Personal Tax Accountant

Completing a Self-Assessment tax return can be a daunting task, filled with unfamiliar forms and complex calculations. But don't panic - our team of experienced accountants is here to handle your personal tax returns on your behalf, ensuring:

• Accuracy and completeness - We review your taxable income and expenses with care, ensuring all relevant information is captured and reported correctly. No need to worry about missing deductions or making costly mistakes.
• Timely submission - We understand the importance of meeting HMRC deadlines. We'll work diligently to ensure your return is submitted within the time frame, avoiding potential penalties for late filing.
• Clear communication - We keep you informed throughout the process. You'll receive regular updates on the progress of your return and have the opportunity to ask questions and address any concerns you may have.

Selling a property, disposing of investments, or inheriting assets can trigger Capital Gains Tax (CGT) liabilities. Our friendly team can help you navigate this by:

• Assessing your CGT liability - We'll carefully analyse your specific situation, taking into account factors like acquisition costs, ownership periods, and relevant exemptions, to accurately calculate any potential CGT owed.
• Minimising your tax burden - We'll explore all available legal options to minimise your CGT liability, such as claiming allowable reliefs and utilising your annual tax allowance. Our goal is to ensure you pay the least amount of tax legally possible.
• Plain English explanations - We understand that CGT can be confusing! We'll explain everything in clear, understandable language, ensuring you fully grasp the implications and feel confident about your tax obligations.

Planning for Inheritance Tax (IHT) early can make a significant difference in protecting the financial security of your loved ones. Our IHT experts can help you navigate this sensitive topic by:

• Developing a comprehensive IHT strategy - We'll work closely with you to understand your family's unique circumstances and financial goals. Based on this information, we'll develop a tailored IHT strategy that minimises your tax burden and protects the inheritance you wish to leave behind.
• Exploring reliefs and allowances - We'll identify and explore all available IHT reliefs and discuss tax liabilities that may apply to your situation, such as the spousal exemption and the residence nil rate band. This can significantly reduce your tax liability and maximise the amount your loved ones receive.
• Peace of mind for you and your family - By proactively addressing IHT, you can gain peace of mind knowing your loved ones will be financially cared for after you're gone. We'll be here to guide you every step of the way, ensuring a smooth and successful transition of your assets.

We believe effective tax planning & personal financial planning goes beyond simply fulfilling your current tax obligations. Our focus is on proactive planning and long-term strategies that consider your future financial goals and aspirations.

Here's how we can help you take a forward-thinking approach to your taxes:

• Understanding your financial goals - We take the time to understand your personal and financial objectives, whether saving for a dream home, securing a comfortable retirement, or building wealth for future generations.
• Identifying tax planning opportunities - Based on your goals and income sources, we'll identify potential tax benefits and opportunities you might not know. This could involve exploring tax-efficient investment options, utilising pension contributions strategically, or implementing tax-effective business structures if you're self-employed.
• Developing a personalised tax plan - We'll work collaboratively with you to develop a tailor-made tax plan that aligns with your unique circumstances and aspirations. This plan will be reviewed and adjusted regularly to reflect any changes in your financial situation or life goals.
• Staying ahead of the curve - We stay current with the ever-evolving tax landscape and proactively inform you of any upcoming tax changes that might impact your future financial plans. This ensures you can adapt your strategies and make informed decisions to optimise your long-term tax position.

By taking a proactive approach to tax planning, you can:

• Maximise your financial potential - By utilising tax-efficient strategies, you can keep more of your hard-earned money and accelerate your progress towards your financial goals.
• Gain peace of mind - Knowing your personal tax affairs are managed effectively and planned for the future can significantly reduce stress and allow you to focus on achieving your aspirations.
• Build a secure financial future - By making informed tax decisions today, you can build a stronger financial foundation for yourself and your loved ones in the future.

We believe everyone deserves the opportunity to achieve their financial goals. By partnering with us, you gain access to expert guidance and strategic planning that empowers you to navigate the complexities of tax and unlock your full financial potential.

• Multiple income sources - Whether you have income from employment, rental properties, dividends, or other sources, our accountant can ensure these are all accurately reported and accounted for in your return. They can also help you claim any allowable deductions associated with each income stream.

