 Elephant with the word tax on its side, representing the hidden issue of UK taxpayers overpaying tax without proactive tax planning from Tax Affinity Accountants. The Elephant in the Room Is Usually Tax: Are You Paying More Than You Legally Need To?
Most people know they are paying tax. Many suspect they are paying too much. Very few know exactly how much they could legally save. That is the real elephant in the room. For many individuals, landlords, company directors, contractors, high earners and business owners, tax is treated as something that simply “happens” once a year. A return is filed. A bill is paid. HMRC receives the money. Life moves on. But here is the uncomfortable truth: HMRC will not usually tell you that your affairs could have been structured more tax efficiently. HMRC’s role is to collect the correct tax under the law. It is not to proactively redesign your income, company structure, dividends, pension contributions, property ownership, capital gains position or inheritance tax planning so that you keep more of your own money. That is where proper tax advice matters. At Tax Affinity Accountants, we help clients identify the tax issues they may not see, challenge assumptions, review historic positions, and create practical strategies to reduce unnecessary tax exposure while remaining fully compliant. Because the real question is not: “Am I paying tax?” The real question is: “Am I paying more tax than I legally need to?” How Tax Affinity Accountants Helps You Keep More of Your Money Tax Affinity Accountants is a UK-based tax accountancy firm helping individuals, landlords, contractors, company directors, high earners, SMEs and property investors identify whether they are paying more tax than legally necessary. The firm provides proactive UK tax planning, Self Assessment tax return support, limited company accounts, corporation tax advice, VAT, payroll, CIS, capital gains tax advice, inheritance tax planning, HMRC investigation support, forensic accounting-style analysis and expert accountant input for legal or dispute matters. Tax Affinity Accountants helps clients remain compliant with HMRC while using legitimate tax reliefs, allowances and planning strategies to keep more of their own money. Why So Many UK Taxpayers Overpay Tax Without Realising Tax overpayment is rarely caused by one obvious mistake. More often, it happens quietly over time. A business owner may take salary and dividends in the wrong balance. A landlord may miss allowable finance, repair, mileage, home office or professional expenses. A company director may fail to plan pension contributions before the year end. A property investor may trigger unnecessary capital gains tax. A family may leave inheritance tax planning too late. A contractor may not claim the right business costs. A high earner may lose personal allowance without planning around it. Each issue on its own may seem small. But over several months or years, the lost tax savings can become substantial. This is why experienced tax advice is not just about filing a return. It is about looking underneath the surface and asking: What has been missed? What could be improved? What risk exists? What reliefs are available? What should be done before the tax year ends? What should be changed before HMRC asks questions? A basic accountant may record what already happened. A proactive tax accountant helps you plan what should happen next. HMRC Will Not Plan Your Tax for You Many taxpayers wrongly assume that if HMRC accepts a return, everything must be optimised. That is not necessarily true. A tax return can be accepted and still be inefficient. A company can be compliant and still be badly structured. A taxpayer can pay the “right” tax based on the information submitted, while still missing legitimate reliefs, allowances or planning opportunities. HMRC does not normally contact taxpayers to say: “You could have claimed more expenses.” “You should have considered pension planning.” “You may have structured your property income inefficiently.” “You could have reduced your capital gains tax exposure.” “Your company/director extraction strategy could be improved.” “Your family wealth planning may create future inheritance tax problems.” That responsibility sits with you and your adviser. And that is why choosing the right accountant is not just an admin decision. It is a financial decision. The Hidden Cost of Having the Wrong Accountant A cheap or reactive accountant may seem like good value at first. But if they only file accounts and tax returns after the event, without giving forward-looking advice, the real cost can be far higher than the fee you saved. The wrong accountant can cost you money through: Missed tax reliefs. Poor dividend and salary planning. Incorrect