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enquiries@buzzacott.co.uk    T +44 (0)20 7556 1200

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Tax planning and advice for individuals

Take a fresh look at your finances. If you’ve never thought of your personal funds as a pie chart, now’s your chance. We’re here to help you get the tax slice right, to give you and your family peace of mind, both now and in the future.
UK personal tax compliance

Our role is somewhere between trusted adviser and knowledgeable friend – vital in ensuring you are able to keep and enjoy more of what you earn and pass more of it on to the next generation when the time comes.

UK personal tax compliance

The tax return is a window into your life and the best way for us to get to know each other to streamline your tax affairs. Rely on us to make sure that you pay the right amount, at the right time, on the basis of full, accurate and timely disclosure.

UK personal tax planning

UK personal tax planning

During your lifetime, there will be several key events that require tax planning - perhaps you’re investing into a business, selling an asset, or relocating to or from the UK. You’ll likely also have ideas about how you would like to use your wealth to benefit you and your family, such as gifting or creating a trust. Rely on our bespoke personal tax planning and advice, with a cautious and reasonable approach, to make the most of the ever-changing UK tax legislation.

Non-doms and Non-UK residents

Non-Doms and Non-UK Residents

If you’re a foreign domiciled UK resident, you have access to some very beneficial tax rules. Whether you’re planning a move to the UK, already here, or have left the UK, we can help to ensure that you make the most of the available UK tax rules, no matter where in the world you are. 

If you’re outside of the UK and own UK real estate (including non-UK companies), we can advise on ongoing tax compliance and any related tax planning to ensure you remain UK tax compliant.

2021/22 UK tax rates guide

Do you have your UK tax rates guide for 2022/23 yet?

It can be difficult to stay on top of the key tax rates and allowances amid day-to-day living, but there are some important dates that you should be aware of. Click here to download our guide for the latest tax rates and allowances and a timeline of upcoming deadlines.



What is personal tax planning?

Personal tax planning involves making sure that you complete your self-assessment accurately and avoid any HMRC penalties. It also makes sure that you only pay the tax you are legally obliged to while bringing to your attention any allowances, reliefs and expenses that you can claim. People will also look for tax advice as they approach a change in life, such as a new job with a complex benefits package, a relationship breakdown or the entry into or exit from a business. While tax is rarely the deciding factor in a key life decision, the decision is always made easier if the plan of action has been accurately costed, or if a better way of organising your affairs emerges from an analysis of the options.

Should I get personal tax advice and planning?

Individuals in receipt of just employment income and investment income within the allowances may be able get by without tax planning for most of their lives. There will come a point, however, when they will have to think about estate planning, in which tax will invariably play a part. Anyone with growing rental or business income would be sensible to seek professional advice on the scope of what they can claim as expenses and whether there might be a more advantageous way of structuring their enterprise. If your life pattern has a foreign element, in terms of your residence, domicile or asset allocation, tax planning is likely to be a practical necessity.

When do I have to pay my tax bill?

If you have to file tax returns, you must pay your tax not later than 31 January following the end of the tax year in question. You may also have to make payments on account of your income tax, the first by 31 January before and the second by 31 July after the end of the relevant tax year. You can be relieved of this obligation if certain numerical tests are met, e.g. if at least a certain proportion of your income tax, as assessed for the year, has already been collected at source.

What income tax will I pay?

Your income tax is calculated on your taxable income after allowances, principally your personal allowance, if you are entitled to one. Your personal allowance may be adjusted for a variety of reasons and, if you receive a salary or pension, the relevant PAYE code should reflect these adjustments. Income in excess of your personal allowance is taxed according to a system of marginal rates, the current top rates being 38.1% for dividends and 45% for other income sources.

Will I have to pay capital gains tax?

For 2021/22, you have an annual exemption of £12,300, representing the net amount of capital gains you can realise on the disposal of chargeable assets before tax becomes payable. Any excess, after the offset of allowable losses, is taxable at the rate of 10% or 20% depending on your marginal rate of income tax. Special rates of 18% and 28% apply to gains on residential property that has not always been your main residence and carried interest. Some assets are not chargeable, such as chattels, government gilts and foreign currency movements within bank accounts.

When do I need to pay inheritance tax?

In general, inheritance tax (IHT) is paid by the personal representatives of a person who has died. An individual may need to pay IHT personally if they received a gift in the seven years before the donor’s death. IHT will not usually be payable if your net estate is less than the nil rate band of £325,000 or you leave any excess to your spouse or civil partner, or to charity. The unused portions of the nil rate band and, if available, the residence nil rate band are transferable between spouses and civil partners. Some classes of assets can fall outside the charge to IHT, such as interests in a business or a farm, but the rules are intricate and the reliefs may be curtailed by future legislation.

Speak to an expert
Speak to an expert

For professional tax advice tailored to your unique circumstances, please fill out the form below and one of our specialists will be in touch to discuss how we can work together.

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