Income Tax and Capital Gains Tax
The tax team at Warners handling income tax and capital gains tax is headed by Judy Pollard, a Chartered Accountant. Judy deals primarily with trust and estate taxation. Private individuals' taxation is dealt with by Nicola Cubbon, who is a Certified Accountant. This leaflet provides guidance on the services and the assistance available.
PRIVATE INDIVIDUALS
Self assessment has placed responsibility on the private individual to report any chargeability to income or capital gains tax to HM Revenue & Customs (HMRC). The failure to do so can result in penalties surcharges and interest charges.
Whether you require one off assistance or an ongoing annual tax service, the tax team can take care of this for you and deal with HMRC on your behalf.
Annual tax return service
You will need to complete a tax return on an ongoing basis if for example you have rental income from property, earnings from self employment or you are a higher rate tax payer with additional savings, investment income or employment benefits.
We can complete the annual tax return for you, ensure that you are claiming all available tax allowances, check that your tax liability is correct and that it is paid by the due dates.
Capital Gains Tax
If you have sold assets such as property or investments, then you will need to consider the capital gains tax (CGT) implications and this information needs to be correctly entered in your tax return. Calculation of the CGT liability can be complex. We can ensure that taper relief is properly applied, so that the gains are correctly calculated. We can also ensure that you take advantage of the tax reliefs that are available to mitigate the charge to tax.
Tax repayment claims
Thousands of people are paying too much tax and may be able to claim a repayment from the Revenue. Those most likely to be paying too much include pensioners on low income who are in receipt of savings interest and children in receipt of taxed income.
We can check your individual tax situation and prepare the appropriate repayment claim as necessary. One-off assistance We will be pleased to assist you if you require help on isolated occasions, such as the calculation and reporting of capital gains on the sale of chargeable assets. If the Revenue launch an enquiry into a self assessment tax return that you have submitted we can assist with dealing with their enquiries and can negotiate settlements as necessary.
We can also provide tax planning advice and further information on this service can be found in our Inheritance Tax Planning leaflet.
TRUSTS AND ESTATES
Trustees
Trustees have an obligation to keep proper accounting records and submit annual tax returns. This can be onerous as the taxation of trusts can be complex, particularly for discretionary trusts accumulation and maintenance trusts and interest in possession trusts affected by the new 'relevant property regime', and, as such, it is advisable to seek professional advice on this.
We tailor our service to meet your needs, whether it be the full package of trust administration and tax returns or tax returns only, and whether on an ongoing or a one-off basis. We can complete your tax return, calculate the tax, liaise with the Revenue on your behalf and ensure that all this is done within the Revenue deadlines. If you need tax planning advice for capital gains tax or inheritance tax then we have specialists who can advise on this.
Executors
Executors have an obligation to account to the Revenue for tax due on any gross income received during the period of administration of the estate and also any capital gains tax incurred on disposals of property or investments. Executors are also responsible for ensuring that any tax liability incurred as a result of the death is correctly dealt with.
We can deal with the estate tax returns and advise on any tax payments due to the Revenue. Frequently income tax repayments are due to the estate in respect of the deceased and we can also deal with this.