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
Capital gains tax is due on the profits made from the sale of capital assets such as property or shares, for example. We can advise you of the best timing for the sale, and look at different reliefs that may be available to enable your tax burden to be kept to a minimum, or even reduced to Nil. Forward planning is the key to minimising your CGT liability, and you can trust us to adopt the correct approach to suit you.
Inheritance Tax
Insufficient consideration towards Inheritance Tax can lead to significant damage to the future wealth of your family. Whilst IHT is not payable on estates of less than £325,000, (including gifts in the last 7 years), the rise in property values over the last decade means that it now affects more families than ever. We can assist you in adopting plans to maintain your family’s wealth and keep IHT to the absolute 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.