Tax Returns
At some time in their lives most people will have to submit a Tax Return. Many find this a daunting task and given the choice, they would rather pass to someone else.
Trethowans has specialists who can help with all aspects of Income Tax and Capital Gains Tax for both private individuals and trustees.
To Whom does a Tax Return Apply?
You may think this will never apply to you. However, if you have savings, rental income, pensions, dividend income or even just income from your employment it probably will.
Everyone hopes that there will come a time when they have the benefit of excess income. Usually such income will be invested in a way that will, hopefully, see the initial investment grow – property, stocks & shares or a simple interest bearing account.
If you are of retirement age you may have more than one pension. The State Pension is not taxed at source which invariably means that a second pension will be.
In these circumstances it may be necessary to submit an annual Tax Return possibly for the first time in many years.
Specialist Tax Lawyers
Many people of retirement age do not want to concern themselves with accounting to HM Revenue & Customs (HMRC), finding the procedure laborious and sometimes incomprehensible at a time when they should be able to put their feet up and enjoy life. In addition, many working people do not have the time to correspond with the tax man while juggling family commitments with a demanding job.
At Trethowans we have lawyers who enjoy the complexities of tax! They will be happy to relieve you of your dividend vouchers, tax deduction certificates and P60s and process the information so that it can be presented as appropriate to HMRC. We will prepare a clear schedule of your annual income and explain any liability that arises. We will also check the self assessment tax calculation issued by HMRC to ensure that you are paying the correct amount of tax and, where appropriate apply for a repayment. Finally, we can check your Notice of Coding, co-ordinate the payment of any sum due at the appropriate time to avoid penalties or interest payments and deal with any investigations by HMRC into your financial affairs.
Getting your tax affairs wrong or ignoring the problems can be costly. HMRC will levy fines for non-submission of Returns within the stipulated timescale. They will also charge interest on unpaid tax and demand payments in advance of an estimated liability that may prove to be excessive.
In a nutshell, and to coin a phrase, expert lawyers at Trethowans will ensure that your “Tax Return does not have to be taxing”.
