Do you need help with your self-assessment, personal tax or estate planning, trusts or HMRC enquiries? If so here is where you need to be.
Self Assessment is the system that HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings, however, people and businesses with other income must report it in a tax return.
Your tax return needs to be received by HMRC by midnight on 31st October after the end of the tax year if you complete a paper return or midnight on 31st January after the end of he tax year if you complete an online return.
The tax year runs from 6th April to 5th April every year.
There are penalties if you are late either filing a tax return or paying the tax that is due. You will also be charged interest on late payments.
Personal Tax Planning
This will usually follow on from your Self Assesment, but it need not. If you pay tax in the UK then you will almost certainly need professional advice if you want to optimise what you have to pay.
As a part of our tax reduction package we will prepare a personal balance sheet for you and then, every year, carry out a detailed and comprehensive tax planning review before the end of the tax year to ensure that you pay not a penny more than your fair share.
Estate Planning & Probate
Life is difficult during a berevement, but unfortunately there are a number of things that have to be dealt with. The process can be difficult the more tax that you have to pay and the greater the number of beneficiaries. It is also more complicated if you don’t have a valid will.
Choosing a professional to help you to deal with such important and often sensitive issues can be difficult. Many aspects of planning are non-regulated, meaning anyone can write a will, for example, regardless of training or expertise. We are a firm of Trust and Estate Practitoners (TEP) and with a TEP, you’re in safe hands. TEPs are recognised experts in their field, with proven qualifications and experience.
A trust is the formal transfer of assets (it might be property, shares or just cash) to a small group of people (usually two or three) or to a trust company with instructions that they hold the assets for the benefit of others. If the trust is to be made in your lifetime, to take immediate effect, then it is usually evidenced by a trust deed.
A person or firm that holds or administers property or assets for the benefit of a third party is known as a Trustee.
Trusts can be an efficient way to pass your assets to future generations outside of the Inheritance Tax net. We can help you to decide what kind of trust will best fulfil your wishes; assist you in setting up the trust and provide you with a comprehensive range of services to help you manage the trust.
HM Revenue and Customs can select individuals on a random basis, without explanation, and can persue a detailed and thorough investigation of your financial affairs which usually extends to your business.
The vast majority of investigations will continue to have nothing whatsoever to do with fraud or negligence; minor year-to-year fluctuations in results may be enough to trigger a full enquiry.
Currently an average HM Revenue and Customs investigation will last around 10 months and cost some £2,000 in professional fees to complete. Costs often bear no relation to the final tax settlement.
At Oxford Tax Solutions, we have over 30-years experience in dealing with HMRC and can provide expert help and advice to help take away the stress and worry should the tax man come knocking.