TAXATION

Income Tax

We are here to help sole traders,  partnerships,  the retired and any other individual required to complete a Self Assessment Tax Return, Trust Return or Inheritance Tax Return.

We offer a comprehensive service which includes:-

•  Preparation of your Self Assessment Tax Returns and subsequent submission to HM Revenue & Customs.
•  Tax and National Insurance liabilities - Calculating and advising as and when required.
• Tax Planning - when completing your Tax Return we review any areas where it may be possible to reduce your tax bill and advise accordingly. 
• HMRC queries, forms etc., – Dealing with all such communications on your behalf.  

Capital Gains Tax

 Capital Gains Tax applies when any chargeable asset is disposed of. It is imposed upon individuals, companies, personal representatives and trustees. It is vital that the tax implications of a capital disposal are considered in full before the disposal occurs.

We can provide detailed advice and provide an estimate of the Capital Gains Tax likely to arise.

Inheritance Tax

As a result of the increases in property values, this tax is unfortunately starting to apply to more and more of the population. For the 2009/2010 tax year, the threshold for Inheritance Tax was £325,000, rising to £350,000 for the current tax year which commenced on 6 April 2010.

Married couples and civil partners can however combine their tax-free allowances, thus potentially doubling the IHT threshold.

 Trusts

The careful use of Trusts can help reduce the burden of both Inheritance Tax and Capital Gains Tax. Spouses and Civil Partners should ensure that their Wills are kept up to date and that they are worded to make full use of the Inheritance Tax threshold.

Trusts are also a useful vehicle to provide income to grandchildren, whilst still retaining full control over the capital.

Residence Issues

Before leaving or returning to the UK it is important to consider the effect on your tax and to take steps to avoid paying more tax than necessary. You should consider for example:-

1) You must remain outside the UK for 5 complete tax years in order to avoid UK Capital Gains Tax on assets owned at the time of leaving and sold whilst abroad.

2) To retain a 'non-residence' status your visits to the UK must be restricted

3) If you intend to rent out your UK home you must advise HMRC and complete a form NRL1 (please see the links page if you wish to obtain this form)

4) If you are either leaving or arriving in the UK, you must complete forms for HMRC. Again, please refer to the links page to download these forms)

5) Consider your National Insurance position. In some instances you may be required to pay contributions for 5 years after leaving the UK

There are of course many other points (not all tax-related) to consider when leaving or arriving in the UK and I can advise further on these issues.

Click here to contact us for more information or to arrange a free initial consultation at your convenience