The majority of people do not have to complete a tax return ie. those receiving employment income and some bank interest. However, if your financial affairs are slightly more complicated you may be required to complete and submit a tax return to HM Revenue and Customs, for example, if you are a company director, have self employment income or other sources of untaxed income
We appreciate that filling in a tax return can be confusing, stressful and frustrating and we are happy to take all of these stresses away. We will complete the form on your behalf and guide you through self assessment ensuring that you are compliant with the submission of your tax return and other relevant forms. We will make sure you are fully aware of forthcoming deadlines to ensure you are not hit by any unwanted penalties.
Income Tax & NI – Personal
With the increasing tax rates and capped personal allowances, it is important that you keep up to date with reliefs that are available to you. Our team can help you reduce your income tax to a minimum by the continual monitoring of changes in tax laws and by updating you with the changes and how this can be applied to your current situation.
Capital Gains Tax
This tax is due on the profits made from the sale of capital asset such as property or shares, for example. We can advise you of the best timing of the sale and look at different reliefs that may be available to keep your tax payable down to a minimum or even reduce the tax to Nil. Planning is key in reducing your CGT liability and we will implement the correct approach for you
Inheritance Tax
This is a tax that is, unsurprisingly, the least thought about but can cause significant damage to the future wealth of your family. IHT is not payable for estates (including gifts in the last 7 years) of less than £325,000. However, with the rise in property values over the last decade, the tax now affects more families than ever. It is essential that plans are put in place to maintain your family’s wealth and keep IHT to a minimum.
It can be a very complex area but we can give you options, help and advice that will help minimise the tax due.
Stamp Duty Land Tax
We will be able to advise you on the impact SDLT will have on your proposed transaction. We can also review the transaction and advise on any ways to reduce the tax.
Personal Tax Planning
We approach your personal accounting needs from a working knowledge of your circumstances. This leads to a more proactive, focused service for all your personal taxation affairs. We would ask you to review the following specific services as your needs are met.
Improve Your Exposure To Tax
In addition to the areas outlined below, there are many other opportunities for taxpayers to reduce their tax burden.
We have saved our clients significant amounts of tax using genuine tax planning solutions. We do not advise upon risky unproven tax schemes which may disappoint. Our approach is to get to know your requirements and then consider a sound tax planning strategy to suit you.
We would be delighted to provide you with a no obligation initial consultation with one of our experienced members of our tax planning team.
Income Tax Planning
- Recover income tax you have overpaid in the previous four tax years
- Avoid paying the higher and additional rates of income tax
- Reduce your overall income tax burden
- Use of Gift Aid donations, pension contributions, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCT)
Capital Gains Tax Planning
- Minimise the CGT on the sale of property
- Structure your affairs so that you only pay the minimum CGT on the sale of certain assets
- Defer CGT using various reliefs and exemptions available
- Use of Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCT)
Inheritance Tax (IHT) Planning
- A general review of your own and of your family’s assets
- Using lifetime planning to reduce IHT
- Structuring wills effectively, trusts and other shelters to protect and maximise your family’s inheritance in conjunction with your legal advisors
Trusts
Once these are established, we can assist with the:
- Preparation of accounts
- Administration of distributions
- Negotiation with HMRC
- Provision of advice in conjunction with your legal advisors
Other Savings Opportunities
- Save National Insurance by restructuring remuneration packages
- Increasing your finance requirements from tax rebates
- Pension planning by reviewing your existing contributions and obtaining the maximum tax relief
- Protecting your personal assets where long term care costs are required
Lifetime Events
The following lifetime events should be accompanied by a review of your tax position:-
- Becoming married or entering a Civil Partnership
- Having children
- Separation and divorce
- Career progression
- Starting a business or selling a business
- Changes to your business
- Getting older and retirement
Upon Death
- Reviewing the existing will to consider varying the terms to suit the beneficiaries more effectively and to minimise IHT
- Administering the Estate to realise the assets and minimise the taxation thereon
- Assisting with the income tax, CGT and IHT compliance of the Estate to ensure that the tax returns and the administration are effectively completed and the minimum amounts of tax are paid.
Non Resident Landlord Tax Service
- We operate our Non Resident Landlord tax service – dealing with the UK tax aspects of owners of UK properties typically as expats on temporary overseas postings or overseas investors in UK properties; but also for overseas based investors in the UK property sector.
