Personal Taxation

Personal Taxation

Personal taxationAt Simon & Co, we provide personal tax advice for a variety of clients with vastly differing circumstances.

This ranges from simple tax computations and filing, through to more complex tax affairs. With each client, however, our motivation is always the same; to maximise our clients wealth and reduce their tax.

Saving you money

Completing your own tax return can and often is a false economy. The tax legislation is constantly changing and unless you are kept up to date with these changes and fully understand how to implement them, you are quite likely to make a mistake on your tax return. The two most recent examples of this are changes in tax relief on pension contributions and child benefit claw back

Removing the hassle!

Remove the hassle of completing the Annual Tax Assessment by using Simon & Co. Our fixed fees give you the peace of mind, knowing your tax return will be accurately submitted to the Inland Revenue. Our fees vary depending on the complexity of your finances. In most instances, our fees are tax deductible and so are cheaper than what you pay. If you are currently involved in any tax investigations, Contact Us to find out if we can help.

Personal self-assessment is most likely to apply to you if:
  • you are self employed, either as a sole trader or in a partnership
  • you are a company director
  • shareholder receiving dividends in excess of the dividend allowance
  • you are a trustee
  • you are a minister of religion
  • you receive any other untaxed income which cannot be collected through PAYE, for example: income received from letting property
  • you have taxable foreign income

Keeping thorough records of income and any capital gains is essential for the completion of correct and accurate self assessment returns.

Our Personal Tax service can include;

Self-Assessment Tax Returns

With our income tax return service, we can remove the burden of administration and ensure every deadline is met. You simply provide us with your financial records in relation to your tax affairs, and we will prepare all the necessary calculations and deductions, as well as claiming any reliefs, deductions, allowances and repayments that you might be due.

Other

Some of our clients do not need to file Self-Assessment tax returns, but they like the reassurance of us annually reviewing their tax position for peace of mind, often we spot problems with Code Numbers and P800 calculations which we are able to resolve satisfactorily.

Capital Gains Tax

Capital gains tax is payable on gains made from the sale of capital assets such as property, shares, stocks, etc. There are a wealth of different reliefs and planning opportunities available. Our main objective, therefore, is to ensure you are claiming all available reliefs to help reduce your tax bill.

Overseas issues

Tax affairs become very complex when there are overseas issues, such as, being UK tax resident but non-domiciled individuals; or on leaving the UK and becoming non-residents of the UK. We are often asked to address issues of domicile and the tax implication, particularly where planning is needed prior to tax residence status changing.

Buy-to-Let

Many clients approach us, seeking advice on the tax implications of owning Buy-to-Let properties. Clients with buy-to-let properties are expected to submit a Self-Assessment tax return (SATR) each year, declaring their profit after deducting allowable costs from the income. Tax is then payable on this profit. One of the key tax issues in respect of buy-to-let properties; is determining whether expenditure can be offset against income and tax, i.e. is it of a revenue nature? If it is capital expenditure, then the cost may only be offset against the capital gain arising on the eventual disposal of the property.

There are also tax changes ahead, relating to the tax relief due on mortgage interest payable, and this is going to have an impact on the profitability of investing in property, specifically, with the purpose of renting it out in order to provide a return on investment.

If you have any concerns about these changes, then do feel free to Contact Us and discuss the options available to you. In fact, if you need any advice on the tax implications of all aspects of owning a buy to let properties, including the funding, ownership and disposal strategies, as well as assisting with reporting the income on your self-assessment tax return, then do contact us.

Personal Tax Planning

Tax, whether on your income, business or investments, can be a complicated and hard to unravel. It can be difficult to know what you should and should not be paying, what new tax legislation means for you and how best you can utilise your tax payments.

Efficient tax planning can make a huge improvement to your personal and business finances, not just in terms of immediate cash flow and profit, but also in protecting your wider interests and securing your wealth for the future.

Tax planning involves thinking ahead to create a strategy that helps minimise the amount of taxes you pay. Sometimes planning is required when circumstances change, such as, on family changes, retirement, death, although strategic planning is important at all stages in life.

We’ll talk with you to fully understand your personal or corporate financial goals and then help you create a tax strategy that follows all tax regulations applying to you.

Why not contact us today?

For more information on the above, please Contact Us or telephone on 0208 432 3419 and we will be glad to answer all of your questions. Even better, why not book your FREE consultation today, it only takes a minute. Just looking for an idea of costs? No problem! Visit our Request a Quote page, fill out a simple Form, then we will get back to you within 24 hours. That's a promise! Live local? If you are out and about in the Orpington, Bromley, Beckenham, Chislehurst or Kent area, why not give us a quick call to confirm if we can arrange an immediate, free consultation.