expense treatment. Weak record keeping. Late filing penalties. Unclaimed capital allowances. Poor VAT decisions. Incorrect CIS handling. Weak payroll planning. Missed capital gains tax planning. Failure to consider inheritance tax early enough. Inadequate support during HMRC enquiries. Poor advice during company closure, property sales or restructuring. The problem is that most taxpayers only discover the weakness when it is too late. By then, the tax year has ended. The transaction has completed. The deadline has passed. HMRC has opened an enquiry. The penalty has arrived. The opportunity has gone. This is why proactive tax planning is so important. Worried You May Be Paying Too Much Tax? If your accountant only contacts you once a year, only files what already happened, or never explains how to legally reduce your tax exposure, it may be time for a second opinion. Tax Affinity Accountants can review your tax position and help identify whether you are missing legitimate tax-saving opportunities. Call 08000434051 or contact Tax Affinity Accountants today to arrange a tax review. What Tax Affinity Accountants Looks For At Tax Affinity Accountants, our approach is to look beyond the numbers and understand the person, business or family behind them. Depending on your circumstances, we may review areas such as: Income tax planning. Self Assessment tax returns. Limited company tax efficiency. Salary versus dividend planning. Corporation tax reduction strategies. VAT registration and VAT planning. Payroll and PAYE compliance. CIS tax for contractors and subcontractors. Capital gains tax on property, shares and business assets. Inheritance tax planning and family wealth protection. Rental property accounts and landlord tax. Director loan accounts. Business expense claims. Pension contribution planning. HMRC investigations and enquiries. Forensic accounting support. Expert accountant reports for legal or dispute matters. Business restructuring and company closures. Overseas income and international tax issues. The goal is simple: help you remain compliant while legally keeping more of your hard-earned money. Tax Planning Is Not Tax Avoidance Good tax planning is not about hiding income, taking reckless shortcuts or creating artificial arrangements. Proper tax planning means understanding the law, applying the correct reliefs, keeping accurate records, structuring decisions sensibly, and making informed choices before deadlines pass. There is a big difference between aggressive tax avoidance and legitimate tax efficiency. At Tax Affinity Accountants, we focus on practical, compliant and commercially sensible advice. We help clients understand what they can legally claim, what they should avoid, and how to protect themselves if HMRC ever reviews their affairs. This is especially important for business owners, landlords, contractors and high earners, where the tax rules can quickly become complex. Why Business Owners Often Pay Too Much Tax Business owners are some of the most common taxpayers to overpay tax without realising. This can happen when they: Take profits inefficiently. Do not plan dividends properly. Fail to use pension contributions strategically. Miss allowable business expenses. Do not use company assets correctly. Fail to plan for VAT thresholds. Ignore director loan account issues. Leave corporation tax planning until after the year end. Do not review whether their company structure still works. Fail to prepare for future sale, succession or exit. A growing business needs more than annual accounts. It needs tax strategy. The right accountant should not simply ask, “What happened last year?” They should also ask, “Where is the business going, and how do we make the tax position stronger before it gets there?” Why Landlords and Property Investors Need Specialist Tax Advice Property tax is one of the areas where taxpayers can lose significant money through poor planning. Landlords and property investors may need advice on: Rental income tax. Mortgage interest restrictions. Repairs versus improvements. Joint ownership and income splitting. Capital gains tax on sale or transfer. Private residence relief. Lettings relief where applicable. Stamp Duty Land Tax considerations. Limited company property structures. Inheritance tax exposure on property portfolios. Overseas property income. Short-term lets and furnished holiday let changes. Record keeping and expense evidence. A property decision made for convenience today can create a tax problem later. Before buying, selling, transferring, gifting, refinancing or restructuring property, it is sensible to speak to an accountant who understands both tax compliance and long-term planning. HMRC Investigations: When the Elephant Becomes a Problem Sometimes the