The UK operates a self assessment system, which means that, with little help or guidance from HMRC, you are required to complete your own return and calculate your own tax position correctly in order to avoid being heavily penalised.
There are a number of reasons that HMRC will require a tax return to be completed. These include but are not limited to: income over a £100,000, investment income being subject to higher rate tax, the child benefit tax charge, partnership income (trading or investment), disposal of assets, property income, non UK income.....the list is endless.
In some circumstances, whilst not strictly necessary to file a tax return, it can also benefit you to complete one. For example if you make pension contributions or charitable donations, you may be missing out on a tax reclaim. Or, you may be generating losses in letting a property or in selling assets, These losses will only be available to you to reduce current or future tax liabilities, if you claim them by filing a tax return.
By choosing to use our tax return preparation service we can give you peace of mind that your tax return is being completed correctly and to a high professional standard. With constant changes in legislation and higher powers of enquiry being introduced, it is becoming ever more important that professional advice is sought, even with a "simple return".
HM Revenue & Customs (HMRC) now have the ability to obtain information directly from sources such as your employer, your bank (including your overseas bank account) and many more. They use this information to cross check the accuracy of your tax return. Failure to make the entries on your tax return match those reported to HMRC directly greatly increase your chances of enquiry. We can ensure that your chances of receiving an enquiry into your tax return is as low as possible. Should an enquiry occur we can help you through it. Not only can we negotiate on your behalf so that any penalties are kept to a minimum, but the fee protection insurance we offer will protect you against incurring additional professional fees.
Once we are familiar with your affairs, we can proactively find ways to minimise your taxes with efficient tax planning and government backed investments. Although we are not financially regulated we are associated with independent financial advisers with whom we work closely to ensure the investment decisions you make reward you in a tax efficient manner to suit your personal circumstances.
If you are concerned about the accuracy of your tax returns, or would simply like someone to take the stress of compliance away, then please contact us.