What we do
Xcess Outsource offers clients HMRC tax computation, filing of returns, in addition to assistance in presenting the same to tax authorities. The number of personal tax returns that have been filed from our end on behalf of our UK accounting clients is impressive to say the least. With sound knowledge of the system and the provisions, we are equipped to offer professional advice and assistance that has helped our clients over the years to comply with HMRC Self Assessment Tax Returns guidelines.
Capabilities
Landlord And Property Income
As a landlord, you might not think of yourself as self-employed or a small business owner. HMRC, however, does, and if you’re making money from renting out your properties you’ll need to fill in a Self Assessment tax return. The Self Assessment process can seem rather daunting at first, especially given how many changes to tax are announced every year.
- We have been dealing with landlord and property tax since 2013.
- We can keep track of rental income
- We can claim all allowable expenses on rented property.
- We can calculate tax on number of properties owned.
- We can submit tax returns and all necessary schedules.
- We can deal with revenue department on your clients’ behalf.
You’ll need to provide
- Last year’s working papers
- Checklist
- Software backup
- Current year documents and files
Capital Gains
Capital gain is an increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.
Foreign Income
The amount of income earned from a foreign source that is excludable from domestic taxation. The foreign earned income exclusion can only be claimed by those who meet the foreign residence or physical presence tests, who have a tax home in a foreign country, and have foreign income.
Dividend Income
Distribution of earnings to shareholders that may be in the form of cash, stock, or property. Mutual funddividends are paid out of income, usually on a quarterly basis, from interest generated by a fund’s investments. Also known as a dividend distribution.
Salary Incomes
Income from salary is the income or remuneration received by an individual for services he is rendering or a contract undertaken by him. This clause essentially assimilates the remuneration received by a person for the services provided by him under the contract of employment.
This amount of remuneration will be considered as income for the purposes of Income Tax Act only if there is an Employer and employee relationship between the person who is making the payment and the person who is receiving the payment.