tax issue is not just about saving money. Sometimes it is about protecting yourself. HMRC enquiries and investigations can be stressful, time-consuming and financially damaging if handled poorly. Even innocent mistakes can become serious if records are weak, explanations are unclear or correspondence is mishandled. Tax Affinity Accountants can assist clients with HMRC enquiries, tax disputes, compliance checks and investigation support. We also have experience supporting complex matters where tax, accounting evidence and legal issues overlap, including forensic accounting-style analysis and expert accountant input where appropriate. When numbers are being challenged, the quality of the explanation matters. When HMRC asks questions, you need more than guesswork. You need calm, structured, evidence-based support. Why Switching Accountant May Be the Best Financial Decision You Make This Year Many people stay with the same accountant because it feels easier. They assume all accountants do roughly the same thing. They do not want the hassle of switching. But if your current accountant is not advising you proactively, not explaining your options, not identifying tax-saving opportunities, not warning you before deadlines, and not helping you plan ahead, then staying put may be costing you more than you realise. You should consider reviewing your accountant if: You only hear from them once a year. They never suggest ways to reduce tax. You do not understand your tax position. You feel rushed or ignored. You are growing but not receiving strategic advice. You have property, investments or multiple income streams. You are worried about HMRC. You suspect you are overpaying tax. You want a more proactive accountant. You want advice, not just filing. Switching accountant is usually simpler than people think. A professional clearance process can be handled between firms, and a good new accountant can guide you through the transition. The bigger risk is not switching when your tax affairs have outgrown your current support. The Tax Affinity Difference Tax Affinity Accountants is built around a simple principle: Expert advice. Proactive solutions. Financial success. We support individuals, sole traders, landlords, contractors, company directors, SMEs and families who want more than basic tax return filing. Our clients come to us because they want clarity, protection, strategy and confidence. We help clients understand their numbers, reduce unnecessary tax exposure, stay compliant with HMRC, and make better financial decisions. We are a Recognised tax agent authorised to act on clients’ behalf with HMRC, and our team regularly supports clients with tax returns, accounts, VAT, payroll, CIS, capital gains tax, inheritance tax, business structuring, HMRC correspondence and complex tax advisory matters. For clients who want a serious accountant, not just a form-filler, Tax Affinity Accountants offers a higher level of support. Do You Know How Much Tax You Are Overpaying? This is the question most people avoid. Not because they do not care. But because tax feels complicated, uncomfortable and easy to postpone. The problem is that tax does not wait. Deadlines pass. Reliefs expire. Allowances are lost. Records become harder to reconstruct. HMRC interest and penalties can build. Opportunities disappear. The best time to review your tax position is before the tax year ends, before a transaction completes, before HMRC opens an enquiry, and before your business or personal finances become more complicated. The second-best time is now. Book a Tax Review with Tax Affinity Accountants If you are a business owner, landlord, company director, contractor, high earner, investor or individual who suspects you may be paying too much tax, now is the time to act. A professional tax review can help identify: Where you may be overpaying tax. Which reliefs and allowances may apply. Whether your company structure is still suitable. Whether your property income is being reported efficiently. Whether your salary and dividend mix is appropriate. Whether you are exposed to HMRC risk. Whether your future tax position can be improved. Do not wait until another tax year is over. Do not wait until HMRC contacts you. Do not wait until your accountant simply tells you what the bill is. Speak to Tax Affinity Accountants and find out what proper tax advice could do for you. Tax Affinity Accountants Expert advice. Proactive solutions. Financial success. Frequently Asked Questions Why Do Many UK Taxpayers Overpay Tax? Many UK taxpayers overpay tax because they only file returns after the tax year has ended, instead of planning before key deadlines. HMRC will not usually advise taxpayers on how to structure income, dividends, pensions, property ownership, business