Accounting / Personal Tax & PLANNING
Streamline your tax process, save time and be tax efficient with professional assistance
Whether you are self-employed, a company director, in a partnership or a property landlord, we can help you optimise your tax efficiency.
Expert personal tax advice
Preparing and filing your own tax return can be a time-consuming and overwhelming task and it requires a significant amount of patience and attention to detail. This can be challenging when you are faced with a looming deadline.
Additionally, the complexity of tax legislation can lead to confusion and potential errors, resulting in either overpaying taxes or facing penalties for incorrect or late filing. For these reasons, it is crucial to get the right expert advice to ensure your finances are in good order. After all, why pay more than you need to?
At GLX, we understand that everyone’s situation is distinct and diverse. We cater to a broad range of clients, including company directors, self-employed individuals and partners in partnerships.
Whether you have significant investment income, own rental properties or land, earn income from abroad, live or work overseas, are non-domiciled in the UK, or are involved in selling or gifting assets such as holiday homes or shares, we have the expertise to assist you.
Saving you time & maximising your savings
There are various circumstances that may require you to submit a tax return and while some individuals may seek advice from HM Revenue & Customs, it’s important to note that their role is not to provide guidance on organising your affairs or minimising your tax liability.
To ensure you are paying the correct amount of tax and taking advantage of available deductions and credits, it is advisable to enlist the expertise of a professional tax advisor or accountant. That is where GLX can help.
By using the services of an experienced professional, you can save valuable time, maximise tax savings and avoid potential penalties.
Our knowledge and experience in navigating the complexities of tax laws can help you accurately complete your tax return and make the most of your financial situation.
Frequently asked questions…
Personal tax refers to the taxation of an individual’s income, including earnings, investments and other sources. Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
You must send a tax return if, in the last tax year (6 April to 5 April), any of the following applied:
- You were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on).
- You were a partner in a business partnership.
- You had a total taxable income of more than £100,000.
- You had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value.
- You had to pay the High Income Child Benefit Charge.
Furthermore, you will normally also have to complete a tax return if you receive any untaxed income, such as:
- Money from renting out a property
- Tips and commission
- Income from savings, investments and dividends
- Foreign income
Personal tax and self-assessment services provide expert guidance on tax planning, ensuring compliance with tax laws and optimising your tax position.
They can help you navigate the complexities of self-assessment and reduce the risk of errors.
Even individuals with straightforward tax affairs can benefit from personal tax services. They provide peace of mind, ensure accurate reporting and can offer valuable advice on optimising your tax situation, potentially leading to tax savings.
Furthermore, having income from multiple sources can make self-assessment more complex.
Personal tax services specialise in managing diverse income streams, ensuring that all sources are properly accounted for and reported in accordance with tax regulations.
Your self assessment tax needs to be paid to HMRC.
There are a variety of ways in which you can pay HMRC, all of which can be found in detail here: https://www.gov.uk/pay-self-assessment-tax-bill.
For most individuals, we simply recommend a simple bank transfer, or which the bank details are as follows:
1. Bank Account: HMRC Cumbernauld
2. Account Number: 12001039
3. Sort Code: 083210
In terms of a payment reference, this needs to be accurate to ensure HMRC knows where to allocate the payment to your account. This will be your Unique Tax Reference number (UTR) plus the letter K at the end.
Yes, personal tax services provide strategic tax planning to minimise liabilities legally.
As part of our service, we will go above the pure compliance aspect of getting your return filed by the deadline and we would look to assess your financial situation, identify potential deductions and advise on ways to optimise your tax position while staying within the bounds of tax laws.
This may involve tax planning catch-ups prior to the tax year end to ensure we are making suitable adjustments and offering advice while the year is still live so we can actively reduce your liabilities, rather than completing this after the year-end and having to wait until the following year.
How to work with us
“Thank you for everything again this year regarding my personal tax.”
“You have been brilliant. You’ve completely put my mind at ease.”
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Our team of expert specialists are here and ready to help you take your business accounting to the next level.