TAX RETURNS

For busy people, the annual tax return comes around all too quickly and tends to be put off until the eleventh hour. We can take away the burden and provide constructive advice. Our tax planning service ensures that we process your return quickly, efficiently and proactively, advising you of any tax-related claims and elections to ensure you minimise your liability. Provided you give us all the information we request by 30th October each year, we guarantee to process your return by the following 31st January, the deadline for filing tax returns.

Where required we will:

• Prepare self-employment accounts and associated tax computations.
• Prepare rental accounts and tax computations for let properties.
• Deal with post-submission issues and HMRC enquiries and investigations.
• Review tax codes of employed individuals to ensure that they are paying the correct amount of tax.

INCOME TAX

Income tax affects us all and, the more income sources you have, the greater the complexity of your income tax affairs tends to be. Through our advice and planning, we will ensure that you fully understand your position and that your tax affairs are arranged to optimize the available reliefs and allowances.

• Regular reviews of your tax affairs.
• Advice on your income tax exposure and associated calculations.
• Active advice on how to minimise your income tax liability.

CAPITAL GAINS TAX

Capital Gains Tax planning can help mitigate, defer, or completely avoid Capital Gains Tax and is essential for anyone acquiring or disposing of assets. It is vital to take advice well in advance of any action and ensure that you are in a position to maximise the available reliefs, allowances and planning opportunities.

We compute tax liabilities on disposals:

• Ensuring that all available reliefs, exemptions and allowances are claimed.
• Advising on the timing of disposals.
• Principal Private Residence relief and ‘PPR flipping'.
• Advising on property disposals.
• Advising on the availability of Entrepreneurs' Relief.
• Reviewing the distribution of family assets.
• Inter-spousal transfers.
• Capital Gains Tax deferral through Employee Investment Schemes (EIS).
• Potential Capital Gains Tax payable on gifts

INHERITANCE TAX

Inheritance tax (IHT) is paid at the rate of 40% on the value of everything you own in excess of £325,000 or £650,000 for a married couple. Without the appropriate planning this can make a sizeable dent in the value of the estate left for your beneficiaries.

Services and advice that we offer:

• Advice on lifetime gifts.
• Advice on available reliefs and exemptions
• Advice and planning around the use of trusts to transfer assets out of your estate.
• Advice on computing asset values for probate.