When a salary is not the whole story
If all your income is a salary taxed through PAYE, you often do not need a tax return at all. The trouble starts when something else is added. A flat you let out, dividends from shares, a side business, a bonus that pushes you into a new band, or money from abroad. Each one has its own rules, and they interact with each other in ways that are hard to spot on your own.
Many of our personal tax clients work in the City or the West End and live in Fulham, Parsons Green or Putney. Their payslip is handled by an employer, but the rest of their financial life is not. We bring it all together into one accurate return, and check your PAYE tax code while we are at it, because a wrong code is a common reason for underpaid or overpaid tax.
We also look at the household as a whole where that helps. A married couple in Parsons Green where one partner earns far more than the other may be able to hold savings or investments in a different way, or use the marriage allowance, so that less of their income is taxed at higher rates. These are small, legal adjustments, but they are only spotted when someone looks at both returns side by side.
Income types we deal with
Every source of income goes on a different part of the return, and some need supporting calculations.
- Employment income, bonuses and taxable benefits such as a company car or private medical cover
- Rental income from UK or overseas property
- Dividends, where the first £500 is covered by the dividend allowance
- Savings interest outside an ISA
- Share options and employee share schemes
- Foreign salary, pensions, investments and property
- Capital gains from selling shares, crypto or property
What is included
- Full self assessment tax return preparation and filing
- Employment, benefits and share scheme income
- Rental, dividend and savings income
- Foreign income and foreign tax credit relief
- High Income Child Benefit Charge calculations
- Pension and Gift Aid relief claims
- Capital gains reporting
- PAYE tax code checks
High earners and the child benefit charge
Higher income brings extra rules. Once income passes certain levels, your tax free personal allowance is gradually withdrawn, which creates a very high effective tax rate on part of your income. Pension contributions and Gift Aid donations can reduce the income figure used for this test, but only if they are reported properly.
The High Income Child Benefit Charge applies when the higher earner in a household has income over £60,000. The charge claws back child benefit gradually and takes all of it back once income reaches £80,000. Plenty of families in Fulham pay the charge through self assessment without realising that a pension contribution could reduce or remove it.
If you pay into a personal pension and are a higher or additional rate taxpayer, the extra tax relief is not given automatically. You have to claim it, usually through your return. It is one of the most commonly missed reliefs we see.
Foreign income and residence
London attracts people from all over the world, and many of our clients in Chelsea, Kensington and Earls Court have income or assets abroad. UK residents are generally taxed on their worldwide income, with relief for foreign tax already paid under double taxation agreements.
The old remittance basis for non domiciled individuals was abolished from 6/4/2025. It was replaced by a new regime that gives relief on foreign income and gains for a limited period to people newly arriving in the UK. Whether you qualify depends on your residence history. If you moved to London recently, or are planning to leave, we can work through the statutory residence test and the new rules with you.
Common mistakes on personal returns
Most errors we find are honest ones, but HMRC can still charge penalties and interest when it finds them.
- Leaving out small amounts of interest or dividends because tax seems already paid
- Not claiming higher rate relief on pension contributions
- Reporting rental profit after deducting full mortgage interest
- Missing foreign income such as rent from a property overseas
- Forgetting the child benefit charge when income rises partway through the year
What to send us
Your P60 and any P11D from your employer, interest and dividend statements, pension contribution statements, rental figures and details of any foreign income are the main items. If you have sold shares or property, we also need purchase and sale details. Your Unique Taxpayer Reference and last year's return help us check for anything carried forward.
Send us an enquiry with a short note of your income sources. We review your position for free and agree a fixed fee before any work starts. Most clients send documents through a secure upload and we go through the draft return together before it is filed.
Who this suits
- Employees with rental or investment income on the side
- High earners in Fulham and Chelsea with bonuses or share options
- Families affected by the child benefit charge
- People who have recently moved to London from abroad
- Company directors who receive dividends
Common questions
Do I need to file a tax return if I am employed?
Not usually, if PAYE covers all your income. You do need one if you have untaxed income such as rent or self employment profits above the allowances, need to pay the child benefit charge, or have foreign income or capital gains to report.
How do I claim higher rate tax relief on pension contributions?
If you pay into a personal pension, the provider adds basic rate relief automatically. Higher and additional rate taxpayers claim the rest by entering the contributions on their tax return.
I have income from a property overseas. Do I need to declare it?
In most cases, yes. UK residents are taxed on worldwide income, and foreign rental income goes on the foreign pages of your return. You can usually claim credit for tax already paid in the other country.
Can an accountant check my tax code?
Yes. We check that your PAYE code reflects your benefits, other income and any underpayments from earlier years. If it is wrong, we ask HMRC to correct it.
What happens if I made a mistake on a past return?
You can usually amend a return within 12 months of the 31/1 filing deadline. For older years, there are other ways to put things right with HMRC. Coming forward yourself usually leads to lower penalties.
Is the dividend allowance the same as the personal allowance?
No. The dividend allowance is a separate £500 band that is taxed at 0%. Dividends above that are taxed at dividend rates, which depend on your other income.
What is the difference between a personal tax return and self assessment?
Self assessment is the HMRC system for reporting income that is not fully taxed at source. Your personal tax return is the form you complete within that system. Our self assessment page covers registration, deadlines and payments in more detail.
How long does it take to get a tax refund after filing?
If your return shows you have overpaid, HMRC usually repays it within a few weeks of filing online, although some refunds are held for extra checks. Filing early in the tax year, rather than close to 31/1, normally means you get the money sooner.