The UK tax system steadily increases in complication each year with each new budget and change in legislation. Different allowances and rates depending on your age and status can make this a minefield.
At Sarwar & co we can assure you that if we are completing your tax return it is even less taxing. Whether you are paying your tax through PAYE or payment on account, there are certain dates every year where you need to take action. We will make sure you make these deadlines with the correct information supplied to HMRC and thus avoid any interest or penalties you may incur for not submitting information on time. If you appoint us to take care of your annual compliance we will take the time and complication away from you ensuring that you pay the right amount of tax at the right time.
Sometimes a one off event may occur that requires advice. This could be in the form of a disposal or additional income. We can advise on how this should be treated and reported to HMRC.
There are many allowances which reduces UK tax liabilities. For most people they are so complicated. In general there are four taxes that clients come to us for advice and guidance on:
Capital Gains Tax
Stamp Duty Land Tax
In most cases clients ask for our help in how to structure their affairs in the most efficient way possible. Each and every client is different and we do not believe in a one size fits all approach.
Specific areas that clients seek our advice on are:
Minimising income tax liabilities
Mitigating or deferring capital gains tax
Structuring estates to minimise future IHT liabilities
Non Domiciliary Tax
The personal tax affairs of Non Domicile can often be complex and depend on careful interpretation of detailed rules. The field is also the subject of continual legislative change. We offer a comprehensive suite of Non Domiciliary tax services to take the anxiety out of your local tax affairs.
Our extensive experience in handling the UK tax affairs of Non Domicile seconded to the UK on business includes:
Tax residency status and its implications
Tax planning advice
Grossing up calculations
National insurance status
UK tax return preparation
Related HMRC filings and correspondence
Advice on remuneration packages
HM Revenue & Customs may decide to look at your tax affairs for a number of reasons. In all cases it is important the correct strategy is used to ensure that the enquiry or investigation is completed as quickly and cost effectively as possible. It is also important to remember that the role of HMRC has changed and that their focus is now on maximising tax collection and no matter how helpful they may seem professional advice is needed.
HMRC have indicated that they will be investing more than ¬£900m into working against tax avoidance and evasion and therefore the number of taxpayers who find themselves the focus of HMRC's attention will increase. The reasons why HMRC may decide to look at your tax affairs include:
Focused enquiries into a specific source of income or gains;
An HMRC taskforce review of a particular ‚Äúhigh risk‚ÄĚ industry;
Participation in an identified tax avoidance scheme;
Identification of offshore assets; and
Code of practice 9 investigations and criminal investigations.
We can assist with all of the above and will deal with each on an individual basis to ensure the best possible outcome is achieved for you. We have an experienced team with over 20 years of experience in successfully resolving these issues for clients. Below is a more detailed description of each type of enquiry/investigation and whichever applies to you we will be happy to speak to you on a confidential and initial no cost basis to determine how we can help you.