Personal tax planning and tax compliance – we can help you

December 8, 2020

Categories Tax and Wealth Preservation

With the volume of legislation, statements of practice, extra statutory concessions and the General Anti-Abuse Rule (GAAR), it can be difficult to know how best to structure your tax affairs.

At Furley Page we offer a complete service by helping you both plan your exposure to tax, often combined with the drafting of documents such as a will or trust deed as well as supporting you with your tax obligations.

Personal tax planning

Our experts can help you manage your exposure to tax, giving you guidance on how to structure your personal tax affairs including inheritance tax, income tax and capital gains tax.

It is a common misconception that careful tax and succession planning is only necessary for those with large estates. We advise clients across the board on how to minimise inheritance tax and maximise their net worth.

Should you dispose of an asset for example shares, a business interest or a property you may have capital gains tax to pay. We can produce tax projections which – particularly in the case of a proposed disposal of an asset such as a property or shares – can be helpful beforehand to assist you in budgeting for how much capital gains tax you may have to pay and structure your affairs in the most tax efficient way.

Tax compliance

Various circumstances can lead to the need to complete a tax return.

If you have experienced any of the following you will need to ensure you submit and correctly complete a tax return on time and pay the right amount of tax due.

1. received a notification from HM Revenue & Customs of the need to submit a self-assessment tax return
2. made a disposal of an asset – for example property or shares
3. had a new source of income such that you need to start filing tax returns – for example you were employed and you are now self-employed
4. had the opportunity to make a tax relief claim – for example pension relief
5. received income, for example. as a beneficiary of a trust with a tax credit attached

HMRC possess a range of powers to issue penalties to taxpayers who haven’t submitted a correctly completed tax return, making it imperative that the task is given the proper level of care it deserves and undertaken professionally.

We can help you complete your tax return, make a tax repayment claim and advise you accordingly. Should HMRC make a request for information or documents we can deal with them on your behalf.

Our services ensure that you pay no more tax than you are obliged to.

Contact Ian Gilmour to find out how we can help you.