Chartered Accountants

Services - Personal Tax Advice

Personal Taxation

We can take care of all your personal taxation needs including self assessment tax returns, capital gains tax and inheritance tax. We aim to help you to minimise your tax bills through forward planning and by taking maximum advantage of tax allowances to help you to keep more of your money.

Personal Taxation Compliance

Self Assessment tax returns can be confusing and complicated; HM Revenue and Customs places the responsibility firmly on the taxpayer with penalties for being late or for getting it wrong. We can complete the core forms and determine and complete the supplementary pages relevant to your circumstances. By letting us take away the burden of responsibility we can also ensure that your personal tax return is submitted by the 31 January deadline avoiding any fixed penalties. Because we calculate your tax, you know in advance how much tax is due to the Revenue and can therefore avoid any surcharges on tax unpaid.

If you are self-employed, there are further complications. You may have additional NIC payments to make and "Payment on Account" payments to make twice a year. Leave us to remember these deadlines, so you can get on with working in your business rather than administering it.

Personal Tax Planning

There is never a better time than now to review your opportunities for saving tax. Allowances are generally only applicable to single tax years, and current tax saving options can be removed at the next Budget. If your income is variable, we can advise you on how to defer or accelerate income to make the most tax efficient use of your allowances year on year.

If you plan to sell or transfer an asset, talk to us first. If it gives rise to a chargeable gain, we may be able to help you reduce your Capital Gains Tax liability by making full and timely use of the many reliefs and exemptions available. Where your realised taxable gain will be more than the annual exemption, we can review your investments to see if you can capitalise on any tax losses to offset the excess gain, or split the sale of the asset into multiple transactions, to spread the capital gain across tax years.

Inheritance Tax is charged on a person's assets at death and on some lifetime gifts. Taking into account property, life policies and savings, the Inheritance Tax threshold is easily reached. The key to reducing the potential Inheritance Tax bill is early estate planning. Without it, a substantial part of your wealth may be paid to HM Revenue & Customs instead of to your loved ones. Worse still, your beneficiaries may have to sell the assets you have left them in order to pay the inheritance tax liability. Even if you leave all your assets to your spouse, this may just postpone the tax liability until your spouse's death.

For more information, please phone us on 020 7628 0857 or Contact Us