Personal Tax Advice
Our Personal Tax Services
You deserve to benefit from your hard work when you have created such wealth. Therefore, it is essential that you do not pay too much in taxes on your wealth. Therefore, it is important to review your personal tax affairs.
With Allen and Atherton Accountants, you’ll be able to make the most of current tax opportunities with the help of our friendly team of personal tax advisors.
You may also contact us for assistance with:
- Business Asset Disposal Relief (previously known as Entrepreneurs Relief)
- Cross-Border Tax Planning
- Employee Share Schemes
- Liaising with HMRC on your behalf
- Partnership Tax
- Property Tax Advice
- Self Assessment tax advice
- Tax Relating to Divorce
- Trust and Inheritance Planning
Personal Tax Advisory and Planning
With our expert assistance, you will be able to take advantage of tax exemptions and tax relief tailored to your specific circumstances while remaining compliant with tax laws. As a result, it will be easier to deal with potential economic fluctuations. Among the services we provide in personal taxes are:
- Residence and domicile
- Capital gains tax (CGT)
- Income tax
- Inheritance tax (IHT)
- Advice on trusts & estates
- Self Assessment tax advice
- Advice on what payments are due and when
- Completion and filing of relevant returns
The majority of these fields are interrelated, so any decision made will be likely to affect more than one of these areas. With our help, you will be able to plan your taxes in an effective manner.
Self Assessment Tax Return
Please contact us if you require assistance with your Self Assessment tax return. If you have multiple streams of income, business expenses, assets that need to be managed, or need help filing and submitting your tax return, our tax team is available to assist you.
In order to avoid last-minute burdens or penalties associated with filing your tax return late, we recommend filing your return as soon as possible.
Additionally, our self-assessment tax experts can help you improve your tax efficiency along with your annual tax return.
Trust and Inheritance Planning
Trusts are often used to assist clients with their tax strategies. In addition to tax planning, trusts can also be used to protect assets. In the right circumstances, trusts can be a powerful tool for setting aside assets for future recipients outside the realms of inheritance tax in the right circumstances.
Atherton and Allen can assist by:
- Helping you determine if trust planning is an effective solution for your needs
- Making HMRC aware of the trust’s creation for purposes of inheritance tax, capital gains tax, and income tax purposes
- Preparation of 10-year inheritance tax returns for trusts on appropriate anniversaries
- Preparing income tax and capital gains tax returns and provide beneficiaries with tax information
- Providing advice on inheritance and capital gains tax issues associated with trust creation and claiming any tax relief available
Partnership Tax
All partners in a business partnership are responsible for complying with self-assessment rules. It applies to both individual self-employed taxpayers and partnerships.
We provide highly skilled, experienced personal tax accountants to help make tax compliance easier for partnerships, so you can concentrate on your business. The following areas will be covered by our guidance, advice, and support:
- Advice on forming a partnership
- Advice on profit and capital sharing ratios
- Advice on VAT registration
- Allowable business expenditure advice
- Calculation of taxable profits
- NIC and Tax self-employed registration
- Preparation of both personal and partnership tax returns
- Tax considerations related to partners leaving or joining the partnership
Employee Share Schemes
The purpose of employee share schemes (also called employee share plans) is to motivate and reward key employees. A business can benefit from such arrangements by motivating its employees and accelerating its growth. It is possible for employers to directly award shares to their employees or to do so through a share program they have set up.
Tax issues surrounding the transfer of shares to employees are complex, so professional advice should always be sought. Get in touch with one of our personal tax accountants today if you have any questions about employee share schemes.
Property Tax Advice
An increasing number of tax issues arise when one owns a second property (or more). Individuals in this category will be subject to income tax on any rental income, as well as capital gains tax on any gains following the disposal of the property and additional Stamp Duty Land Tax when purchasing new properties.
Among the points to consider are:
- A plethora of legislation has recently been introduced by the Government that could lead to additional tax charges on additional properties. Following these changes, landlords should review their ownership structures, financing arrangements, and tax positions
- To reduce capital gains on disposal, identify capital costs associated with acquisitions, improvements, and disposals
- Determining which expenses can qualify for tax deductions for repairs or replacements
- Maximizing tax relief for allowable expenditures
Please contact us if you would like further advice about your personal properties.
Divorce and personal tax
You probably don’t think about taxes when you’re going through a divorce. The final settlement, however, should not be underestimated due to taxation. When considering a divorce, separation, or any proposed settlement, you should seek legal advice as soon as possible.
Tax costs associated with transfers under a divorce settlement can be minimised with careful planning.
Feel free to contact one of our friendly team members if you need more information about tax and your divorce.
Managing cross-border taxes
As we live in a global society, people can have business and personal interests in many different countries. We have assisted a number of clients in managing their UK tax affairs efficiently regarding cross-border interests, although it is always advisable to obtain local tax advice in each country on this matter.
Managing cross-border taxes
As we live in a global society, people can have business and personal interests in many different countries. We have assisted a number of clients in managing their UK tax affairs efficiently regarding cross-border interests, although it is always advisable to obtain local tax advice in each country on this matter.
We are here to assist you with all your personal tax needs
We are an experienced team of UK tax advisors whose mission is to assist you in all aspects of your tax planning and advice. We are here to assist you, regardless of whether you are a self-employed individual or a business owner. Please refer to our tax advice page or contact us for more information.
Please feel free to contact our office by calling +44 (0) 207 205 2186 or email [email protected]
