Tis the season to be......Self Assessing......

It’s that time of year that brown envelopes start dropping through taxpayer’s letterboxes asking them to complete a Self Assessment Tax Return.

Many individuals will complete their own Tax Return but there are several reasons why many individuals seek our professional assistance to complete their Tax Return, including:

1. They do not wish to deal with HMRC themselves.

2. They want peace of mind that they won’t get any nasty surprises from HMRC.

3. They have complex tax affairs that may involve us dealing with third parties such as investment brokers, lawyers, financial advisers and banks.

4. They want advice on how to reduce their tax liabilities and ensure that all reliefs are claimed.

5. They want to concentrate on running their business.

At Clive Owen LLP, we have a private client tax team (which includes five Chartered Tax Advisers) who continually keep up to date with the latest tax laws and reliefs. Whilst the old saying goes “tax doesn’t have to be taxing”, invariably it is a difficult area with a plethora of reliefs available.

We have taken on many new clients (either from an existing adviser or where they were dealing with their own Returns) who have benefitted from our expertise. We have saved client’s significant sums of money due to our vast tax knowledge. Some of the areas where we have saved money include:

1. Reducing tax bills for personal pension contributions and gift aid donations.

2. Reducing tax on rental income where spouses pay taxes at different rates.

3. Reviewing the way owner managers take income from their business.

4. Changing the ownership of a car used by a business owner.

5. Moving income generating assets between spouses.

6. Reclaiming overpaid national insurance contributions.

7. Claiming reliefs in respect of loan interest paid on funds loaned to a business.

8. Claiming tax reliefs in respect of the loss of monies invested in businesses.

There are many more reliefs and opportunities available that are not easily found on the HMRC website.

If you are not yet using a professional to assist with your Tax Return or maybe you are unhappy that you get no tax advice from your existing adviser, we would be more than happy to discuss your tax affairs, at a meeting convenient to you, free of charge.

If you wish to arrange a meeting, please make contact with a member of our tax team on the following numbers:

Darlington – 01325 349700
Durham – 0191 3842244
York – 01904 784400