SERVICES FOR INDIVIDUALS
- Capital Gains Tax
- Inheritance Tax
- Rental Income
- Higher Income Child Benefit Charge
- Checking Coding Notices
- Advice on the Tax Treatment of Contributing to or Receiving a Pension
- Help with Tax Credits Forms
- Self-Assessment Tax Returns for Individuals, Trusts & Estates
Self-Assessment is not just about self-employment and there are lots of circumstances when you might require our assistance even if you are not self- employed or a director in a limited company. We also prepare tax returns for individuals and for trusts and estates.
Capital Gains Tax (CGT) and Inheritance Tax (IHT)
Our team of experts can calculate any tax due on inheritance you may have received or capital gains through sales of your investments (shares, property, etc).
If you are unsure on whether your income falls into either of these categories we can advise you.
If you rent out a property, the rental income you receive will be taxable. Expenses incurred such as gas safety certificates and general maintenance of the property will be deductible against the income.
We can provide you with rental accounts and calculate any tax due whether it is for one flat or for a portfolio of properties. There are exceptions, for example, if you have a lodger living in your house you will qualify for the rent-a-room allowance which may cover all of the rent received.
Higher Income Child Benefit Charge
Introduced in 2013, this new charge requires all individuals who earn over £50,000 per year and are in receipt of child benefit, be it paid to themselves or their partner, to register for self-assessment.
The charge reduces the amount of child benefit a couple is entitled to on a sliding scale where the income of one partner is between £50,000 and £60,000.
Any deemed overpayment of the benefit is collected through the self-assessment system. If one partner earns over £60,000 per year, the charge will match the amount of Child Benefit paid in the year, and it may be best to de-register for child benefit.
Contact us today to arrange an appointment or discuss your requirements in more detail.