Get Expert Tax Advice from our Personal Tax Advisor in London
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- Comprehensive and strategic tax planning at MMBA offers a gateway to financial success.
- Partner with MMBA Accountants for personal tax success to elevate your financial output
Home / Personal Taxation
Why Choose a Personal Tax Adviser from MMBA Accountant
MMBA is the best place to come for personal tax advice in London. Our team of dedicated tax advisors and accountants can offer expert advice and advise on all aspects of personal taxation and calculate the amount of the income tax you should pay.
It is very important to ensure that you fulfil all of your tax responsibilities, partly because it is a good thing to contribute to society, and partly because HMRC is increasingly cracking down on errors – an honest mistake would once have been the cause of a talking to, now it is the reason for legal action.
Many individuals end up paying more tax than necessary due to a lack of awareness regarding allowances and legal methods to reduce their tax bill. We provide comprehensive guidance tailored to your unique tax situation, ensuring compliance and efficiency.
There are some things that we do not like to think about. But if the only things we can be sure of are death and taxes, we should recognise that the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available, and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.
It is important when planning to transfer an estate that adequate provision is made, and getting the right balance requires considerable skill and foresight, along with a detailed knowledge of the current tax regime. Our personal tax service is designed to help you navigate these complexities with ease and confidence.
MMBA Team of Accountants Offering Personal Tax Advice
Accounting is a critical aspect of any business, so for startups, it’s extremely important to get it right from day one. You should adopt proper accounting practices to help you make informed decisions, secure funding, and ensure your new business’s long-term success.
Additionally, understanding and managing business expenses is crucial as they can be deducted from total income to calculate taxable profits, making accurate record-keeping essential for tax submission.
- Planning and reviewing your will
- Making full use of applicable exemptions and lower tax rates on lifetime transfers,
- Optimising lifetime transfers between family members,
- Transferring agricultural or business property,
- Transferring assets into trust,
- Arranging adequate life assurance to cover potential inheritance tax liabilities.
Inheritance tax can fall due at rates of up to 40% on any assets held on death. Additionally, inheritance tax can be payable on lifetime gifts, either immediately or at a later stage.
So, if you are a business owner, make sure you have the best personal tax advice. London-based and ever-ready MMBA is your one-stop shop for everything to do with personal tax.
We also have expertise in dealing with trusts, which are an extremely tax-efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can give personal tax advice on the most suitable type of trust to fulfil your wishes, assist in setting up the trust, and provide the full range of accounting services required for trust management.
Additionally, we can help navigate the complexities of foreign income taxation, ensuring you understand when you are subject to taxes on your foreign earnings and providing expert financial advice.
Income Tax Advice London- Tips, Tricks, and Expert Insights
The Income Tax Advice UK-based MMBA’s clients get from our Tax Advisers incorporates personal income, inheritance, capital gains, and international taxes; freelance and self-employed income; business income; tax planning, and employee benefits and compensation. It caters to all the Tips, Tricks, and Expert Insights you need to avoid paying more tax.
Understanding your annual allowance is crucial to avoid capital gains tax penalties. Additionally, knowing when and how much tax you should be paying is essential to avoid penalties and ensure compliance. Good tax planning can save time, effort, and potential penalties associated with tax affairs.
Get The Right Tax Advice
Tax rules and implications can vary significantly depending upon the client’s location, nature of income and assets, and personal situation. The tax to be paid within a given year is called the Annual Tax. In the first instance, it is crucial to recognize the complexity of individual tax situations and provide a tailored approach to address specific client concerns. This term encompasses income, corporate, and all other such taxes that must be calculated and paid annually.
MMBA’s Tax Advisers provide Tax Advice by understanding the obligations, planning for significant life events, keeping accurate records, taking advantage of deductions and credits, understanding capital gains tax, estimating payments, staying updated on tax changes, and retirement planning. The personal allowance for income tax in the 2024/25 tax year is £12,570.
What is Personal Income Tax?
Individuals are required to pay taxes on their income, transactions, and assets; these are called Personal Taxes, which can vary based on personal circumstances. It is imposed by the government on income. It is usually structured in different Tax Brackets, one has to calculate the taxable income based on them. For those on a low income, there are specific provisions and assistance available to help navigate their tax responsibilities. Tax Deductions have to be subtracted from the Taxable Income, reducing the income amount subject to Tax.
