Personal/ Income tax is the amount of tax that you pay on your earnings above your tax free allowance known as personal allowance.
Taxable earnings include earnings from employment or self-employment, shares, pensions, rental properties, savings and income from a trust. If you are employed you will probably be paying tax under Pay As You Earn (PAYE) scheme through your employer who will directly deduct the tax from your pay and hands it over to HMRC.
How it may affect you
- You may be self-employed, a trustee or a company director in which case you will need to complete a self-assessment tax return
- You may require advice on how to minimize the total tax you pay
- You may require specialist advice regarding investments to reduce your tax bill
How we can help you
- We will assist you in preparing your tax returns and ensure that they are filed before the deadline.
- We will consider all options available to minimise your tax bill and advice you on the best options
Whether you have complicated tax issues or if you just require simple tax advice, get in touch with us.
Self Assessment
We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax and the planning opportunities available to you. Over recent years HMRC have increased the penalties for failing to file a return on time and for errors. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
Personal tax planning
Everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our specialist tax team can provide you with year-round advice on all aspects of personal taxation.
Estate planning
Few of us like to think about dying; however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.
It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight – along with a detailed knowledge of the current tax regime. We provide a discreet comprehensive estate planning service that includes:
- help with planning and reviewing a will
- making full use of exemptions and lower tax rates on lifetime transfers
- optimising lifetime transfers between family members
- transferring agricultural or business property
- transferring assets into trust
- arranging adequate life assurance to cover potential inheritance tax liabilities.
Trusts
We also have expertise in dealing with trusts; a very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.
Require more information?
If you would like more information or would like to speak to us direct then call us on +441494521687. Or if you would prefer, ask us a question online.