Personal tax

Tax return – Need to file a personal tax return? You do if:

  • You’re trading as a sole trader or partnership

  • You have income exceeding £100,000

  • You rent out a commercial or residential property

  • You have income from savings, investments or dividends

  • You’re in receipt of foreign income

  • You have other sources of income to declare

We can guide you through the process from deciding whether you need to complete a tax return, registering you with HMRC, helping you gather the information and then claiming any allowable expenses or reliefs. We’ll calculate your tax liability and submit it to the HMRC.

Residential property returns – Sold a residential property? If so you will probably need to compete a residential property return through HMRC’s portal and pay the tax within 60 days. We can calculate the tax due and submit the return on your behalf. It’s important to get in touch before you sell the property as there may be ways to minimise the tax due if you structure the timing and ownership in the most tax efficient way.

Tax planning – Planning for the future? Let us help you by looking at your future plans, existing income streams and we’ll help you make a plan in the most tax efficient way (considering the ever changing legislation!). You may be wondering:

  • How much can I pay into my pension?

  • How much capital gains tax will I pay if I sell my rental property?

  • What tax reliefs are available if I invest in a VCT or EIS?

  • What tax reliefs can I benefit from when gifting to a charity?

  • Have I contributed enough for my state pension?

  • What tax will I pay if I sell the shares in my company?

  • Should I trade as a Sole Trader, Limited Company or Partnership?

  • How does the high income child benefit charge work?

We are happy to talk through any scenarios with you so please get in touch and make an appointment with Emma, Megan or Kelly.