Enjoy the Benefits of Capital Gains Tax with MMBA Tax Specialists
Capital gains taxes are levied on earnings made from the sale of assets. It is computed by calculating the difference between the asset’s sale and acquisition price. It’s the profit an individual earns from selling assets like bonds, real estate, etc. It’s lower than other Income Taxes, so it provides an advantage to Investors over Wage Workers. The capital gains tax allowance for the tax year 2024/25 is £3,000 for individuals.
MMBA’s tax advisers can assist you in developing an efficient plan by understanding exemptions and relief available under the capital gains tax laws. They can navigate complex tax regulations to determine whether you qualify for any special capital gains tax-related break. You can also enjoy favorable tax rates while disposing of assets with the help of our tax experts. Effective tax planning can help you avoid overpaying taxes and losing money.
The amount of capital gains tax can be reduced in the UK through entrepreneurs relief (formerly known as Business Asset Disposal Relief) for certain business assets when disposed of.
Our tax adviser can guide you towards investments offering some advantages, like tax-free or tax-deferred accounts. So, you are welcome to speak to our advisor and manage your tax affairs most appropriately.
Tax Investigation Services
When an individual sells an asset, like a business, property, or an investment, Tax liability optimization is required. Personal Tax Planning around Sales refers to such tax liability optimization. It is crucial to manage your tax bill effectively to avoid penalties and ensure the correct amount is paid. Our MMBA Advisers have hands-on experience in Personal Tax Planning to facilitate you in filing your Tax Returns.
Personal Income Tax Planning around Sales
When an individual sells an asset, like a business, property, or an investment, Tax liability optimization is required. Personal Tax Planning around Sales refers to such tax liability optimization. It is also important to consider the tax implications of any proposed settlement during events like divorce or separation. Tax implications of a divorce settlement can have major financial ramifications. Our MMBA Advisers have hands-on experience in Personal Tax Planning to facilitate you in filing your Tax Returns.
Cross Border Tax Planning
When an individual or business has to operate in multiple countries or has some financial interest there, Cross-Border Tax Planning is required.
MMBA’s Cross Border Tax Planning involves understanding residency and domicile-related issues, transfer pricing, double taxation agreements, tax optimization structures, permanent establishment, withholding tax, exit taxation, country-specific regulations, estate and gift tax planning, and foreign tax credits. It is also crucial to consider the complexities of UK tax implications in these scenarios.
Trust and Inheritance Planning
A Trust is a legal arrangement in which a property holder gives it to another party, who must keep and use it for the’ benefit. The other party is called a trustee.
A Trust can be a revocable living, irrevocable, special needs, charitable, generation-skipping, and asset protection trust. You need planning attorneys and financial advisers to ensure that the trust is aligned with your goals and properly drafted.
MMBA provides Trust and Inheritance Planning services. These are some important aspects of Estate Planning, which involves seamlessly strategically managing assets and wealth to the intended beneficiaries. The strategies are designed to minimize taxes, protect assets, and provide for the beneficiaries after an individual’s death. Understanding the statutory reliefs and exemptions for inheritance tax can impact the amount of wealth passed to beneficiaries.
For Trust Planning, you must understand the legal and tax implications of the trust types under consideration. There will be some potential drawbacks, too, which must be kept in mind.
Asset management, protection, and distribution are parts of Asset Planning. Reviewing personal tax affairs is crucial to ensure individuals are not overpaying taxes on their wealth.
Inheritance Planning involves arranging and managing one’s assets and wealth to beneficiaries upon death.
Simplify your Tax Worries with Expert Tax Advice and Personalized Tax Services
Navigate Tax Investigations with Confidence and Peace of Mind with MMBA’s Expert Legal Tax Consultants and Chartered Accountants Team
Calculate Self-Assessment Tax Return
In the UK, individuals have to report their income, gains, and other financial information to the tax authority. Its purpose is to calculate and pay the correct income and other taxes. The Self-Assessment Tax System is used by individuals to provide financial information to HMRC to calculate their tax liability.
Additionally, it includes the calculation of national insurance contributions, which fund state benefits like the state pension. In the UK, a self-assessment serves as a tax return form where you declare your earnings following self-assessment rules. The self-assessment system of taxation places personal responsibility on individuals to submit accurate tax returns. Individuals need assistance with completing their self-assessment tax returns accurately to avoid penalties.
High net worth individuals are those individuals who have significant amounts of financial resources and wealth. Self-assessment of tax return is very important for managing high-net-worth individuals’ tax liabilities.
Tax-Efficient Employee Benefits
The benefits employers provide to their employees to minimize tax liabilities for both sides are called tax-efficient Employee Benefits. These include health and dental insurance, childcare benefits, employee assistance programs, cycle-to-work schemes, pension contributions, mobile phones and devices, training and professional development, flexible working arrangements, tax-free gifts and rewards, employee shares and schemes, travel expenses, and mileage allowance.
Speak to one of the UK's Best Personal Tax Advisors
We have one of the best Personal Tax Advisor teams. Please speak to us and get excellent, simple, easy, and affordable personal tax planning opportunities.
Get Tax Planning and Compliance Services
Tax Regularizations, minimizing Tax Liabilities, and ensuring Compliance with Laws are major concerns for individuals and business owners to have good Tax Planning and Compliance Services.
While adhering to all applicable regulations, these services must include legal strategies to reduce tax obligations.
Tax planning services include income, strategic, business, investment, charitable giving, retirement, strategic, and cross-border planning; tax-efficient asset planning; credits and incentives; and inheritance and estate tax planning.
Tax Compliance Services include tax return preparation, filing and submission, estimated tax payments, audits and reviews, payroll tax compliance, record keeping, notice resolution, VAT and sales tax compliance, and compliance with tax laws. Our clients are satisfied with our tax expertise.
Establish a Family Investment Company (FIC)
Wealthy families manage and control their wealth for the benefit of their generations by using FIC (Family Investment Company), having a legal and tax-efficient structure. It is established as a private limited, and family members own and operate it. The FIC works by having ownership and control, limited liability, tax efficiency, control and governance, asset management, estate and inheritance planning, income splitting, professional advice, flexibility, and adaptability.
Work on Vendor Tax Initial Thinking
There are various concepts associated with Vendor Tax, depending on the context. The Initial overview of Tax Considerations is as follows.
- Income Tax
- VAT/ GST
- Withholding Tax
- Tax Implications of Different Structures
- International Transactions
- Allowable Deductions
- Tax Reporting and Documentation
- Professional Advice
- Timing of the Sale
Benefits of Offshore Tax Planning Structures
International Expansion
When a company expands its operations beyond the domestic market to tap into new markets/ opportunities in other countries, the process is called International Expansion. It involves market and cultural considerations, legal and regulatory compliance, entry strategy, human resources, financial tax planning, supply chain and logistics, risk management, and tax management.
MMBA Offshore Specialist will help you with Regulatory Compliance, Financial Planning, and Tax Management.
Some individuals don’t pay taxes on their offshore assets and income. In the UK, HMRC offers a Worldwide Disclosure Facility (WDF) program for such individuals to come forward and disclose their tax liabilities.
Vendor Tax Deal Support
Vendors are provided tax-related Assistance during the process of planning and executing a Business Transaction (such as the Sale of assets, a business division, or a company); this assistance is called Vendor Tax Deal Support.
VAT Implications of International Expansion
In international business expansion, one can observe significant value-added (VAT) implications. The rules and impact of VAT can be different, depending on the countries involved, the business’s nature, and the transaction type.
MMBA’s Personal Taxation Reserves and Knowledge Base
The MMBA Accountant offers a fantastic opportunity to stay updated with the most recent news and guidance.
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MMBA Personal Taxation FAQs
What is personal tax planning?
Personal tax planning is a process in which you plan your affairs with a financial expert by utilising multiple legitimate tax reliefs and provisions to minimise your tax liability.
What is the difference between a tax adviser and an accountant?
A tax adviser is specialised in tax matters; therefore, they can provide creative and relevant advice. In comparison to an accountant, who will generally tend to have a broad understanding of tax and how to minimise tax.
How can I get answers to tax questions?
Depending on the level of work required, you can consult an accountant or a tax adviser. At MMBA, we provide advice in London and across the UK.
Can I ask tax related questions for free?
It is not best to look for detailed tax-related answers on the internet, as the rules can vary depending on your situation. At MMB, we provide a free 30-minute consultation about your accounting needs, such as personal tax advice in London or anywhere in the UK.
When do I have to pay my tax bills?
For sole traders, there are usually 2 payments made throughout the year. The first one is typically due on 31 January of each year, and the second one is typically due on 31 June of each year, which is known as a payment on account.
What happens if I miss the deadline to pay tax?
If you miss the deadline to pay your tax liability, you will be charged interest on the liability starting from 1 February, which is one day after your filing deadline.
What does a personal tax adviser do?
A personal tax adviser consultant provides personalised expertise to businesses and individuals to manage their affairs.