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Personal Tax Return Service

    Overview of Personal Tax Return Service

    Getting to grips with you UK Self-Assessment personal tax obligations, ensure you pay the right amount and identify opportunities to be efficient.

    We offer a VIP service where you will be provided with a dedicated relationship manager who will be a qualified tax adviser. They will help you with your personal tax reporting but also help you identify, at an early stage, any planning opportunities and to head off any potential issues.

    Sadly, tax compliance has become a bit of a race to the bottom – but this does not work for a client who is active or whose affairs or anything other than straightforward. We’d like to think that we can help you rise to the top!

    What is a Self-Assessment tax return?

    The term Self-Assessment tax return is simply ‘long hand’ for tax return. This is how a taxpayer notifies HM Revenue & Customs (“HMRC”) of income and gains and, in most cases, essentially ‘self-assess’ the tax that is due.

    Do you need to file a tax return?

    Not everyone needs to complete a tax return. In fact, only a very small proportion of the population do so.

    Figures for the tax year 2016/17 suggests that HMRC issued notices to around 11.8 million ‘customers’. On that basis, using 66.5 million as the population of the UK, about 18% of the total population (albeit including children and those who are retired) receive a notice to submit a tax return.

    A taxpayer must file a tax return in the following circumstances:

    1. If you have either income or capital gains to report and you must also notify chargeability;
    2. You are sent a notice to file a tax return by HMRC; or
    3. You need to claim a refund or make some other claim for relief.

    Generally speaking, if your only income comes from, say, a salary or a pension then you won’t need to complete a tax return because tax will have been deducted automatically at source.

    For further information can be found on do I need to complete a tax return.

    If you have any questions then please get in touch.

    Tax Advice

    How can ETC Tax help?

    At ETC tax, we act for a wide variety of individuals. We have an incredibly experienced team who have expertise in different areas of tax law and administration.

    Your tax return will be completed by a dedicated and tax qualified individual in the UK.

    Our advice will always be driven by your personal and commercial objectives. The tax should slot in behind these.

    Let us deal with your tax affairs whilst you concentrate on things that get you out of bed on a morning (and we bet that isn’t tax).

    Regular review

    It doesn’t really need to be pointed out, but the tax code is ever evolving and growing. Our personal tax return service factors in the desirability that you review your position on a regular basis.

    Property investors and developers

    We deal with a significant number of property professionals. For those involved in property investment we can assist with the preparation of your rental accounts and help identify all allowable expenses. In addition, we will ensure that you take advantage of all reliefs available to you as a landlord.

    Over the past couple of years, we have advised a number of landlords how to manage the impact of recent changes including that of the restriction to mortgage interest relief deductions.

    We also deal with many property developers.

    For more information on property taxes please visit property tax.

    Non doms

     Non UK domiciled individuals who are resident in the UK and are availing themselves of the remittance basis are likely to need special care in terms of their annual tax obligations.

    Further, ETC Tax are used to acting for UK resident non-doms and are well placed to advise on how to efficiently structure ones income and assets.

     Non residents

     Just because one is no longer resident in the UK does not mean that one does not have an exposure to UK income and CGT.

    Where one has UK income, then this will generally be subject to UK income tax – albeit there are quite a few exceptions.

    Until recently, it was unusual – other than by virtue of anti-avoidance rules – for a non-UK resident to have an exposure to UK CGT.

    However, in recent years, the scope of UK CGT has been extended to non-UK residents holding UK real estate.

     Enterprise & Venture investment reliefs

    Investments made under the Enterprise Investment Scheme (“EIS”) and Seed EIS (“SEIS”) Investments or under the Venture Capital Trust (“VCT”) regime carry extremely generous tax reliefs.

    We can assure that these reliefs are claimed correctly and one carries out any relevant obligations properly.

    Foreign tax reclaims

    Where you own assets or have income sources in multiple countries we can assist in navigating double tax agreements. This will enable us to ensure that you maximise the availability of relief and therefore minimise the overall taxes paid globally.

     Cryptocurrency

    We are experienced in providing cryptocurrency investors and traders with assistance with their tax compliance obligations. In addition, we can provide relevant tax planning advice.

    In respect of the tax position of cryptocurrency, please see tax on cryptocurrency.

    Sports and entertainers

    We are experienced in dealing with the tax affairs of sports men and women, those involved in music and film and other high-profile individuals.

    If you would have any further questions regarding our personal tax return service then please do not hesitate to speak to one of the team.

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