With the tax regime becoming more complex, and more focus being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional tax advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.
The Making Tax Digital (MTD) programme will be extended to include Income Tax for self-employed businesses and landlords with annual business or property income above above £50,000 from 6th April 2026. Our extensive experience of helping clients meet the requirements of MTD and Cloud Accounting systems means we can help any individuals who are affected by the MTD rollout.
There are a number of areas in which we can help individuals with their personal taxation:
The UK tax code is complex and constantly changing, so it can be difficult for individuals to keep up with all the latest information and requirements. This is where we can help. Our tax advisors can help you understand the tax code and ensure that you are filing your tax returns correctly. We will take the time to explain to you how the tax code applies to your specific situation.
There are many different tax deductions and credits that you may be able to claim in your tax return. We will identify any that you are eligible for and ensure they are claimed correctly, which will help you reduce the amount of tax you are due to pay.
Having professional tax advice and support in calculating and completing your personal tax return can also provide significant peace of mind.
In addition to personal income tax planning, we also provide advice on other taxes which individuals may be liable for. These include:
- Capital Gains Tax – if you sell or dispose of an asset that has increased in value, Capital Gains Tax may be due, although there is a tax-free allowance and some assets are tax-free.
- Inheritance Tax – when someone dies, their estate (property, money and possessions) may be liable for Inheritance Tax. There are thresholds, reliefs and exemptions which may impact on the amount of tax payable.
- Non-domiciliary tax issues – someone who lives in the UK and is tax resident here, but has their permanent home outside the country.
Every pound of income tax you save means more income for you, every well planned disposal of assets means more of your capital gains are retained, and every inheritance tax saving means more for your beneficiaries. It can often be beneficial to undertake long term tax planning to maximise the tax efficiency of your personal finances and minimise future tax liability.
If you would like to make sure you are taking full advantage of the many tax-saving opportunities open to you, please call us today for a personal tax planning review for you.