expenses or capital gains in the most tax-efficient way. A proactive UK tax accountant can review a taxpayer’s position, identify missed reliefs and allowances, reduce unnecessary tax exposure and help keep the taxpayer compliant with HMRC. Can an accountant really reduce my tax bill legally? Yes, in many cases. A good accountant can identify allowable expenses, reliefs, allowances, pension planning opportunities, business structuring options and timing strategies that may reduce tax legally and compliantly. The exact outcome depends on your circumstances. Will HMRC tell me if I have overpaid tax? HMRC may correct certain obvious errors or process repayment claims, but HMRC will not normally act as your personal tax planner. It is your responsibility, with your accountant, to ensure your affairs are structured efficiently and that legitimate claims are made correctly. How do I know if I am paying too much tax? You may be paying too much tax if your accountant only files returns after the year end, does not discuss tax planning, does not review expenses, does not explain salary and dividend options, does not consider pension contributions, or does not advise before property, company or investment decisions. A professional tax review can identify whether legitimate reliefs, allowances or planning opportunities have been missed. Is tax planning only for wealthy people? No. Tax planning can help sole traders, landlords, contractors, small business owners, company directors, families, high earners and ordinary individuals with multiple income sources. The earlier you plan, the more options you usually have. When should I speak to a tax accountant? Ideally before the tax year ends, before selling property, before taking large dividends, before buying investment property, before closing a company, before making gifts, before moving overseas, before receiving large income, or before HMRC opens an enquiry. Can I switch accountant easily? Yes. In most cases, switching accountant is straightforward. Your new accountant can request professional clearance and obtain the necessary records from your previous accountant, subject to standard procedures. Does Tax Affinity Accountants help with HMRC investigations? Yes. Tax Affinity Accountants can assist clients with HMRC enquiries, compliance checks, tax disputes and related tax/accounting matters. Where appropriate, the firm can also support more complex cases requiring detailed analysis and forensic-style accounting input. Speak to Tax Affinity Accountants Before Another Tax Year Is Lost Tax planning works best before deadlines pass. Once the tax year has ended, many opportunities may already be limited or lost. If you are a business owner, landlord, company director, contractor, investor, high earner or individual who suspects you may be paying too much tax, now is the time to act. Contact Tax Affinity Accountants today and find out whether your current accountant is helping you keep more of your money — or simply telling you what to pay. Call 0800 043 4051 Visit www.taxaffinity.com Tax Affinity Accountants — Expert advice. Proactive solutions. Financial success. About the Author Written by Anni Khan, Tax Affinity Accountants Reviewed by Andrew Khan, Principal Accountant, Tax & Forensic Accounting Specialist, Recognised tax agent authorised to act on clients’ behalf with HMRC. Tax Affinity Accountants are UK-based tax and accountancy specialists supporting individuals and SME businesses. With offices in Worcester Park, Kingston upon Thames, and Epsom & Ewell, they act for clients across the UK and internationally, providing compliant, HMRC-focused tax advice and support. For more information, visit www.taxaffinity.com or read more insights at www.taxaffinity.com/blog. Important Notice This article is for general information purposes only and does not constitute personalised tax advice. Tax treatment depends on individual circumstances. Professional advice should be sought before taking action. #UKTaxAdvice #TaxPlanning #SelfAssessment #BusinessTax #HMRCInvestigations #ForensicAccounting #CapitalGainsTax #InheritanceTax #LandlordTax #LimitedCompanyTax #TaxAffinityAccountants
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 As we close the books on December and January, Tax Affinity Accountants couldn’t be prouder of the incredible results we delivered for our clients during this crucial period. The Self Assessment deadline for HMRC has come and gone, and once again, our clients are experiencing the benefits of working with a team that not only meets deadlines but ensures the best possible tax outcomes. Our firm’s dedication to providing personalized, efficient, and effective tax services has proven to be invaluable during one of the busiest times of the year.
