Self assessment and tax advice for Putney residents

Self Assessment and personal tax services for Putney residents

Self Assessment and tax services in Putney.

Putney residents can expect quick, accurate and cost-effective Self Assessment and other tax services from Tax Agility.

Each year, thousands of people miss the Self Assessment deadline, make careless mistakes when they rush to complete their tax returns, or pay more tax than necessary – you don’t have to be one of them if you work with Tax Agility, your local Personal Tax accountants in Putney.

We’re here to calculate your tax and apply the appropriate allowances, so you can spend more time focusing on your family and growing your personal wealth.

Tax Agility, your local Personal Tax accountants in Putney

Tax is a complex subject with regular changes, and one’s circumstances can also change with time, meaning tax regulations that once applied to you may not be applicable now. So working with a Personal Tax accountant like us is hugely beneficial. Each year, we carefully review your income versus tax obligation, as well as exploring legitimate tax-saving options to reduce your tax bill accordingly.

Our professional accounting services provide you with:

Self Assessment tax return

In the UK, self-employed individuals, partners in a business partnership, high earners (with income over £100k) and anyone whose income is not taxed under PAYE will need to file a Self Assessment tax return. In addition, trustees, landlords and people with Capital Gains may also need to complete a Self Assessment tax return. Turn to one of our ICAEW Chartered Accountants for help when it comes to Self Assessment. We can be your agent and file the tax return on your behalf, as well as sharing tax-saving tips and applying the appropriate allowances and reliefs so you don’t pay more tax than it is necessary.

Tax advice

Capital Gains, as well as income from rental, selling products online and doing freelancing work may mean you have more taxes to pay if you are unaware of legitimate options which may reduce your tax bill for the given year. Give your local Personal Tax accountant in Putney a call on 020 8108 0090 when you need independent and trusted tax advice.

Estate and Inheritance Tax planning

A good estate planning can effectively lower the Inheritance Tax your estate needs to pay, thereby safeguarding your hard-earned assets and allowing your loved ones to cherish your legacy.

Specialist services

From forming a sole proprietorship, selling a business to tax-saving investment options, you can count on us to give honest tax advice.

Why choose Tax Agility

  • You receive a responsive and friendly service
  • You get a personalised service tailored to your circumstances
  • Competitive pricing with no hidden charges
  • The convenience of a local Tax Agility office in Putney
  • We take care of the tedious information gathering process
  • We learn about the changing tax obligations so you don’t have to
  • We are professional and welcome your query, be it big or small
  • We aim to save you money

“I’ve been a client of Tax Agility for more than 10 years now. They always complete my Self Assessment and provide great tax-saving tips,” words from a happy customer.

Call Tax Agility on 020 8108 0090 for all your personal tax matters today.

Personalised tax advice

Everyone’s situation is unique and therefore, you should receive tax advice that is unique to you too. This is why our service focuses on you – you can decide the level of engagement you want and our fees are transparent with no hidden charges.

Being local to you in Putney means you can meet one of our personal tax professionals if you’d like. We’re here to help with questions pertaining to your tax and personal finances.

Visit our Putney personal tax return service page and you may also find these relevant pages useful:

by Robin Brown

Self assessment and tax advice for Wimbledon residents

Self Assessment and personal tax services for Wimbledon residents

Self Assessment and tax services in Wimbledon

Wimbledon residents can expect quick, accurate and cost-effective Self Assessment and other tax services from Tax Agility.

With good transport links to London and neighbouring boroughs, Wimbledon is an ideal hub for commercial activities. Having a thriving business and strong revenue come naturally the issues of tax. Thankfully, you can turn to Tax Agility, your local Personal Tax accountants in Wimbledon for honest and expert tax advice.

Tax Agility, your local Personal Tax accountants in Wimbledon

Working with a trusted Personal Tax accountant like our team at Tax Agility means you can avoid many common tax mistakes. We also actively look out for the latest allowances and reliefs that you are entitled to claim, so you don’t pay more tax than it is necessary.

