

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