Personal tax Planning

We provide personal tax planning to a variety of clients. Whether you are a sole trader, company director, investor or high income earner our team are able to ensure that your Self-Assessment Tax Return (SATR) is completed by the necessary deadline, having claimed the reliefs available to you.

The starting point for personal tax planning and wealth management is gaining a good knowledge of our client. Rawlinson Pryde & Partners will take the time to make sure that we know our clients’ individual circumstances which will determine which strategies are correct for them. Understanding the family structures of our clients and their objectives and desires enables us to tailor our personal tax advice to each client’s individual circumstances.

With the large fines HM Revenue & Customs (HMRC) can issue for the late submission of SATR’s it is important to file these on time.

Find the latest Government news on taxation on our blog.

 

When do I need to Complete a Self-Assessment Tax Return?

The first stage is knowing when you are required to complete a Self-Assessment Tax Return:

When do you need to Register by and Submit your Self-Assessment Tax Return?

You should register with HMRC by 5 October following the end of a tax year (5 April).  If you require assistance please contact us.

The deadline for submitting an Electronic Self-Assessment Tax Return is 31 January the year following 5 April.  However, we encourage our client to file these much sooner so you can plan to pay your taxation which is due by the same date

It is proposed that taxpayers will need to make quarterly submissions in the future, but we are awaiting further announcements regarding this.

 
 

How can we Help?

We can provide advice with how to mitigate your tax bill.  As well as assisting with more complex tax planning we provide all our clients with helpful tax saving tips and sometimes the simple ideas can be as effective as more complex ones.  For example:

  • The £100k tax trap!
  • Bringing forward or delaying income. The prime examples, of this was the dividend tax changes, which added 7.5% on to the tax bands, the brief introduction of the 1.25% Social Care Levy or when the additional income tax bands were adjusted between 45% and 50%.
  • Ensuring you protect your Personal Allowance or Child Benefits or Tax-Free Childcare with Pension contributions.
  • Spouse tax planning.

Personal Tax Services We Offer

Our team is able to provide advice but is not limited to, the following topics:

 
 

How do we Assist you and what is our Approach?

We work with you to understand your life priorities and assist with personal tax planning to minimise the impact any changes to the legislation introduces. We very much believe in a proactive approach rather than reactive and alert our clients to these changes, especially if there are opportunities to minimise tax.

The majority of our clients have been with us for many years and we pride ourselves on developing strong, lasting relationships by meeting their needs.

We are also happy to assist individuals with one-off exercises to ensure you remain compliant with the tax laws whilst mitigating your taxation liabilities.

If you require some assistance with your Personal Tax affairs please contact us by calling us on 01234 300500, emailing us at [email protected] or directly to one of our team and we would be delighted to assist you.