As the tax system in the UK entering into the digital tax set up, where a tax liable entity can register, pay and update their tax status without having to repeat information filing at HMRC. From 2020, the role of a chartered certified accountant seems to remain as the tax advisor on various complicated parts only. However as of now:
For sole traders and partnership
We can help you on many relief and allowance situations, which you might not have been aware of; like arranging property to be held in the best way between spouses where you both can get income tax and inheritance tax relief opportunity.
- If you are uncertain on your investment borrowings.
- If you are unaware of the relief scheme proposed to entrepreneurs or property owner.
- Other situations like these and many others, where you can get relief but you are unaware of we can help you.
We will prepare and submit your Self-Assessment Tax Return; we will complete Supplementary pages, Employment, Self-employment, Partnership, Foreign Income, Rental Income and Capital Gains on your behalf.
Using cutting-edge software, we take the burden of form filling and compliance aspect of Self-Assessment. In addition to letting you know tax relief opportunities; we will complete all the tax returns, and calculate tax liability before due date and advise you on exactly when to pay and how much to pay.
Capital Gains Tax(CGT) and Inheritance Tax
Capital gains can come from sale of assets like investment properties, share and bonds. Capital gain tax affects both business type; individuals and businesses. In all the taxes, Capital Gains Tax shares small amounts in the UK. However, it does affect investments on assets like, properties, share and bonds.
If one legally receives money or property form a person who has died or deceased, the type of tax imposed on the property or money receive this called Inheritance Tax. In other words, Inheritance Tax is applied on the transfer of assets. Everybody wants to minimise Inheritance Tax payable, and manage it well so that the handover of property could be made as smoothly as possible for their beneficiaries.