Our professional accounting services provide you with:

Self Assessment tax return

If your income is not taxed under PAYE, you may need to file a Self Assessment tax return. Self-employed individuals, partners in a business partnership and high earners (with income over £100k) fall into the category. Trustees, landlords and people with Capital Gains may also need to complete a Self Assessment tax return. Let our ICAEW Chartered Accountants help you with Self Assessment and file on your behalf. With us working by your side, you won’t pay more tax than it is necessary while remain compliant with tax regulations.

Tax planning and advice

Tax planning looks at your income versus tax obligations, as well as using legitimate options to reduce your overall tax bill. Give your local Personal Tax accountant in Wimbledon a call on 020 8108 0090 for honest, trusted tax advice.

Estate and Inheritance Tax planning

A good estate planning can reduce the Inheritance Tax payable by your estate. Talk to us about estate and Inheritance Tax planning today.

Specialist services

From forming a sole proprietorship, selling a business to tax-saving investment options, you can count on us to give honest tax advice.

Why choose Tax Agility

  • You receive a responsive and friendly service
  • You get a personalised service tailored to your circumstances
  • Competitive pricing with no hidden charges
  • The convenience of a local Tax Agility office in Wimbledon
  • We take care of the tedious information gathering process
  • We learn about the changing tax obligations so you don’t have to
  • We are professional and welcome your query, be it big or small
  • We aim to save you money

“Tax Agility gives me a reliable and cost-effective service for my freelance work” – words from a happy customer.

Call Tax Agility on 020 8108 0090 for all your personal tax matters today.

Personalised tax advice

Everyone’s situation is unique and therefore, you should receive tax advice that is unique to you too. This is why our service focuses on you – you can decide the level of engagement you want and our fees are transparent with no hidden charges.

Visit our Wimbledon Personal Tax Return service page and you may also find these relevant pages useful:

by Robin Brown

Self assessment and tax advice for Richmond residents

Self Assessment and personal tax services for Richmond residents

Self Assessment and personal tax services in Richmond

Richmond-upon-Thames residents can expect quick, accurate and cost-effective Self Assessment and other tax services from Tax Agility.

A hard-working borough, Richmond-upon-Thames enjoys a higher employment rate than many other parts of London, according to the ONS data. As you work hard for your money, we work hard to keep it in your pocket.

Our Personal Tax accountants in Richmond-upon-Thames have a strong reputation in helping local residents with their taxes, from Self Assessment tax return, estate planning and Inheritance Tax, to Capital Gains and other tax advice. We offer honest, expert tax services that focus on you – you control how you want to engage us and our fees are transparent without hidden charges.

Tax Agility, your local Personal Tax accountants in Richmond-upon-Thames

Tax regulations, along with your circumstances, change with time. This means allowances and reliefs that applied to you before may not apply now. At the same time, new tax-saving schemes may arise and benefit you. Knowing what you’re entitled to claim and using legitimate options to reduce your tax bills are the jobs of our ICAEW chartered Personal Tax accountants.

Our professional accounting services provide you with:

Self Assessment tax return

Self-employed individuals, partners in a business partnership, high earners (with income over £100k) and anyone whose income is not taxed under PAYE will need to file a Self Assessment tax return. In addition, trustees, landlords and people with Capital Gains may also need to complete a Self Assessment tax return. You can engage us as your agent and let us handle your tax return on your behalf. We will also share tax-saving tips and make use of the appropriate allowances and reliefs so you don’t pay more tax than it is necessary.

Tax advice

Not every income is taxed under PAYE. Income from rental, working on freelance projects, selling products online, buying and selling items of value – they may require you to pay tax separately. Talk to us, your local Personal Tax accountant, if you would like to know if there are legitimate tax-saving options.

Estate and Inheritance Tax planning

A good estate planning can effectively lower the Inheritance Tax payable by your estate, thereby safeguarding your hard-earned assets and allowing your heirs to cherish your legacy.

Specialist services

From forming a sole proprietorship, selling a business to tax-saving investment options, you can count on us to give honest, expert tax advice.

Why choose Tax Agility

At Tax Agility, we don’t believe in creative accounting that will get you in trouble with HMRC. Instead, we keep ourselves updated with the latest tax regulations and legitimate tax-saving options to benefit you and our clients.

