Personal Accountancy and Tax
Tax Return Preparation
Whether you are required to submit a self assessment return or simply want to make a claim for repayment of tax deducted at source from your investment income, we can prepare the relevant forms on your behalf and submit these to HM Revenue and Customs. For self-assessment returns, we file online which means that we get instant confirmation that the return has been received and any repayments are issued more quickly. We can file most supplementary pages, but please ask us if you have a specific requirement.
As part of our service we will check all Notices of Coding, statements of account, surcharge notifications etc issued by HM Revenue and Customs and will monitor all refunds due keeping you informed at every stage.
Capital Gains Tax
We can undertake calculations of capital gains arising on the disposal of any assets and can also help you to plan in advance of any transactions taking place to mitigate potential tax liabilities. There are various reliefs and exemptions available for capital gains tax purposes and in many instances, some simple tax planning can save considerable amounts of tax if undertaken well in advance.
One area of tax planning which is likely to affect most people is inheritance tax and will planning. Even if you would not consider yourself to be wealthy, if you own your own home, have minor children or other dependants, it is essential to have a will in place and ensure that it is structured to not only provide for your dependants, but also minimise potential inheritance tax liabilities. We can review wills and advise on the taxation implications of them and with our links to various financial advisers, if you simply decide to insure against any future inheritance tax liability, we can also assist with this.
We have links with various local Solicitors who can assist with the actual drafting of the will and with whom we work closely.
With the introduction of the new tax credits in April 2003, many more families came within the scope and as a result, there have been many more tax credit claims. As this is currently a completely separate system to the self assessment tax returns, you effectively need to make two declarations of income each year. We can assist you with any element of your tax credit claim, from advising on whether you would qualify for credits through to completing the necessary forms within the permitted deadlines.
Expat tax advice
One area of specialism we have within the office is advising on the taxation implications of moving abroad, or returning to the UK after living abroad. The concept of residency and domicile can be a complex area and it can have a significant impact on your tax liability if you do not claim the correct status. We can complete all the necessary declarations and advise you on your status for UK tax purposes and make the relevant entries on your self assessments returns.
If you would like to discuss any aspect of your personal tax and accounts, please feel free to call us on 01392 879173 or email us by clicking here.