Personal Tax Advice
Paying for personalised tax recommendations and customised tax planning can result in cost savings, time savings and a significant reduction in effort.
As an individual there are various ways in which you might be liable to pay taxes including income tax, investment growth tax, some savings interest tax and inheritance tax on assets.
The amount of tax you owe and whether you owe it or not may depend on numerous factors often making it easy to make mistakes and difficult to determine what you owe.
This could lead to paying too little and facing HMRC’s penalties or paying too much and losing money that you could have retained.
Three of the main benefits from using a tax advisor are:
- Firstly effective tax advice can lead to a considerable improvement in your net income.
- Secondly it can minimize the possibility of making errors on your tax return.
- Finally it will enhance financial predictability in the long run.
When should I pay for Tax Advice?
If your tax affairs are not straightforward, it can be beneficial to have an accountant who can assist you in calculating your personal tax liability and identifying ways to minimize it.
There are a number of different types of tax to consider with the ways in which you can reduce your tax bill depending on your own circumstances.
A tax advisor will review all of your income sources such as PAYE income, investment growth, savings interest and inherited assets.
Reviewing your whole situation is important so that all of the opportunities that are available to you are highlighted so you can make informed choices.
What can a Tax Advisor help me with?
One of the benefits of using a tax advisor is that your complete tax position can be evaluated which can often give you options that you were unaware of.
Some of the common types of tax a tax advisor can provide support for includes:
- Inheritance tax or IHT for short.
- Property income tax.
- Capital gains tax.
- Non residency tax.
- Non domiciled tax.
- Entrepreneurs relief (BADR).
It’s common for individuals to be impacted by more than one type of tax which are often interrelated.
This can bring extra complications when calculating your personal tax bill and finding ways to reduce it.
Receiving good tax advice can help find solutions which significantly increase your take home income and future savings.
Free Tax Advice
HMRC can be contacted in the first instance for information relating to your enquiry. You can ask to speak to a technician for assistance with more complex tax enquiries which need more specialist knowledge.
If your query is of a more basic nature and HMRC are unable to help you can contact one of the following charities for free tax advice:
