Our experts can guide you through all aspects of personal tax, from self-assessment assistance to bespoke tax planning.
The UK tax system is increasingly complex and the responsibility rests with the individual to calculate and pay the correct amount of tax under self-assessment.
We offer a complete service to ensure that all returns are made to HM Revenue & Customs on time, all of your obligations as a taxpayer are fulfilled and, most importantly, that the correct amount of tax is paid.
How is my income tax assessed?
Individuals are assessable on a wide variety of income such as employment income; investment income – both dividend and interest; pensions; child benefits and tax credits; trust income; benefits in kind – such as company cars and fuel allowances and rental income.
We can ensure that your tax liability is minimised through income tax planning and the correct calculation of taxable income. We can also make sure that all available reliefs and deductions are claimed.
Under the Taxes Management Act 1970, HM Revenue & Customs have the statutory power to enquire into any self-assessment tax return. This is a potentially daunting process; however, we have the expertise and experience to help you deal with this potentially time consuming and complicated process.
Our professionals can deal directly with HM Revenue & Customs on your behalf to answer questions raised by HM Revenue & Customs and bring enquiries to a satisfactory conclusion, even if we were not responsible for submission of the return to which the enquiry relates.
Income Tax Planning Advice
We would be able to offer advice specific to you and your needs on an individual basis in relation, but not limited to, the following events:
- Registration for self-assessment
- Receipt of income liable to income tax
- Receipt of child benefit and the claw back for individuals earning over £50,000
- Calculation and application for tax credits
- Receipt of benefits in kind such as a company car or van, fuel allowances, private medical insurance, use of company assets for private use etc
- Advice on tax coding notices received from HM Revenue & Customs
How Can Stephenson Smart Help?
We take time to get to know you and your personal circumstances working with you to maximise tax savings in the face of ever changing legislation, increasing pressure on you to formalise and sort out your own tax affairs in the face of harsher penalties and HMRC’s ever growing powers. As such, we are able to provide expert income tax planning advice.