Menu
We all have to pay taxes, but most of us don’t understand them, in fact it can be a daunting subject. The thought of such things brings along worry of large bills, long-winded forms and penalties for getting things wrong.
HMRC always says it wants people to pay ‘the right amount of tax’, and you should want this too.
Many people end up paying more tax than they need to, because they are unaware of available allowances and the many legal methods available for reducing their tax bill.
Tax planning refers to the analysis of your current financial situation or future plan to ensure that all elements work together to be tax efficient. A clear analysis with someone who knows the current rules will allow you to see exactly where you are paying tax and whether you are paying too much.
It means keeping track of all your allowances, tax-deductible expenses, donations to charity, business losses etc. while being aware of opportunities to reduce your tax bill using things like pensions and ISAs.
You can track how much tax you’ve paid (and whether you still own tax or have money owed to you) on your personal Government Gateway.
We provide accountancy services to individuals and small businesses. We can help you on a case-by-case basis with things such as Self-Assessments, expense claims or end of year returns for your Limited Company. We can also fully manage your Limited Company on a monthly basis, including payroll, RTI reports, tax/VAT/Corp Tax returns and statements on Companies House.
Just let us know what you need!
HMRC always says it wants people to pay ‘the right amount of tax’, and you should want this too.
Many people end up paying more tax than they need to, because they are unaware of all their allowances and the many legal methods available for reducing their tax bill.
Tax planning refers to the analysis of your current financial situation or future plan to ensure that all elements work together to be tax efficient. A clear analysis with someone who knows the current rules will allow you to see exactly where you are paying tax and whether you are paying too much.
It means keeping track of all your allowances, tax-deductible expenses, donations to charity, business losses etc, while being aware of opportunities to reduce your tax bill using things like pensions and ISAs.
You can track how much tax you’ve paid (and whether you still own tax or have money owed to you) on your personal Government Gateway.
If you run a business, do freelance or contract work, or have multiple sources of income such as from a hobby, small online business or from property, then you will need to complete a self-assessment tax return.
Personal tax planning advice can help you ensure that you complete your self-assessment accurately (avoiding heavy penalties from HMRC) while ensuring you do not pay more tax than you are legally obliged to.
Personal tax planning advice educates you to all the allowances, reliefs and expenses you can claim, and ensures that you don’t lose money unnecessarily. It can also save you a great deal of time and effort.
If you receive notification to submit a tax return, you must do it, even if you don’t think you will owe any tax for that year. There are penalties for late submission, which are (surprisingly) more severe than the penalties for late payment of tax. Therefore even if you don’t think you can pay your tax bill, you should still submit your return on time.
Self-assessments can be daunting, and become more so as your finances become more complex.
It’s easy to make mistakes and incur penalties, or else to err on the side of caution and end up paying too much tax.