Income Tax
Income 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 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. You will also wish to make sure that
it claims all valid tax deductions.
Specific areas which we are typically asked to advise
on include:
- Taxation
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,
- Claiming maximum relief for contributions into pensions.
Disclosing and then agreeing your income tax liability
with HM Revenue & Customs is principally achieved by the completing
and filing of a self assessment tax return. Clients who are fearful
that these disclosures may be
investigated by HM Revenue & Customs may wish to consider taking
out our
fee protection insurance.
Understanding this complicated tax system and paying
the minimum amount of income tax, at the correct time, through
the correct mechanism, is what most clients seek. Speak to our
tax technicians and put your mind at ease. We may even be able
to suggest ways to restructure your affairs to save further tax.
Practical Examples of our Income Tax Expertise
- Preparing a UK tax return for non resident taxpayers.
- Preparing all income tax documentation for an individual
just starting
in business.
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- Completing the Rental Income supplementary tax return
pages for buy-to-let transactions.
- 'Repairing' an error or mistake on a previous tax return.
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