Personal Tax Services
Compliant tax services to help manage your personal tax affairs
The personal and company affairs of many business decision-makers are often interwoven. We work closely with you and your family to provide tax services for both your short and long-term goals. Our expert tax advisers will help you manage your finances, protect your family wealth and avoid unnecessary personal tax bills.
As legislation continues to become increasingly complex the need for efficient tax planning is crucial and offering a bespoke service to meet individual client needs is our specialism. Our personal tax services are provided for your wealth protection and enable you to be better informed of issues that may affect you. Working together we can provide a detailed plan for your own and your family’s future, identifying tax-saving opportunities
How our tax services can help:
Our experts will advise on every aspect of your personal tax position with personal tax services to ensure you meet all regulatory compliance requirements. We offer a bespoke service ranging from simple tax requirements to filing those with exceptionally complex UK tax affairs. Either way we seek to maximise personal wealth and reduce tax liabilities with the following tax services.
Income tax reviews
An annual review of your income tax liability will ensure that you are not liable for fines or charges from HMRC. There are a few ways that you can seek to reduce your income tax bill and those include; making pension contributions, providing gift aid contributions, equalising the income between spouses or civil partners, and Enterprise Investment Scheme investments. Our specialist tax services will ensure you are one step ahead of the game and highlight what you need to do to minimise your income tax liability.
Self-assessment tax return completion and submission to HMRC
Our self-assessment tax services will ensure you meet regulatory compliance obligations and provide your tax returns correctly and on time. We can prepare your personal tax return by collecting your tax information from various sources and filing your return with HMRC on your behalf. We will deal with any claims for allowances, reliefs and dispute resolutions where appropriate. We are not just a processing function and will offer personal tax advice to ensure that you make savings on your tax liability in future.
With an abundance of experience in trusts we look to protect your family’s wealth for future generations. We will maintain accounting records and provide preparation of the trust accounts to help guard inheritances in a safe structure until beneficiaries are old enough to manage their own finances.
Pension contributions made by your employer are tax-efficient as there is no tax to pay on this benefit, providing the annual allowance is not exceeded. If you own a company you can also claim a business tax deduction on pension contributions which can be a tax-efficient way to extract value from the business. However, with all of the changes to rules regarding pensions over recent years, you may find that your pension no longer provides that best investment for your long-term savings.
Our personal tax services can help to advise on the best alternatives such as using a spouse’s pension to provide a joint income in retirement, investing in ISA’s, investment in using the Enterprise Investment Scheme, or offshore bonds.
Capital gains tax planning
Capital gains tax is generally applied on the selling, gifting or disposal of assets if they have increased in value since receiving them. For example, the gift of an asset to your children can be subject to capital gains tax. However, there are many tax relief opportunities available where exemptions can be applied and claimed. Both capital gains tax and inheritance tax should be considered hand in hand so as to achieve the best scenario from your estate planning.
Without the correct advice you can miss many planning opportunities to reduce your capital gains liability. In most cases properties are chargeable assets unless they are exempt. The most common exempt assets include moveable possessions worth no more than £6,000, all motor cars, or UK Government securities.
Inheritance tax planning
It is never too early to start thinking about inheritance tax as many tax reduction methods will take time to get in place and structured correctly, to benefit in future years. We can help ensure that you establish the appropriate structures to safeguard and pass down your wealth to future generations. Without the proper planning in place you can risk passing on just 60% of your wealth to future generations.
With investment in real estate the need for property accountants who can advise on your property tax positions is vital. With such a large outlay and potential for return our specialist advisers can help to transform your property investment into a top-performing asset. With advice on fund structuring, acquisition and disposal planning, property tax, stamp duty land tax, capital allowances and ongoing tax compliance for non-resident landlords you will be safe in the knowledge your business is in the right hands.
Tax–efficient remuneration planning
Our tax services help provide a range of solutions to business owners looking to extract funds from their companies without suffering Higher Rate Income Tax charges. We can help you to structure your remuneration package, while conforming to legislative requirements, so that you can benefit from maximum remuneration after taxes.
Residency and domicile matters
Your residency and domicile status determines your liability to income and capital gains tax, not to mention inheritance tax. In order to avoid unnecessary tax liabilities we can help to advise on tax implications that result from your UK residency and domicile status. With careful pre-entry and exit tax planning we can help you to significantly reduce your exposure to UK tax.
Our HWBulletins cover a range of subjects, including some of the services that we offer and an update of the recent changes that have, or will take place.
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