• Business Tax Advice - If you're a business owner, this involves additional tax considerations such as corporation tax, bookkeeping, and VAT returns (Value Added Tax). Your dedicated tax advisor will offer professional advice and ensure your business taxes are handled effectively.
• Investments - Holding investments like stocks and shares or buy-to-let properties brings further tax complexities. Your specialist tax accountant can advise on capital gains tax and income tax on dividends or rental income and ensure your investment activities are tax-efficient.

• Unique filing requirements - Self-employed individuals have different tax filing requirements compared to employed individuals. Prescient Accounting will guide you through the self-assessment process, ensuring all necessary forms are completed and submitted on time.
• Record-keeping - Managing your business income and expenses effectively can be challenging. An accountant can help you set up a robust bookkeeping system and ensure accurate records are maintained for tax purposes.
• National Insurance Contributions - Understanding and calculating your NI contributions as a self-employed individual can be confusing. Our tax experts will ensure you meet your legal obligations and avoid potential penalties.

• Starting a family - Tax implications surround various aspects of starting a family, such as maternity/paternity leave, childcare costs, and child benefit. We'll advise you on these elements and ensure you claim all available tax reliefs.
• Buying a property - Purchasing a property involves various tax considerations like stamp duty, capital gains tax, and potential tax relief for first-time buyers. We will help you navigate these complexities and make informed decisions.
• Approaching retirement - Planning for retirement involves various tax considerations, including pension contributions, tax-free allowances, and potential income tax implications. Our accountant will guide you through these complexities and help you make the most of your retirement savings.

• Personal Tax investigations and disputes - Receiving a tax notice from HMRC can be stressful. A Prescient Accounting tax specialist can represent you in your dealings with HMRC, helping you understand the enquiry, respond accurately, and resolve the issue efficiently.
• Minimising penalties and liabilities – Your personal accountant can help you minimise any potential penalties or liabilities associated with the tax notice and ensure your taxes are up-to-date.

• Peace of mind and clarity - Even if your tax situation seems straightforward, an accountant can provide valuable guidance and ensure you understand your tax obligations. This can give you peace of mind and avoid any future issues.
• Avoiding mistakes and penalties - An accountant can help you avoid common tax mistakes and potential penalties associated with filing errors or missed deadlines. Their expertise can save you from financial hardship and ensure full tax compliance.

Our expertise extends beyond these areas. We offer professional help with various other personal tax matters, including:

• Income Tax - Ensuring you understand your income tax obligations and claim all allowable deductions.
• Residence and Domicile - Navigating the complexities of UK tax residency and domicile rules.
• State Pensions and Benefits - Advising on the tax implications of state pensions, benefits, and other income sources.

Why choose Prescient Accounting personal tax services?

We believe in tailored solutions and a personalised approach. We take the time to understand your unique circumstances and financial goals to develop a tax strategy that works for you. We translate complex tax rules into clear and concise language, empowering you to understand your financial affairs and make informed decisions.

With our proactive and responsive approach, we stay up-to-date on the latest tax changes and are always available to answer your questions and address any concerns you may have.

So, when you need help, contact Prescient Accounting, and we'll provide expert advice you can trust.

Hiring a personal tax accountant in the UK ensures accurate tax filing, maximises tax savings through efficient tax planning, and provides professional advice on financial decisions impacting taxes.

A personal tax accountant aids in tax planning by identifying tax-saving opportunities, advising on tax-efficient investment strategies, and ensuring compliance with current tax laws and regulations.

The process for filing a Self-Assessment tax return involves gathering financial records, calculating income and expenses, completing the tax return form, and submitting it to HMRC by the deadline.

To legally reduce tax liability in the UK, one can utilise tax allowances and reliefs, invest in tax-efficient savings accounts, and plan finances with strategies like pension contributions and charitable donations.

The deadlines for submitting a Self-Assessment tax return are 31st October for paper returns and 31st January for online returns following the end of the tax year on 5th April.

Yes, a personal tax accountant can provide support during HMRC inquiries and investigations, offering expert advice, handling communication, and ensuring you are fully prepared and represented.