Case – Complex Self-Assessment Tax Return

Case of the month – Complex Self-Assessment Tax Return

Introduction

Our client approached ETC Tax with fairly complex tax affairs after being made redundant throughout the year and making a significant sale of shares in his ex-employer.

Issue

Our client had various factors to consider, such as:
• Various gift aid payments;
• A previous assignment overseas;
• Redundancy payments received from his ex-employer, outside of payroll;
• Payment discrepancies from his current employer;
• Exercising share options and the eventual sale of overseas shares, with foreign tax paid;
• The sale of shares part of a Share Incentive Plan;
• Income and expenses associated with his UK rental property
• Various excessive pension contributions
• EIS investments

How we solved it

His affairs required significant research and attention to detail. We worked to ensure every aspect was covered and he was maximising the reliefs available to him, which a lay person may not be aware of.

Penalties for inaccurate reporting can be hefty, therefore it was important to the client that the tax return was correct and on time.

The outcome

We were able to successfully prepare the tax return for the client, which included a detailed supplementary letter confirming what was reported, any reliefs available and the ultimate effect on his liability.

This provided the client with certainty and the confidence that they had maximised their potential savings.

Next Steps

If this sound familiar with one of your clients and you want to find out more get in touch