Personal Taxation
Personal tax (income tax and capital
gains tax) is arguably the most understood of all of the taxes, as
most of the population pay it in a very visible way. Since the introduction
of self assessment, the self employed, the employed, investors and
trusts all need to understand the new rules, to minimise their overall
tax exposure.
If you are selected by the Inland
Revenue to fill in a self assessment personal tax return, because
you are self employed, a higher rate taxpayer, a director, a property
investor, or another reason, you need to make sure than this return
correctly discloses all taxable income sources and claims all valid
tax deductions.
We can provide you with tax advice on:
- Income tax
- Capital Gains tax
- Inheritance tax
- Trusts and estates
- Non-domiciliary tax issues
Specific areas which we are typically asked to advise on include:
- Income and capital gains tax on buy-to-let residential properties
- Disclosure and taxation of benefits in kind
- Income tax on pension and investment income
- Utilising both spouses' basic rate income tax bands and CGT annual
exemptions
- Filing and payment deadlines, together with the self assessment
interest and penalty regime for when these deadlines are breached
- Claiming maximum relief for contributions into pensions
Understanding this complicated tax system and paying
the minimum amount of personal tax, at the correct time, through the
correct mechanism, is what most clients seek. We will also seek to
suggest ways to restructure your affairs to save further tax.
With the tax regime becoming more complex and more
emphasis being put on taxpayers’ individual responsibilities,
everyone who is subject to taxation needs professional advice and
support if they are to optimise their tax position and ensure they
meet all the compliance requirements.
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