Are you wondering if you are paying too much tax? Or perhaps you’re having trouble preparing your tax returns? In any case, tax advisors in London can help. In fact, it is advisable to consult them and get their assistance to avoid any guesswork to prevent any mistakes that could cost you down the line. They are professionals with extensive experience and knowledge in all matter regarding taxes and accounting, so you can properly do your tax return and save money!
Why you pay too much tax
It is common for most taxpayers to pay more tax because they lack awareness and understanding of personal tax laws. Sometimes, they may be working with under qualified accountants. Tax advisors in London can solve those issues by looking into your unique circumstances. For instance, if you are married, transference of assets may be recommended to tax income at lower rates. Advisors can also provide professional advice on incorporation of partnerships and sole trades. If you work from home, you could get advice for claiming expenses for business (i.e., utilities, rent, repair, etc.).
Another reason why you may be paying too much tax is because you fail to file your tax return on time. HMRC’s penalty is £100 for up to three months. If that’s the case, a tax advisor can remind you of important deadlines. For tax returns, which cover income for the year ending on the 5th of April, the deadline is 31st January for online returns, including self-assessment and capital gain tax!
Minimise tax payments legally
In their experience, tax advisors in London found that 75 percent of business owners pay too much tax than they should because of lack of proper planning or the absence of the right advice. They can provide advice and assistance based on your unique situation, but they may recommend actions, such as ensuring that you have selected the right structure for your business. They may also suggest creating different categories of shares for a limited company, claim benefit for a business element of mixed purpose expenses, or claim home expenses if it is used for the business.
When in doubt, consult a tax advisor
It is better to be backed by seasoned tax advisors in London who have your best interests. They offer a free initial consultation, too, so take advantage of that offer to find out how they can help.
About the Author:
Amit Gupta, Director, Allenby Accountants.
Allenby Accountants is a firm of Chartered Accountants in Uxbridge, West London. We offer tax advice, business advice, financial advice and support to our clients in achieving life ambitions such as buying a home, sending kids to a good university, living a happy retired life, etc. Our range of services includes accounting, bookkeeping, tax planning, VAT advice, inheritance tax planning, succession planning, business buying & selling, etc. We specialise in sectors such as medical & healthcare, hospitality, media, e-commerce, professional services, property & construction, charity and not-for-profit and more.