Personal tax planning

Taking care of you

For a lot of us, taking care of ourselves and our family means providing as high a standard of living as we possibly can with the income we make. Whilst we all need to pay our fair share of tax, it is also important that we plan our affairs tax efficiently.

The whole world of personal taxation is about to undergo a seismic change with the advent of “Making Tax Digital”, a form of real time online reporting that will require many personal taxpayers to report their income digitally to HMRC on a more regular basis than they are currently used to. We are experts in various software solutions for this and are working with our clients to minimise the disruption that the introduction of this fundamental change in the way our tax system operates will bring the unprepared.

When considering your tax profile, the best approach will be to take into account all of your sources of income and how they are structured. As expert accountants, we’ll show you some of the best strategies you can utilise. For instance, if you work from home, we will explain the implications and make sure you are claiming relief in the most tax efficient way. If you’re selling an asset or property, we’ll make sure you claim all reliefs that are due and make an accurate and timely filing of the gain. One very valuable tax relief is the relief available for qualifying pension payments, this can be complicated, and we can help you work out how much pension relief you can claim.

If you’re self-employed, it can we worthwhile considering whether you could trade via a limited company. This is not solely a tax decision but can be tax beneficial, as whilst sole traders pay income tax on the money they take home, limited company owners can receive dividends, which are taxed differently and can be a better option than drawing a salary. We will help you with all the tax and administrative work that goes into this.

Contact us for more smart ways you can reduce your tax bill.