Personal tax
Personal Tax Returns
Our Personal Tax Return Service is a truly comprehensive service designed to assist you to meet the filing deadline and to pay the correct amount of tax at the right time, taking into account all the deductions to which you are entitled.
To collect the information we need to prepare your tax return, we will:
- send you an initial letter or email with a checklist and instructions
- review carefully the documents and information that you send us for completeness and accuracy
- prepare trading or letting accounts from your accounting documents
Once your data is loaded into our system, we will:
- produce your tax return along with a computation of your tax liability
- review your tax return for items that might trigger an H M Revenue & Customs enquiry and include appropriate disclosures to minimise the risk (we cannot of course guarantee that the Revenue will not enquire into your tax return)
We will also review the level of your payments on account of tax. If you expect your income to fall, we can make the necessary claims to reduce the payments you are liable to make.
When we send your tax return to you, we will set out in a covering letter:
- what tax you are due to pay and the dates and amounts when the tax must be paid in order to avoid interest charges
- pertinent tax saving recommendations arising from your return
We will file your original signed return with the Revenue on your behalf and will check that your return is correctly processed by the Revenue.
If the Revenue enquire into your tax return, we can deal on your behalf directly with them. We can provide professional fee protection insurance against the costs involved and do recommend this to all our clients.
Personal Tax Planning
As with companies, we aim to help our personal tax clients arrange their affairs so as to pay the least amount of tax, taking advantage of all the reliefs allowed by tax law.
Here are some of the ways in which we have successfully helped personal tax clients to reduce their tax bills:
- Calculation of maximum pension contribution levels
- Advising on incorporating your business, and the best share structure
- Development of profit extraction strategies from owner-managed private companies
- Advice on the timing of share disposals to maximise taper relief
- Advice on EIS and VCT investment tax shelters
- Advice on the taxation of share options
- Advice on inheritance tax mitigation and wills
For new personal tax clients, we offer a personal tax healthcheck. Please contact us if you would like to know more.