Personal taxes

Am I paying too much tax?

At present around 9 million people have to do a tax return every year.  In the simplest of cases, they can be done on-line with a minimum of fuss, and a great many are done that way.  However, in those cases, HMRC will not go to any trouble to tell you that if you did things a little differently, you will pay less tax. 

By the time you get to do your tax return, there is relatively little you can do to change your liability for that year.  That is why we recommend discussing your tax affairs with us in advance, so that you can plan the way you do things.  Equally, if we do your tax return for you, we are likely to spot that you may have done something less than efficiently last year and that can at least help you next year.

Do I really need to do a tax return?

If you have any income that is not taxed at source, such as rents, self employment, or overseas investment income you will probably need to complete a tax return. The same is true if you have disposed of assets such as property or investments/shares and your gains exceed your annual exemption. There are penalties if you do not submit a return on time or if you do not register with HMRC in time so it is worth talking to us sooner rather than later.

People with overseas backgrounds often have complexities in their tax affairs that need handling carefully and sometimes, these can be very advantageous – if dealt with correctly.  Whether you are arriving in the UK or leaving, handling the myriad of rules is delicate and we have a wealth of knowledge and expertise to guide you through. You can relax knowing you have done everything right, and paid the lowest lawful level of tax you can.

To find out more, call us on  +44(0)330 024 3200 and speak to one of our personal tax experts.

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