Preparation and online submission of your personal tax return, calculating your tax bills and advising you on how much tax to pay and when; completing a personal tax return is not just form filling - we follow a 9-step process in order to complete your personal tax return for you:

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1. Supply you with a Tax Return Checklist to save you time in getting together all the information we will need.

2. We then use the information and explanations you give us to complete your Personal Tax Return.

3. We also calculate your personal tax bills and payments on account so that you know exactly how much to pay and when to pay in order to avoid penalties and interest.

4. With the exception of tax credits, we will advise you on possible claims and elections arising from your Personal Tax Return and from information supplied by you, in order to minimise your personal tax bills. Where you subsequently instruct us, we will make such claims and elections in the form and manner required by HM Revenue & Customs.

5. Once you have given us your written approval, we will submit your Personal Tax Return return to HM Revenue & Customs.

6. We will file your Personal Tax Return online - the benefits to you being: You’ll know exactly when HM Revenue & Customs received it, the risk of “human error” processing mistakes by HM Revenue & Customs will be minimised and if you’re entitled to a tax repayment, you’ll receive your refund much quicker.

7. We will check HM Revenue & Customs’ calculation of your tax bills and initiate repayment claims if you have overpaid.

8. If you’re entitled to a tax refund, we’ll ask you for your bank account details so that we can transfer any refunds to you electronically – you’ll get your money back from HM Revenue & Customs without the hassle of visiting your bank or waiting for funds to clear.

9. We’ll deal with all communications relating to your Personal Tax Return that are directly addressed to us by HM Revenue & Customs, or forwarded to us by you.

A tax levied on the profit made on sale of any non-inventory qualifying assets is called capital gains tax. Bonds, stocks, Property, real estate, and precious metals when sold are subjected to capital gains tax. If you make a Gain (i.e., a Profit), then you may be liable to pay taxes.

 

The amount of tax chargeable will differ depending on type of asset sole, how long it was held, how the asset was utilised etc.

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CGT is applicable to both individuals as well as businesses, however, the tax rates may well be different for both. Similarly, the tax allowance or tax bands may also differ for each.

Key financial organizations do not regard crypto assets to be cash or money. Crypto-assets are treated similarly to traditional assets such as stocks in terms of taxation and will be taxed appropriately.

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Tax is levied on the underlying activity of buying or selling crypto-currencies. As a result, crypto traders and investors must evaluate a wide range of activities, from simple purchases to complex trades. and sell orders to hard forks, airdrops, staking, and the like.

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The position is made more complicated as the industry develops with emerging unique and complex cryptocurrencies such as gaming and gambling platforms and the evolution of non-fungible tokens and hybrid tokens used for specific purposes.

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If you are not a tax resident in the UK or do not have a domicile in the UK then you can benefit from favourable tax rules.

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Work out if you need to pay

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To check if you need to pay Capital Gains Tax, you need to work out your gain for each transaction you make. The way you work out your gain is different if you sell tokens within 30 days of buying them.

Your gain is normally the difference between what you paid for an asset and what you sold it for. If the asset was free, you’ll need to use the market value when working out your gain.

You do not need to pay Capital Gains Tax on the value of the tokens that you’ve already paid Income Tax on. You’ll still need to pay Capital Gains Tax on the gain you make after you’ve received them.

You can deduct certain allowable costs, including a proportion of the pooled cost of your tokens when working out your gain.

You can also use capital losses to reduce your gain, but you’ll need to report them to HMRC first.

If your total taxable gain is above the annual tax-free allowance, you must report and pay Capital Gains Tax.

Corporation Tax Return (also known as CT600 form) must be filed with HMRC by all Limited Companies within 12 months after the financial year. Although it is calculated on the profits made during the Accounting Period (AP) (also known as Chargeable Accounting Period or CAP), you are still required to do one even if you made a loss. This is usually the same as its period of account, providing its is twelve months in length or less.

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An Accounting Period can never exceed 12 months in length. Late returns are subject to penalty and late payments are subject to interest charge. Note, even though the CT600 doesn’t need to be filed until 12 months, the payment must be done within 9 months and 1 day after the year end.

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Like many other taxes in the UK, Corporation Tax is no different when it comes to complexity. With the continuing changes in the legislation, tax reliefs and rates, it is important to get professional advice and plan to minimise your tax liability.

Inheritance Tax

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We all know that Inheritance Tax can be a minefield, however, with expert guidance from our team you can rest assured that your affairs are in safe hands.

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We offer our knowledge and experience to deliver pragmatic and effective solutions that are tailored to your specific assets, are water-tight and will protect your wealth to limit tax liabilities and maximise the benefits of your estate for your family and other beneficiaries.

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Trusts

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When drafted correctly Trusts can provide a very tax efficient and secure way to manage assets, ensuring that they are passed to named beneficiaries, with no risk they will pass to unintended beneficiaries – this is especially important when it comes to protecting wealth.

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Trusts are regularly included in a Will where the testator wishes to specify what should happen to his or her estate following the death of his or her spouse or partner – for example, where the testator has children from a previous marriage.

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Our Trust specialists can advise on the most suitable option for your purposes, providing peace of mind that your assets will be protected and distributed according to your wishes.

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Our clients appreciate our exceptional service and benefit from our invaluable and objective advice which is combined with a transparent pre-agreed pricing structure.