PERSONAL TAX ADVICE
WE PROVIDE PERSONAL TAX ADVICE FOR A VARIETY OF CLIENTS WITH VASTLY DIFFERING CIRCUMSTANCES.
This ranges from simple tax computations and filing, through to more complex tax affairs. With each client, however, our motivation is always the same; to maximise our clients wealth and reduce their tax. Our Personal Tax service can include;
Self-assessment Tax Returns
With our income tax return service, we can remove the burden of administration and ensure every deadline is met. You simply provide us with your financial records in relation to your tax affairs, and we will;
- Prepare all the necessary calculations and deductions.
- Claim any reliefs, deductions, allowances and repayments that you might be due.
- Ensure you meet end of quarter deadlines
- Ensure you avoid all penalty fees
- Make sure your application is checked for errors and omissions
- Timely reminders when your next Tax Return is due.
- Register, if required, and submit your information via the Government Gateway, which can take up to 2 weeks to complete.
Some of our clients do not need to file Self-Assessment tax returns, but they like the reassurance of us annually reviewing their tax position for peace of mind, often we spot problems with Code Numbers and P800 calculations which we are able to resolve satisfactory.
Capital Gains Tax
Capital gains tax is payable on gains made from the sale of capital assets such as property, shares, stocks, etc. There are a wealth of different reliefs and planning opportunities available. Our main objective, therefore, is to ensure you are claiming all available reliefs to help reduce your tax bill.
Tax affairs become very complex when there are overseas issues, such as, being UK tax resident but non-domiciled individuals; or on leaving the UK and becoming non-residents of the UK.
We are often asked to address issues of domicile and the tax implication, particularly where planning is needed prior to tax residence status changing.
Many clients approach us, seeking advice on the tax implications of owning Buy-to-Let properties.
Clients with buy-to-let properties are expected to submit a Self-Assessment tax return (SATR) each year, declaring their profit after deducting allowable costs from the income. Tax is then payable on this profit. One of the key tax issues in respect of buy-to-let properties; is determining whether expenditure can be offset against income and tax i.e. is it of a revenue nature? If it is capital expenditure, then the cost may only be offset against the capital gain arising on the eventual disposal of the property.
There are also tax changes ahead, relating to the tax relief due on mortgage interest payable, and this is going to have an impact on the profitability of investing in property, specifically, with the purpose of renting it out in order to provide a return on investment.
If you have any concerns about these changes, then do feel free to contact us and discuss the options available to you. In fact, if you need any advice on the tax implications of all aspects of owning a buy to let properties, including the funding, ownership and disposal strategies, as well as assisting with reporting the income on your self-assessment tax return, then do contact us.
Personal Tax Planning
Tax, whether on your income, business or investments, can be a complicated and hard to unravel. It can be difficult to know what you should and should not be paying, what new tax legislation means for you and how best you can utilise your tax payments.
Efficient tax planning can make a huge improvement to your personal and business finances, not just in terms of immediate cash flow and profit, but also in protecting your wider interests and securing your wealth for the future.
Tax planning involves thinking ahead to create a strategy that helps minimise the amount of taxes you pay. Sometimes planning is required when circumstances change, such as, on family changes, retirement, death, although strategic planning is important at all stages in life.
We’ll talk with you to fully understand your personal or corporate financial goals and then help you create a tax strategy that follows all tax regulations applying to you.