Getting tax returns right is essential in the UK. Without a great deal of support from HMRC, you’re required to navigate an often complicated self-assessment system and are obliged to report your tax position correctly in order to avoid heavy penalties.
At Harris Stewart, we have expertise in preparing UK tax returns, with experience in completing and calculating tax positions for high net worth individuals.
When is a tax return required?
There are a huge range of circumstances when a tax return must be completed and income declared.
This list includes but is not limited to the following:
● Income over £100,000
● Investment income (subject to a higher rate of tax)
● Child benefit tax charge
● Partnership income (trading or investment)
● Disposal of assets
● Property income
● Non-UK income
What are the benefits of a tax return?
In addition to remaining compliant with UK law and avoiding heavy penalties, there may be cases where you are not legally required to submit a tax return, it can be beneficial to do so. If you make pension contributions or charitable donations, we would recommend completing a tax return so you don’t miss out on possible tax reclaims.
In instances where you generate losses from letting a property or selling assets, you may be able to report these losses to reduce current or future tax liabilities.
Our tax returns services
It is now more important than ever to seek professional advice to complete tax returns, as any minor error or inexperience with completion could lead to a fine or enquiry from HMRC. With legislation constantly changing, our expert team can give you the peace of mind that your tax return is being completed correctly, and that your chances of receiving an enquiry are as low as possible.
HMRC can now obtain information from your employer, bank (including overseas bank accounts), and other sources. In the event of your tax return triggering an enquiry, we can help and advise you through this process by negotiating on your behalf and ensuring penalties are kept to a minimum. As a client, you are entitled to benefit from our fee protection service, so that you may be protected from incurring additional fees.
Reduce your taxes with Harris Stewart
Once we have the necessary details, our team can suggest ways to reduce your taxes through government backed investments and professional tax planning. While not financially regulated, we have years of experience in tax returns and are associated to and work closely with independent financial advisers.
If you need your tax return completed, checked for accuracy and compliance, or would like to be rewarded in a tax efficient manner that suits your circumstances, don’t hesitate to contact us.
