Individuals
An individual's liability to 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 HM Revenue & Customs 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,
- The
mechanics of paying higher rate income tax on dividends,
- 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,
- Claiming maximum relief for contributions into pensions,
- Advising on current exposure
to inheritance tax.
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 HM Revenue & Customs 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 Accountancy for Individuals
Expertise
|
