Tailored tax advice at every stage
Whatever your personal situation and whatever stage of life you are at, our personal tax service will ensure your needs are met.
Our services include both compliance matters and advisory work related to:
- Income tax
- Capital gains tax
- Trusts & Executry taxation
- Inheritance Tax
We can offer practical tailored advice on all of the above taxes. We help a variety of clients and pride ourselves on being able to provide a cradle to grave service, offering assistance to everyone from children and young adults to families, high net worth individuals and pensioners, not to mention those acting as Trustee or Executor.
"Your professional help was much appreciated, and was delivered in a manner that we were able to understand - thank you." HM Client
There are many situations where a person might find they require tax assistance or advice, some of which are listed below:
- You are required to complete a tax return
- You think you might have paid too much tax
- You receive a payment from a Trust or Estate
- You are selling or buying a property or other assets
- You would like to make gifts to your family or to charity
- You start to receive income from a new source e.g. lettings or pensions, and you require help reporting this to HMRC
- You have been appointed as an Executor
- You are a Trustee and need help with the tax reporting of Trust income or gains
- You are a Trustee and want to make payments to the Trust beneficiaries
Our Tax services include:
We can deal with the completion of Self Assessment Tax Returns, repayment claim forms (R40), the review of PAYE codes, the calculation of income tax liabilities and all correspondence with HMRC on your behalf. We can also help with enquires into tax returns.
Income tax is charged on anyone who receives taxable income exceeding their Personal Allowance. The Personal Allowance for the current tax year is £10,600. Some people may be able to transfer some of this allowance (£1,060) to their spouse. If you are over 77 years old your allowance is £10,660. Under certain circumstances, further allowances may be due such as blind persons allowance or married couples allowance (for those over 77 years). Rent a room relief is also available to those who rent a room in their own home.
We can help you make sure that you pay the correct amount of income tax and ensure you receive a refund of any amounts overpaid.
We can help calculate any tax due and ensure that any sales or other disposals (such as gifts of assets for no consideration) are reported to HMRC. Reporting losses is as important as reporting gains. You may be required to report a sale of an asset even if a gain or loss does not arise. We might also be able to help with capital gains tax planning in advance of any disposal of an asset to ensure the most efficient use of available reliefs and allowances.
Capital Gains tax is a tax on profits when you sell an asset which has increased in value and is charged at either 18% or 28% depending on your overall income and gains level. We can help calculate the tax due and ensure that any sales are reported to HMRC after claiming all possible reliefs. Everyone is entitled to an Annual Exemption from this tax and the allowance this year (2015/16) is £11,100. Remember - even if your gain is within the allowance, you may still need to report it to HMRC.
Example: A Buy to Let flat purchased for £100,000 but then sold for £120,000 produces a chargeable gain of £20,000 and a taxable gain after the deduction of the annual exemption of £8,900.
Some assets such as cars, your home, ISA investments, Premium Bonds and Lottery winnings are not chargeable to capital gains tax.
With good advice and planning, you can reduce or completely remove your tax bill, making the estate administration and distribution of assets more straight forward. With some forward thinking and lifetime tax planning to utilise available reliefs and exemptions, the final estate at death can be left in the best shape possible. We will be happy to look at your situation to see how you can limit the amount of tax you pay for the benefit of your family.
We can deal with the preparation and submission of Trust and Estate Tax Returns and can also help with the preparation of R185 Certificates for your beneficiaries to record payments of revenue made to them in a tax year. For Trusts, we can help with technical matters such as establishing the revenue payments that can be made to the beneficiaries. For Executries we can help the Executors and Beneficiaries establish how best to structure the transfer of assets or payments.
Depending on the type of Trust, income tax can fall to be charged at 10%, 20% 45% or at ALL of these rates. It is important to establish the type of Trust in order to ensure the correct tax is paid and the correct person is charged. We can help with this and all other areas of taxation where assets are held in Trust.
Executors are required not only to settle the taxation affairs of the deceased for the period to the date of death but to ensure they report to HMRC details of any gross income received during the period of administration for income tax purposes,. They must also report details of relevant sales of assets in the same period for Capital Gains Tax purposes. This must be done by submitting a return for each tax year, or, in some cases, on a more informal basis, by corresponding with HMRC. Executors must also arrange for Inheritance tax to be settled on time and ensure that any transfers of assets or payments of cash made to the Estate Beneficiaries is recorded and reported to the beneficiaries. This will allow the beneficiary to consider his or her own tax position and, where appropriate, report any income element of the payments to HMRC as part of their own tax return. We can help with all aspects of Estate tax and reporting.
We offer you a variety of ways to get in contact with us to suit you. If you would prefer to talk to someone straight away you can call our offices on:
Elgin: 01343 542623
Otherwise use our form below to find out more information, make an appointment or request a call back. We will then find the right person to deal with your enquiry and get back to you as soon as possible.