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Making the complex simple
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.
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.
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.
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.
Self-Assessment tax return