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Personal Taxation

From the simple to the complex

At Mac Kotecha & Company, we provide personal tax advice for a variety of clients with vastly differing circumstances. This ranges from simple tax computations and filing, through to more  complex tax affairs.  With each client, however, our motivation is always the same; to maximise our clients wealth and reduce their tax legitimately.

Our Personal Tax service can  include;

  • Provide handy Checklists to help you send us everything that we need to prepare your accounts and tax return. There is a lot to think about and sometimes you won’t know exactly what we need and when. This is where our checklist comes in but if you struggle with any of the points on it – don’t worry – we are only a phone call away!
  • Prepare your Income Tax and National Insurance liability Computations and advise you of any payments to be made by specified dates. We can also help you with arranging time to pay schedules with HMRC (though HMRC are likely to want to speak to you too) as well as reducing your tax payments on account of the next tax year if you think your income is going down. You do not need to liaise with HMRC for this – we will do it for you.
  • Prepare your annual tax return for your approval and submit it within the defined HMRC timescale. (Provided you send us the information we require on time). We are generally prompt but ask that you send us your records within a couple of months of the year end. This way, you will know well in advance, how much tax you are due to pay to save any “surprises”.
  • Provide Investigation Fee Protection Cover*. This means that if in the unfortunate position of having your affairs investigated by the Inland Revenue, an ex-Inspector of Taxes will handle the investigation on your behalf and any professional costs will be met by the insurers. (*Conditions apply)
  • Personal Tax Planning. Tax, whether on your income, business or investments, can be a complicated and hard to unravel. It can be difficult to know what you should and should not be paying, what new tax legislation means for you and how best you can utilise your tax payments. This could be from something as simple as how to make children’s bank accounts tax efficient to BTL properties! Efficient tax planning can make a huge improvement to your personal and business finances, not just in terms of immediate cash flow and profit, but also in protecting your wider interests and securing your wealth for the future. Tax planning involves thinking ahead to create a strategy that helps minimise the amount of taxes you pay. Sometimes planning is required when circumstances change, such as, on divorce, retirement, death, although strategic planning is important at all stages in life. We’ll talk with you to fully understand your personal or corporate financial goals and then  help you create a tax strategy that follows all tax regulations applying to you.
  • Liaise with HMRC on your behalf. You need never speak to them ever again!
  • When instructed, help you to plan your Personal Affairs in a tax efficient manner.
  • Income Tax on other income such as lettings, investments etc. Investments are subject to special tax quirks so it makes sense to know how best to plan/structure these!
  • Inheritance Tax. This can be one of the most expensive taxes if not planned in the correct way. We can help you plan in an effective way to reduce the strain as much as possible.
  • Capital Gains Tax. This is a complex tax which is possible to reduce/mitigate by way of the various reliefs which are available. The key is knowing which reliefs are applicable, how they interact, and which one(s) would be most efficient in your circumstances.
  • Overseas issues. Tax affairs become very complex when there are overseas issues, such as, being UK tax resident but non-domiciled individuals; or on leaving the UK and becoming non-residents of the UK. We are often asked to address issues of domicile and the tax implication, particularly where planning is needed prior to tax residence status changing.
  • Buy-to-Let. Many clients approach us, seeking advice on the tax implications of owning Buy-to-Let properties.

Why not contact us today?

For more information on the above, please Contact Us or telephone on 020 8346 0391 and we will be glad to answer all of your questions. Even better, why not register your interest in a free, no obligation meeting to help you and us assess if we are a good match – it only takes a minute. Remember, whilst we are based in London, we service clients from all over the country.

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