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Self-Assessment Tax Returns

Making the complex simple

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At ETC Tax we specialise in complex self-assessment tax returns, specifically crypto tax returns, trust and estate tax returns, tax returns on disposal of a business or other assets, non-resident issues, and tax returns for clients with multiple different sources of income and/or significant wealth.

We also conduct tax return reviews to ensure nothing has been missed, both from a risk point of view but also to spot additional opportunities for tax planning.

Trust and estate tax returns

Trust tax returns can be complex; as can estate tax returns (which need to be filed when someone dies for the period up to their death).

Filing requirements and deadlines can vary depending on the specific circumstances.. We have significant experience in assisting with both types of return.

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Disposal of business and other assets

When you dispose of a business and/or other assets, a capital gain may arise. The calculation of the gain and how to report it can sometimes be complex, and it is important to ensure that nothing is missed, There may be reliefs available to reduce your tax liability. We will ensure that your capital gains tax calculation is robust, and that the gain is reported correctly.

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Multiple sources of income or significant wealth

The complexity of tax returns varies greatly. If you only have dividend income and/or bank interest then your tax return may be quite easy to complete; but where you have multiple sources of income, things can quickly become complex, and things can be missed.

In addition, HMRC will likely pay more attention to people with income over £200k per annum as they are classed as wealthy individuals by HMRC and are managed by a separate department.

If you fall into this category, it is sensible to ensure that your tax return is as robust as it can be to prevent unnecessary enquiries from HMRC.

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Tax return review

Completing your regular tax return is no replacement for a comprehensive review of your personal tax situation – especially if you suspect that you have overpaid tax, or that your tax situation is complex.

We offer a tax return review service, which helps highlight any risks, as well as any opportunities to reduce your tax liability.

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Case Study

Self-Assessment tax return

Complex Self-Assessment Tax Return

Intro

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.

Self-Assessment – Remittance vs. Arising bases.

The UK tax treatment of offshore income for individuals not domiciled in the UK can be complex and vary from person to person.

The treatment will depend on the level and type of income, the individual’s UK tax residence status and whether they are filing their tax return using the remittance or arising basis. There is also a possibility that the remittance basis may apply automatically rather than being claimed, which can alter the client’s tax position. ETC Tax assisted a client with filing their Self-Assessment to report their overseas income from a family ran farm.  The client was unsure whether they should file their return on the remittance or arising basis and were unaware of how to report their income under each of these.

ETC Tax performed comparative calculations to help the client understand whether filing on remittance or arising basis would be better financially for them. Due to the level of income and the length of time that the client had been living in the UK, the remittance basis charge would become due should they have claimed this. We were able to help clearly outline the difference in tax due between claiming the two and the saving available by filing on the arising basis.

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Inheritance Tax
& Estate Planning

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Trusts

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Residence
& Domicile

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Self-assessment
Tax Returns

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Capital
Gains Tax

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UK Pension
Schemes

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