Services for Individual Taxpayers
To assist you in managing your personal tax affairs, we offer compliant tax services for all kinds of tax situations.
Often business decision-makers’ personal and professional lives are intertwined. We work closely with you and your family to provide tax services that meet both your immediate and long-term objectives. Our tax professionals will assist you in managing your finances, protecting your family’s wealth, and avoiding unnecessary personal tax bills.
As legislation becomes more complex, efficient tax planning becomes more important, and we specialize in providing a bespoke service to meet individual client needs. Our personal tax services are designed to protect your assets and keep you informed about issues that may affect you. We can create a detailed plan for your and your family’s future together, including tax-saving opportunities.
How Pearl Lemon Accountants Can Help
With personal tax services, our experts will advise you on every aspect of your personal tax situation to ensure you meet all regulatory compliance requirements. We provide a bespoke service that ranges from simple tax filing to filing for those with extremely complicated UK tax affairs. With the following tax services, we aim to maximize personal wealth while lowering tax liabilities.
Personal Tax Return Reviews
A yearly review of your income tax liability will ensure that you are not subject to HMRC fines or penalties. Making pension contributions, providing gift aid contributions, equalizing income between spouses or civil partners, and investing in the Enterprise Investment Scheme are all examples of ways to reduce your income tax bill. Our expert tax services will keep you one step ahead of the game by identifying what you need to do to reduce your income tax liability.
Self Assessment Tax Reviews
Our self-assessment tax services will ensure that you comply with regulatory requirements and submit your tax returns on time. We can prepare your personal tax return for you by gathering information from a variety of sources and filing it with HMRC on your behalf. Any claims for allowances, reliefs, or dispute resolutions will be handled by us. We are more than just a processing service; we also provide personalized tax advice to help you reduce your tax liability in the future.
Trust Set Up and Management
With a wealth of trust experience, we aim to safeguard your family’s wealth for future generations. We will keep accounting records and prepare trust accounts to help protect inheritances in a secure structure until beneficiaries are old enough to manage their own money.
Inheritance Tax Planning
It’s never too early to start thinking about inheritance tax, as many tax-saving strategies take time to set up and structure correctly, allowing you to reap the benefits in the future. We can assist you in establishing the necessary structures to protect and pass on your wealth to future generations. Without proper planning, you may only be able to pass on 60% of your wealth to your heirs.
Employer pension contributions are tax-efficient because there is no tax due on this benefit if the annual allowance is not exceeded. If you own a business, you can deduct pension contributions as a business expense, which can be a tax-efficient way to extract value from your company. However, with all the recent changes to pension rules, you may discover that your pension is no longer the best investment for your long-term savings.
Our personal tax services can advise you on the best options, such as using a spouse’s pension to provide a joint retirement income, investing in ISAs, investing in the Enterprise Investment Scheme, or buying offshore bonds.
Capital Gains Tax Planning
If the value of an asset has increased since it was received, capital gains tax is usually applied when it is sold, gifted, or disposed of. A gift of an asset to your children, for example, may be subject to capital gains tax. However, there are a variety of tax relief options available, including exemptions that can be applied for and claimed. To get the best results from your estate planning, you should consider both capital gains tax and inheritance tax together.
Many planning opportunities to reduce your capital gains liability can be missed if you don’t get the right advice. Unless they are exempt, most properties are chargeable assets. Exempt assets include moveable possessions worth less than £6,000, all motor vehicles, and UK government securities, to name a few. We’ll help you make sense of capital; gains tax regulations and reduce your obligations as far as legally possible.
Property Tax Planning
Property accountants who can advise you on your property tax positions are essential when investing in real estate. With such a large investment and potential for profit, our expert advisers can assist you in turning your property into a top-performing asset. You can rest assured that your business is in good hands with advice on fund structuring, acquisition and disposition planning, property tax, stamp duty land tax, capital allowances, and ongoing tax compliance for non-resident landlords.
Residency and Domicile Advice
Your residency and domicile status determines your income and capital gains tax liability, as well as your inheritance tax liability. We can assist you in avoiding unnecessary tax liabilities by advising you on the tax implications of your UK residency and domicile status. We can help you significantly reduce your UK tax exposure with careful pre-entry and exit tax planning.