There are several ways in which the government forces you to pay tax and it isn't always easy to work out home much you owe. This means you risk getting in trouble with HMRC for paying too little or paying too much and losing profits.
Many people end up paying too much tax because they are unaware of all their allowances and the legal provisions available to reduce tax liability.
Tax planning lets you see exactly where exactly you are paying tax and comes up with ways to ensure you are minimising how much you pay to HMRC.
Unlike tax avoidance, tax planning is perfectly legitimate and seeks to arrange yours affairs using methods known and acknowledged by HMRC in order to pay what you owe, no more, no less
Considerations that will affect how much you pay include income, size, and timing of purchases as well as investments and retirement plans.
If you are interested, contact us here or call 01753527069
If you are self-employed, a freelancer, contractor or have any other sources of income then you'll be need a complete a self-assessment tax return, even if you don't think you will owe any tax for that year.
It is all too easy to err on the side of caution and pay too much tax and if your finances become more complex you are more likely to make mistakes and incur additional penalties.
Our skilled and experienced accountant can fill in your self assessment tax return for you, making sure the paperwork is compliant with HMRC regulations and making sure it is completed on time.
If you are interested, contact us here or call 07384222781