Personal tax covers all areas of income tax, national insurance, pensions, capital gains, stamp duties and inheritance taxes.
We are experts in these personal taxes and we know how different industries and schemes affect how to maneuver through the compliance landscape in order to get the most efficient tax savings as possible.
Our services cover payroll, personal tax return compliance, sole trader accounts, tax efficient director remuneration strategies, employee benefits and incentives, bonus and option schemes, reinvestment schemes like VCT, SEIS and EIS, probate and inheritance tax planning, trusts and estates, residence and domicile consultancy.
For payroll, all of our systems are online which means that your staff will have online access tot heir own payslips and payroll data. You do not have log in, download, print, email or post anything.
We have monthly templates for you to verify and send back which we will process accordingly and send you the resulting pay data. Issues can include student loans, leavers and joiners part way through a tax year, tax code queries and errors, auto enrollment for pensions, pension choices for employees and employers, maternity, paternity and sick pay, holidays allowance tracking and paying, p11d staff benefits, staff entertainment thresholds, employee cars, travel expense repayments, staff loans or HR contracts.
Staff benefits like gym membership, health insurance are no longer attractive from a cost perspective for the employer. The employee only save national insurance also so if they are a higher rate tax payer then the saving is only 2% of the cost which we do not think justifies the work to report on the P11d. It seems better to give annual bonuses of 2.02% instead.
SEIS, EIS and VCT
We are SEIS, EIS and VCT income tax relief tax specialists and you will find a lot of articles on our website about these schemes so we will not go into the specifics too much here. You will also see our thoughts on using these investment schemes for IHT planning as a form of trust.
Non-domicile and residence
Personal residence tax planning can be very complicated and we have had a few non-domicile clients who have had to re-analyse their offshore incomes going back several years in order to assess the best options to take. Initially they had been given advice based on assumptions which turned out to be far more complicated. So we operate an annual passport residence test which assesses the relevant data against the statutory residence test so that you can take this with you into the future.
Probate, Trusts and Estates
As one of the first ICAEW firms who passed the probate exams back in 2018 we are able to complete the entire probate process including swearing the oath at the magistrates court, which was previously the only thing that accountants could not do. We are able to act as executors and administrators of estates and also work with wills practitioners to tie in the wills to your requirements.
We also take data security very seriously and operate 2 factor authorisation (2FA) across our practice. We have password storers and full audit trails of user activity which secures the data and gives information on who has accessed what and when.