Benefits of using our services include:

  • You receive a responsive and friendly service
  • You get a personalised service tailored to your circumstances
  • Competitive pricing with no hidden charges
  • The convenience of a local Tax Agility office in Richmond-upon-Thames
  • We take care of the tedious information gathering process
  • We learn about the changing tax obligations so you don’t have to
  • We are professional and welcome your query, be it big or small
  • We aim to save you money

“I can rely on Donovan and his team to get my Self Assessment tax return right and save me money,” – words from a happy customer.

Call Tax Agility on 020 8108 0090 for all your personal tax matters today.

Personalised tax advice

Everyone’s situation is unique and therefore, you should receive tax advice that is unique to you too. This is why our service focuses on you – your income, tax obligation, and reliefs and allowances that can reduce your tax bill legitimately.

You can decide how you want to engage us and our fees are transparent with no hidden charges.

Being local to you in Richmond-upon-Thames means you can meet with one of our personal tax professionals if you’d like.

Visit our Richmond-upon-Thames personal tax return service page and the following articles may make a good read:

by Robin Brown

Personal Tax Help

Personal tax accountants for UK tax returns and tax-saving tips

Personal Tax help

You work hard for your money, so we work hard to keep it in your pocket.

“I want to do the right thing and pay taxes but I don't want to pay more than necessary. Can I trust you to do my taxes and save me from a big headache?” These were the words from a customer who was looking to find a Tax Accountant who can give her honest and expert tax advice. She came to us through a friend’s recommendation and she is now one of my many happy customers.

Knowing what you’re entitled to claim and using legitimate options to reduce your tax bills are the jobs of our Personal Tax accountants who are trusted by thousands of individuals in London, Richmond, Putney and Wimbledon with their taxes.

We specialise in providing honest, expert tax services and have built a strong reputation of excellence over the past few decades. Our professional and friendly service, along with our attention to detail and our mission to keep one’s finances in order, has helped many individuals to spend less time worrying about taxes but more time focusing on growing their personal wealth.

Call our Personal Tax accountants on 020 8108 0090.

Common tax mistakes we can help you to avoid

Tax is a complex subject so it is natural for self-employed individuals, investors, landlords, trustees and many more to have questions. Here are five common tax mistakes which our Personal Tax accountants can help you to avoid.

1. Forgetting to declare all your income

Forgetting to declare all your income – from money generated through your business activities, interests earned on bank accounts, dividends from shares, to extra income from selling products online – is not a risk worth taking. It is a mistake to assume that HMRC can’t find out your extra income – they can, they have teams to investigate individuals perceived to evade taxes.

2. Forgetting to claim tax reliefs

We have a client who continued to pay into a private pension from her last employment through direct debit but did not tell HMRC – until we stepped in to help her claim tax reliefs worth over a thousand pounds. There are many allowances and reliefs, some applicable to you and some don’t, so get the right advice to keep more money in your pocket.

3. Forgetting deadlines

About 11.1 million taxpayers filed a Self Assessment tax return in 2020 but nearly one million people missed the deadline, according to a BBC news report. Anyone with a genuine excuse can avoid fines but in many instances, people simply forget and have to pay penalties. With us working by your side, you will never miss a tax deadline again.

4. Wrongly claiming expenses

Wrongly claiming expenses happen often. It could be a landlord claiming capital expenditure (which can’t be deductible from rental income) or a self-employed individual carelessly claiming tax relief on the duality of purpose expenses, among other scenarios.

5. Not transferring unused allowances

Transferring one’s unused allowances to a spouse sounds easy but many people are not aware of this or simply do not know how to go about doing it.

Apart from the above, there are plenty more specific mistakes, like if you transfer an asset following a divorce, you may have to pay Capital Gains Tax, or not using a trust to manage your assets and safeguard them for your children even if it makes sense to do so, among others. As your circumstances are different from others, it is best to give our Personal Tax accountants a call on 020 8108 0090 or use the contact form to get in touch.

Our Personal Tax services

Self Assessment

Self-employed individuals, partners in a business partnership, high earners with income over £100,000 and anyone whose income is not taxed under PAYE will need to file a Self Assessment tax return. Trustees, landlords and homeowners with Capital Gains may also need to complete a Self Assessment tax return.

Our Personal Tax accountants, based in Richmond, Putney and Wimbledon are here to help with Self Assessment tax returns in the local areas. We are happy to share tax-saving tips and be your tax agent, handling your filing and making sure that applicable allowances and reliefs are used to your benefit.

Capital Gains Tax

Many items of value are subject to Capital Gains Tax when you make a profit from selling them but there are allowances and reliefs available. Our Personal Tax accountants can help you reduce your Capital Gains Tax legitimately by exploring options such as transferring certain assets to your spouse before the sale and choosing the right timing for the sale.

Personal investments

What kind of taxes you pay on investments depend upon the type of investments. For example, you don’t pay Capital Gains Tax on money in your ISA and you get tax reliefs if you invest through Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS). Get solid tax advice from our chartered accountants today.

Trust and Inheritance Tax

Death is not a popular subject to be discussed among families and accordingly, many don’t do estate planning. As a result, when death happens, the estate of the deceased has to pay a substantial amount of Inheritance Tax. Our Personal Tax accountants can advise if trust could be used to reduce your Inheritance Tax, as well as discussing other options.

Self-employed tax advice

With a proven track record working with self-employed contractors or freelancers across London, we can offer useful tax-saving tips that help you and your business. As the needs of each person are different, we offer a range of accountancy packages so you can decide how much you want to spend and the right level of engagement. For more information, check out our Contractor Accountants page.

Exit planning

If you’re planning on leaving your business (whether through a merger, acquisition or otherwise), our experienced chartered accountants can help guide you through a range of options, recommending strategic moves that would offer you the greatest financial reward.

Tax investigations

If you are under investigation by HMRC or wish to make voluntary disclosures, rely on our expert knowledge to guide you. We can also negotiate on behalf of you.

Personal Tax planning

Lowering your tax bills legitimately requires effective planning, one that considers your income, your tax liability and what you want to achieve for yourself and your family, and the relevant tax regulations. Talk to us and see how we can help.

Specialist services

Circumstances can change for everyone. Starting a business, getting married, moving overseas, buying and selling houses – each of these circumstances may have an impact on your tax liability. Thankfully, you can rely on our Personal Tax accountants to help when you start a new chapter in life.

The benefits of hiring our Personal Tax accountants

  • You receive a responsive and friendly service
  • You get a personalised service tailored to your circumstances
  • You become tax-efficient and remain compliant with the tax rules
  • We offer competitive pricing with no hidden charges
  • We learn about the changing tax obligations so you don’t have to
  • We are professional and welcome your query, be it big or small
  • We aim to save you money
  • We look for long-term relationships
  • We are ICAEW chartered accountants

Call our Personal Tax accountants on 020 8108 0090.

Alternatively, use our contact form to get in touch.

Relevant pages:

You can also contact our local Personal Tax accountants in Richmond, Putney and Wimbledon, as well as our small business accountants in London.

by Robin Brown

Pension scheme

A brief pension guide to directors of a limited company

If you're a director of a limited company but haven't made pension contributions through your company, you could be missing out.

In the UK, under the Pensions Act 2008, every employer is required to enrol eligible staff into a workplace pension scheme and contribute towards it.

Pensions provide a win-win situation for both employers and employees. As the aim is to encourage individuals to save for their retirement, pensions allow your employees to get tax relief when you (the employer) take workplace pension contributions out of their salaries before deducting Income Tax. For a company, pension contributions reduce your company's taxable profits.

If you're a director of a limited company and if you're taking a low salary, you can make pension contributions straight from your company to your own pension pot too. This is a tax-efficient way to get money from your company while providing you with money which you can retire on. In this article, our small business accountants aim to explain how pension contributions can help your company and also you, the director of a limited company.

If you're a director of a limited company and you take salaries

In this scenario, assuming you're a director and also a salaried employee of a limited company in England, you may get tax relief on your pension contributions worth up to 100% of your annual earnings.

Here's an example: you and your company pay into your pension (maximum £40,000 a year), your pension provider then claims basic rate tax relief of 20% on the contributions you pay up to 100% of your annual earnings. In other words, you pay in £80, tax relief adds £20, so £100 goes into your pension.