The numbers are in, and we’ve exceeded expectations across the board. With the highest number of referrals in our history, we are humbled by the trust our clients continue to place in us. Our reputation for delivering outstanding results has never been stronger, and as a result, more and more people are turning to Tax Affinity Accountants for expert guidance on how to save on taxes and maximize their hard-earned money. In this post, we’ll explore how Tax Affinity Accountants rose to the occasion during the Self Assessment season, the satisfaction our clients enjoyed, and why now is the perfect time to consider switching to a tax team that actually understands your needs and can put you on the path to better tax outcomes. The HMRC Self Assessment Deadline: A Busy Period for Accountants and Taxpayers Alike The Self Assessment tax return deadline for HMRC is one of the most significant dates in every freelancer, contractor, sole trader, and small business owner’s calendar. As many people know, the 31st of January is the final day for submitting tax returns for the previous financial year, and the stress of meeting that deadline can be overwhelming. With penalties for late submissions and the risk of costly errors, it’s no surprise that many individuals and businesses turn to professional accountants for help. This past December and January, our team at Tax Affinity Accountants worked tirelessly to ensure that our clients’ tax returns were submitted accurately and on time. Our expert accountants handled a wide range of complex scenarios, from straightforward self-assessments to more intricate tax situations involving multiple income streams, investments, property portfolios, and international tax issues. Regardless of the complexity, we ensured that all our clients received tailored advice and support to help them navigate the Self Assessment process with ease. Our clients benefit from the comprehensive knowledge we have of current tax laws, and we worked diligently to ensure they understood their obligations while also taking advantage of every allowable deduction and relief available. The peace of mind that comes with having experienced professionals in your corner during such an important and stressful time cannot be overstated. Client Delight: Low Taxes, Timely Returns, and Maximum Savings What sets Tax Affinity Accountants apart from other tax firms is our commitment to delivering the best possible outcomes for our clients. Throughout December and January, we received glowing feedback from individuals and businesses who were delighted with the results we achieved for them. By applying our deep expertise in tax planning and optimization, we were able to significantly reduce the tax liabilities of many clients. This is what truly excites us—helping individuals keep more of what they’ve earned. Whether it’s taking full advantage of allowable tax deductions, advising on tax-efficient investments, or utilizing strategies to minimize National Insurance contributions, we’re always looking for new and creative ways to reduce our clients’ tax burdens. One example involved a small business owner who had previously been using a generic online tax software to file their returns. While the software was quick, it didn’t provide them with the tailored advice they needed to make the most of their tax position. After switching to Tax Affinity Accountants, we identified numerous opportunities for tax savings, including business expenses they had overlooked and potential claims for tax relief that they didn’t know about. As a result, the business owner’s tax bill was reduced by a significant amount—enough to reinvest in their business, expand operations, and increase profits. We’ve also worked with several high-earning individuals who were struggling with their tax obligations. By applying a strategic approach to tax planning and ensuring they understood the implications of different income streams, we were able to optimize their tax position and save them thousands of pounds. When clients come to us seeking clarity and guidance, we don’t just meet their needs; we exceed them, delivering tax returns that maximize their savings while ensuring full compliance with HMRC. At Tax Affinity Accountants, our clients are the center of everything we do. The positive feedback and appreciation we received during the January rush are a testament to the hard work we put in and our unwavering commitment to providing top-notch service. Our clients know they can count on us to not only meet the deadlines but also to deliver the best tax outcomes. The Highest Number of Referrals in Our HistoryOur clients don’t just trust us—they recommend us to their friends, family, and colleagues. During the December and January rush, we received an unprecedented number of referrals, making it clear that our reputation for delivering outstanding results is growing faster than ever. Referrals are the highest compliment we can receive, and we take great pride in knowing that our clients are not only satisfied with our services but are so confident in our ability to help others that they actively refer us to people they know. It’s also a sign that more and more individuals and businesses are realizing the value of working with an accountant who genuinely understands their financial goals and strives to help them save on taxes. This year’s increase in referrals is a direct reflection of the exceptional results we consistently achieve for our clients. From freelancers and contractors to business owners and high-net-worth individuals, we’re proud to be the trusted partner that so many people turn to for expert tax advice. And as our client base continues to grow, we’re excited to help even more people take control of their tax positions and keep more of their hard-earned money. Why Switch to Tax Affinity Accountants? If you’re currently working with an accountant who isn’t delivering the results you expect or feel that your tax bills are higher than they should be, now is the perfect time to make the switch to Tax Affinity Accountants. Here’s why:
If you’re ready to take control of your taxes and start working with a firm that truly understands how to maximize your savings, Tax Affinity Accountants is here to help. With our team of experts by your side, you’ll never have to worry about missed deadlines, unnecessary penalties, or overpaid taxes again. Don’t let another year go by paying more than you need to. Reach out to us today for a consultation and discover how much we can help you save. Whether you’re switching from another accountant or looking for a new tax partner, Tax Affinity Accountants is here to provide the expert service, advice, and savings you deserve. Contact us now, and let’s start working on a tax strategy that works for you. Together, we’ll make this year the best one yet! Disclaimer: Tax Affinity Accountants is a leading accounting firm specializing in tax planning, advice, and compliance services. We work with individuals, freelancers, contractors, business owners, and high-net-worth individuals across the UK to help them maximize their tax savings and optimise their financial strategies. Please visit www.taxaffinity.com to learn more about our services and book a consultation. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. a Tax Accountants Experience and expertise is highly valued in tax planning and hmrc investigations5/22/2023
 Tax Affinity expert tax accountants for help with planning and investigations Tax Affinity Accountants are rated as experts in Tax and Accounting Industry and because of our experience and expertise with Tax we can help clients to both legally minimise their tax and make the best plans for the future. We never recommend breaking any rules but instead using our expertise know that there is more than enough scope with the framework to legally reduce taxes and still have the peace of mind. And because we stay abreast with the latest changes and developments we are are always at the forefront of advising clients when things change. And you know your in safe hand because Tax Affinity are experts in tax law with a good working relationship with HMRC. There to there to help and support clients if they are involved in a HMRC tax or VAT investigation or have a Worldwide Disclosure / Let Property Campaign letter etc to respond to. We are always able to successfully support and guide clients to the best possible outcome. Just ask one of our many happy clients who sing our praises. Below is a list of just some of the things we can help with. If what your looking for is not listed we most likely are still able to do it but just didnt want to make the list too long. Give us a call and have a chat with one of our tax experts or come into one of our high street branches - we will be happy to help. - Inheritance tax planning for landlords with estates between £1million - £250million - Capital gains tax planning - Transferring properties into a limited company - Incorporation - Offshore tax planning - HMRC Tax and VAT Investigations - Code of Practice 8 and 9 investigations - Alternate Dispute Resolution - Tax Tribunals - Forensic Accounting - Worldwide Disclosure Facility - Let Property Campaign - HMRC Check of Self Assessment / Tax - Contractual Disclosure Facility (CDF) - Code of Practice 8 / 9 / 11 / 14 - Section 144 Enquiry - Section 12A TMA 1970 Notice Investigations - Code of Practice 11 (Local Compliance Offices) - Code of Practice 14 Investigation (Company Tax Return Investigations) By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  With only a few working days left. This is an important reminder that if you have not already had your 2021-22 personal tax return done. All 21/22 tax returns (self assessments) need to be calculated & submitted to HMRC before the 31st January 2023 and any tax payable for the year to be paid by that date also. And we recommend this is urgently done and you contact us today. If you had it done or do not need it then ignore this reminder.
As per last year HMRC is saving money & will not send postal reminders. They now choose instead to collect money through letters of fines for missed deadlines saying 'all tax payers should be aware of the self assessment deadline, and not expect HMRC to remind them'. With fines starting at £100 rising to £1300 plus interest for late filing and payment even if you had no tax to pay, there really is no excuse to not have it done as soon as possible so get in touch today and ensure its calculated and declared by professional tax accountant, someone who will make sure to look after your best financial interests while freeing you up to concentrate on the things your love. To complete the 2021/2022 self assessment you will need the following information:
Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Tax Affinity have many high street branches HMRC relishes the idea that tax payers will make errors in their tax returns and then they will pay higher taxes or be fines for making errors. The number of errors by members of the public doing their own self assessments has been rising steeply in the last few years and HMRC has been raking in fines for errors. So its very important to try to ensure you make none.
