Completing a Self Assessment tax return each year is a serious business. A tax return is more than just a list of income sources and a calculation of the tax that is due. It is HMRC’s window into your tax affairs – and also an opportunity to communicate with HMRC and mitigate the risk of enquiries or liabilities in future.

Failure to file your tax return on time not only means financial penalties, but also an increased risk of an HMRC investigation. Tax must also be calculated correctly and paid on time. Interest and penalties will be levied if it isn’t, and HMRC is increasingly aggressive with its tax collection procedures.

Careful presentation is key. If you have claimed reliefs ,for example, you can minimise the risk of enquiries by clarifying why these reliefs are due. Or if transactions have an uncertain tax treatment, including detailed notes of the transaction can limit the likelihood of further HMRC enquiries. Similarly, if there is information available to HMRC that may suggest a taxable source of income, but no such source actually exists, this too could be disclosed.

By getting to know you and understanding your tax and financial affairs, we can take steps to mitigate the risk of unnecessary enquiries.

Planning
Tax planning is not limited to tax advice on large transactions. It is about the fine tuning of your financial affairs to ensure that unexpected liabilities do not arise.

Every year a tax return is prepared is an opportunity to review your exposure to income tax, capital gains tax and inheritance tax. Our specialist tax advisers can talk to you about any opportunities to reduce your liabilities and keep them to a minimum.