If you're a director of a limited company and you take salaries and dividends

Many small business owners take a low salary and top up the income with dividends from profits. If you are in this scenario, the amount of pension tax relief you receive is limited to your salary earnings only as dividends are not considered as 'relevant UK earnings'.

But as a director of a limited company, you can make pension contributions straight from your company's pre-taxed income which helps your retirement and also being tax efficient.

The reasons many directors prefer this tax-efficient approach is because pension contributions in this instance may be considered as an allowable business expense if they are 'wholly and exclusively' for the purposes of business and they could save you corporate tax. In addition, the company also does not have to pay tax and National Insurance on the amounts it contributes to the pension pot as long as the figures are below the annual allowance which could range from anywhere between £10,000 and £40,000 per annum excluding any roll forward allowances. As the circumstances of each person are different from others, it is best to give one of our small business accountants a call on 020 8108 0090 for personalised advice.

The rules surrounding company pension contributions

While pension contributions made via your limited company are tax efficient, there are rules to follow.

Annual allowance

Don't fully understand pensions tapering?You can learn more about it and how it may affect you in our article here. Tapered pensions annual allowance - what is it and does it affect me?.

Beware that the annual allowance is £40,000 a year, unless you have earned sufficient income to trigger the pension tapering which could reduce the annual allowance down to £10,000. Anti-pension recycling rules can also reduce this annual allowance to a lower amount of £4,000 per annum.

In some instances, you may be able to pay over £40,000 a year if you have registered with a pension scheme but haven't used the £40,000 annual allowance in the previous three years.

Lifetime allowance

You need to pay tax if your pension pots are worth more than the lifetime allowance. At present (2021/22), the lifetime allowance amount is £1,073,100. This has also been frozen for 2022/23, which given inflation rates, means a relative reduction in your overall allowance.

What counts towards your lifetime allowance can get complicated quickly as it depends on the type of pension pot you get, whether it is defined contribution or defined benefit. This is where a licensed pension advisor can help. Look for one who is regulated by the Financial Conduct Authority (FCA) and has extensive experience in pension planning.

Amount invested

Technically you can invest as much as you like into a pension, but the amount should not exceed your company's income for the year. Also, if the amounts are 'excessive' for the value of work you undertake, they may prompt HMRC to ask questions.

Get professional advice

While our small business accountants can certainly help you become efficient from a tax perspective, chances are you need a qualified pension advisor to help you choose a pension scheme that best suits you, since there are several available. For the purpose of this article, we will highlight three popular schemes.

Self-invested personal pension

A self-invested personal pension (SIPP) is a flexible and portable personal pension scheme allowing you to invest in a wide range of assets. Some SIPPs can even get a mortgage to part-fund the purchase of a rental property and use the rental income to service the mortgage repayments as well as the costs of running the property.

Small self-administered pension scheme

A small self-administered pension scheme (SSAS) is often taken by company directors and senior staff. The main benefit of an SSAS is that it offers increased flexibility on where the scheme's assets can be invested. For instance, it can purchase the building the company occupies and lease it back to the company. An SSAS can also borrow money for investment purposes if the terms allow.

Multi-employer pension scheme

Many companies have now implemented a multi-employer pension scheme, which is essentially an umbrella term referring to workplace pension schemes that are accessed by different employers and their employees. NEST, the workplace pension trust set up by the government, is an example of a multi-employer pension scheme.

Pensions and tax are complex subjects

Pensions and tax are complex subjects. How much tax benefits you can get from company pension contributions depend on your individual circumstances and the latest tax rules. This is why we encourage small business owners to speak to one of our chartered accountants first. In addition, having a chat with a qualified pension advisor can also help you to choose the best pension package.

At Tax Agility, we have dedicated small business accountants based in Putney, Richmond and Central London. Everyone in our team understands that business owners and company directors work relentlessly to achieve their dreams, which is why we are keen to help you keep your hard-earned money by becoming tax efficient.

As we are ICAEW chartered accountants, you know that you can rely on us to give you honest answers and provide services with no hidden charges. In other words, you're in good hands with us working alongside you.

This blog is a general summary. It should not replace professional advice tailored to your specific circumstance.

 

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by Robin Brown