Personal Tax & Compliance
As specialist tax advisors we look after all aspects of personal tax. Our directors get to know clients personally in order to provide practical and tailored advice.
Getting it Right
Paying the right amount of tax and on time
Complexities
Coping with the ever-changing tax landscape
Dealing
with HMRC
Well-presented returns reduce the risk of HMRC enquiry
Trust & Estate
Returns
Trusts are a useful planning tool but a compliance minefield
Getting it Right
Tax returns are essentially a question of getting the computation right. We ask the right questions, get the right information and understand how to treat things correctly and fairly, while at the same time advise you on how to retain more of your annual earnings and gains. To do this well, we need to get to know you, and we therefore take time to build personal relationships and understand our clients’ needs.
Personal tax is becoming ever more complicated but as a member firm of the Chartered Institute of Taxation, we are always up to date with changes to legislation and best practice, which means that we are able to provide you with the best and most accurate advice at all times.
Complexities
The seven volumes of tax law are indicative of the range of complexities that clients may encounter. Typically we find ourselves dealing with tax reliefs, capital gains and pension issues as well as international aspects such as residence and domicile, foreign incomes, capital gains and pension issues.
For our higher net worth clients, we also commonly deal with tax-relieving investments, pension contributions and withdrawals, trust and estate income, asset disposals and property issues.
Dealing with HMRC
HMRC are under more scrutiny than ever to maximise tax revenues and their methods are becoming increasingly aggressive. Whilst our clients don’t want to pay more tax than they should, they rely on us to look after them and ensure that HMRC don’t have cause to enquire into their affairs.
Knowing the rules is critical to ensuring that returns contain no mistakes; and long experience ensures that our clients’ tax affairs are presented properly and with adequate explanations.
Over the years our firm has thus built a very good reputation with the HMRC for ethical compliance; and this in turn means that our clients are less likely to be investigated.
Trust & Estate Returns
Commonly, once assets go into trust they fall out of your estate completely after seven years, yet you can still retain control over the asset. Trusts are therefore often used to safeguard assets for future beneficiaries and to reduce inheritance tax for settlors.
Trustees must submit returns to HMRC each year, but there are special rules for the taxation of trust income and assets. In addition, there can be other periodic charges to be calculated and accounted for.
Many accountants do not work with trusts because of the complexities involved. However, at Tayabali & White we have the specialised knowledge and experience to deal with trust issues, and are often appointed by executors to advise on estate tax.