Why? - Well simply mistakes on your tax returns could cost you a lot of hard earned money. Solution? - Avoid HMRC penalties and charges by making sure you don’t commit these mistakes during tax return time by getting an expert like Tax Affinity Accountants (one the most highly recommended accountants in the UK) to do calculate and submit the return for you and sleep easy at night knowing you paid the least tax and everything was correct according to HMRC rules. Key things to keep in double check:
A good tax accountant should save you much more in tax than what he/she charges. And having a Tax Affinity accountant calculate your personal and business tax situation will lead to zero mistakes on your return and a lower tax bill first time every time. Fill out our contact us page to find an office near you and we will be happy to help you sleep easier at night. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  With more and more people each year passing assets and money to friends and family, its important to know that passing on items with monetary value in the wrong way can incur higher taxes if not done the most tax efficient way.
The individual circumstances for each person are unique and as such you should always seek expert tax advice from an expert like Tax Affinity Accountants - considered one of the Industry leader's with regards to their tax and accounting knowledge and experience. However we have also listed the basic rules below as a guide:
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. 
Plan Plan Plan ahead to save Inheritance Tax
Saving Inheritance tax
Inheritance tax can be a tricky issue to deal with for most people but it is generally considered a “voluntary tax” as good tax planning can greatly reduce your inheritance tax liability or erase it completely. Assets exceeding the current inheritance tax threshold of £325,000 (for tax year 13/14) are taxed at 40%. That’s basically half of your excess assets going straight to the government and not to your loved ones. This is why inheritance tax can be extremely costly for those who have not done sufficient planning. Fortunately, there are many exemptions and allowances to utilise which would significantly reduce the amount of inheritance tax you have to pay. Here are a few things to consider that can help you save some inheritance tax:- Make a Will Making a will allows you to know that your estate is divided exactly as you want it to be when you die. In the absence of a will, people that you wish to benefit from your estate such as an unmarried partner may not be entitled to any share in the event of intestacy. What is a gift? A gift is something of value given unconditionally to someone without any reservations. The biggest asset that most people are in possession of is their house. However, giving away your house yet trying to live in it may allow HMRC to invalidate the gift as genuine and apply tax on it. Give away sooner Majority of gifts you make are classified as “potentially exempt transfers”. If you survive more than seven years after making the gift, no inheritance tax is due on that gift. The amount of tax can be reduced depending on how long you lived after making the gift due to taper relief. Gifts made less than three years before death have no reduction in tax. If the gift was made three to four years before death then tax is reduced by 20%. This increases by 20% for every extra year the donor lives up to seven years where the whole amount is exempt. Therefore it can help relief some financial burden on your death estate if you make gifts sooner rather than later. Allowances to take advantage of You can give away gifts worth up to £3,000 in total per person every tax year and these gifts will be exempt from inheritance tax when you pass away. Any unused part of this annual allowance can be carried forward to the following year, but if you don’t use it in that year, the carried-over exemption expires. You can also give up to £5,000 to your children when they marry as a wedding gift. Grandparents can give up to £2,500 and others up to £1,000. Regular Gifting Regular gifting can dramatically reduce your inheritance tax bill as long as they meet the following criteria: they must be from your income, they must be regular and they must not decrease the standard of living of the donor. Be generous on birthdays Gifts under £250 to any recipient per tax year are exempt from inheritance tax. This means that it might be worth giving your boy a big birthday present even if he’s been naughty as it helps reduce the tax bill. Gifts to charities and political parties are tax-free It’s good to know that any donations you make to charities or political parties are inheritance tax free at least. Getting Tax Advice While it is generally more economical for you to do things by yourself, if you have sizeable assets then seeking professional tax advice is well worth your money. You may end up paying a few hundred pounds to potentially save over hundreds of thousands of pounds. I’m no bargain hunter but that sounds like a good deal to me. By Wilson Law at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they are considered in the Finance Industry to be the experts in all types of Tax including Inhertance Tax. Helping and supporting business and individual throughout the UK, they regularly help people with their Inhertance tax issues. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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