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kvs accountants

 

020 7731 6131
KVS & Co.
Riverbank House
1, Putney bridge approach
Fulham, London, SW6 3JD
Tell : 020 7731 6131
E-mail : info@kvsaccountants.co.uk

Personal Tax

Personal Tax (Including sole traders and partnerships)

 

Personal Tax -Including sole traders and partnerships

If you answer "NO" to any of the following questions, or you are uncertain, you need to contact us.

  • Are you using your allowances? By arranging for assets to be held in the best way between you and your spouse you can make income tax and inheritance tax savings.
  • Is it still sensible for you to run a company car?
  • Are all your borrowings in the right place? Interest on business borrowing is often tax deductible, but there is now no relief for a domestic mortgage.
  • Just bought or built a new premises? Are you claiming all the relief you are entitled to?
  • Do you qualify for entrepreneurs' relief? Owners of businesses that are not structured appropriately can lose out on this valuable capital relief
  • Making a gift? Have you considered the potential capital gains tax and inheritance tax cost?

 

We have a specialist team dealing with personal taxation and many have found that our effective tax planning reduces their overall tax burden whilst taking into account family circumstances.

 

Self-Assessment

Preparing and submitting your Self Assessment Return does not need to be a taxing subject. With our expertise and experience, we can prepare and submit your return for you. We will complete all the necessary appendices, such as Foreign Income, Rental Income, Capital Gains etc. on your behalf. We will ensure the right amount goes in the right box.

 

We have the expertise and software to take the hassle out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

 

Capital gains and inheritance tax

Capital gains tax can apply not only to businesses but also to individuals with investment properties and other capital assets. Although Capital Gains Tax accounts for a small proportion of the total tax paid in the UK, for those that it does affect the amount payable can be substantial. The calculations can also be very convoluted and it is important to take advice as soon as you can so that planning can take place. It is vital that expert advice is obtained in this complex area. Careful planning and use of various relieves available can help to reduce or eliminate any potential liabilities.

 

Recent increases in property values can mean that inheritance tax no longer only affects wealthy families therefore it is vital to make sure our clients take advantage of all relieves available. We can advise on options available to you and can assist with proactive planning required to ensure tax liabilities are kept to the legal minimum. None of us like to think about what will happen when we die but most of us are keen to minimize the Inheritance Tax payable and to leave matters as tidy as possible for our heirs. More estates are becoming liable, particularly as house prices have risen so steeply in recent years.

 

useful link: income tax, capital gains tax, inheritance tax,corporation tax,working & child credit tax,child benifit and rates.

 

useful link: To learn more about personal tax, allowances and tax rates, click here.


 

We understand that needs of every business vary significantly based on the context they operate. Hence, we are more than glad to offer you a customized package that will cover the exact needs of your business.

 

If you would like to discuss your personal tax needs, get in touch with us via email or over the phone. We are prepared to talk to you at a free one to one discussion to assess your accounting or tax needs.

 

Call us on 020 7731 6131 or email us at info@kvsaccountants.co.uk for a free discussion.

 

KVS & Co. offers a range of accounting, general business services and personal business advise to individuals and businesses in the areas of Chelsea, fulham, Hammersmith, Putney, Barnes and Wimbledon.