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Tax for Individuals & Non-resident Tax

Personal Tax

Many people often find themselves wondering “do I need to file a tax return?” There is no simple answer to that question, as there are a number of circumstances which may require you to register for self-assessment and file a return to HMRC for example;

• Income from self-employment

• Income from letting property

• Overseas Income

• PAYE income more than £100,000

• Dividend Income

• Capital Gains

• Other revenue which is received gross (before tax)

Although self-assessment may seem like a simple area (especially when compared with VAT or Corporation Tax), it can become very technical, and you could end up paying too much or too little tax if you are not careful. Whether you are a sole trader or need to declare your dividend income, or even need advice about whether operating as a sole trader is the best option for you, our team of Professional Chartered Accountants and Tax Advisors can assist you in the right direction.

As well as self-assessment returns, we can also help you in your future planning to ensure your tax liabilities are minimised in areas like inheritance tax and capital gains tax. Leave your tax affairs in the hands of the professionals, so you can spend more time focusing on your business. We are dealing with a full range of personal tax issues for our clients, taking in income tax, property tax, capital gains tax and inheritance tax planning. Our work often involves international tax issues.

We seek to develop a long-term relationship with our clients thereby our tax return services work alongside the tax advice we provide, giving peace of mind that you are in safe hands, your tax return is dealt with in good time and each opportunity is identified and implemented.

Non Resident Tax

Non-resident tax status is a complex area. Without careful planning, you can be subject to punitive tax liability. As well as your changed UK tax status the tax laws in your country of residence will need to be taken into account.

If you live or work overseas, or are planning to do so, we can help you determine your UK tax status by going through the statutory residence test and also will help you work out the implications of selling any UK assets (e.g. property), how the UK investment income will be treated, the Inheritance and CGT rules, etc.

It may be beneficial for you to apply for a Non-Resident landlord scheme if you are residing overseas and letting your UK property. It will enable the managing agent to pay the full rent without deducting any taxes. We can help you apply for the scheme and compute the tax liabilities when you file your UK tax return.