Tax compliance

Our self-assessment service ensures that HMRC filing deadlines are met. We will ensure that you avoid the hefty fines suffered by many thousands of taxpayers who each year either submit their returns incorrectly or fail to meet deadlines.

We can help with

Preparing and filing returns
Investigating potential tax saving opportunities
Administration of refunds and reduction in payments on account
Representation if you are selected by HMRC for a spot check enquiry or investigation

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Macalvins Chartered Accountants, Tax & Business Advisers | Harrow, Mayfair, London

Personal Tax Planning

We provide a tailored and wide-ranging personal tax planning service. We will ensure that your tax exposure is minimised whilst ensuring that you remain compliant.

  • Income tax
  • Capital gains tax
  • Inheritance tax
  • Non-domiciliary taxes
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FAQs

What is personal tax planning?

Personal tax planning refers to the process of organising your financial affairs in a way that minimises your tax liability within the legal framework set by the UK government.

It involves strategically utilising tax allowances, deductions, exemptions, and reliefs to optimise your overall tax position.

Why is personal tax planning important?

Personal tax planning is important because it allows you to legally reduce your tax burden, potentially saving you money.

By understanding and utilising the various tax planning strategies available, you can make informed decisions about your finances, optimise your tax position, and ensure you are not paying more tax than necessary.

What are some key components of personal tax planning in the UK?

Some key components of personal tax planning in the UK include understanding the tax rates and thresholds, utilising tax allowances and reliefs, making use of tax-efficient investment options like ISAs (Individual Savings Accounts) and pensions, planning for capital gains tax (CGT) and inheritance tax (IHT), and staying informed about any changes to tax legislation.

How can I reduce my income tax liability in the UK?

There are several strategies to reduce your income tax liability in the UK. You can make use of personal allowances and tax bands by structuring your income, consider salary sacrifice schemes, make pension contributions, utilise tax-efficient investment options like ISAs, claim eligible expenses and deductions, and explore tax planning opportunities with a qualified tax advisor.

When should I start personal tax planning?

Personal tax planning is an ongoing process, and it’s advisable to start as early as possible. The earlier you begin planning, the more opportunities you have to structure your finances in a tax-efficient manner.

Regularly reviewing your financial situation and seeking professional advice when needed can help you make informed decisions and optimise your tax position.

Should I seek professional advice for personal tax planning?

Seeking professional advice for personal tax planning is highly recommended. Tax rules and regulations can be complex and subject to change, and a qualified tax advisor or accountant can provide valuable guidance tailored to your specific circumstances.

They can help you understand your options, identify tax-saving opportunities, and ensure compliance with relevant laws and regulations.