Personal Tax
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.
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.
Disclosing and then agreeing your personal tax liability
with the Inland Revenue 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 the Inland Revenue may wish to consider taking
out our
fee protection insurance.
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. 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 Personal Tax Expertise
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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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