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-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.
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.
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.
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.
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.
- Personalised tax advice for individuals
- Personal Tax Self Assessment service
- Personal Tax Planning
- Trusts and Inheritance Tax planning
This blog is a general summary. It should not replace professional advice tailored to your specific circumstance.