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Personal Tax

What is Personal Tax?

The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year.

Why is it so important?

It remains your obligation to be aware of, declare and pay any taxes due under self assessment. HMRC don’t accept ignorance as an excuse here. If you pay tax late then interest will run from the date the tax is due, along with other additional penalties you may face if you do not declare your income and tax.

How We Help:

We’ll walk you through all the process; what records are needed, what and how to pay and can even act as your agent to discuss matters with HMRC.

 

Thoroughly addressing each aspect and section of your tax return so you understand every aspect of it, explaining how your tax is calculated and ensure you have complete comfort with how we pull everything together.

 

Once you have given us the OK, we will then submit your return to HM Revenue & Customs on your behalf. For sole traders, pulling together your taxes goes hand in hand with other services you might need, such as payroll and VAT.

In the form below, get in contact to see how we can assist you with submitting your tax returns.

Who We Help:

Self-Assessment is a tax system whereby taxpayers are responsible for paying the correct amount of tax on set dates, without waiting for HM Revenue & Customs to demand this. Self Assessment applies to:

  • Self-employed people including business partners

  • Company Directors

  • Individuals with more complicated tax affairs including those who pay higher rate tax

  • Pensioners with more complex tax affairs

  • People who receive rent or other income from land and property in the UK

  • Trustees and personal representatives

  • Trustees of approved self-administered pension schemes

  • Non-resident company landlords

CAPITAL GAINS TAX

Capital Gains Tax (CGT) arises on the disposal of an asset. In most cases, this means a sale but it can also apply to a gift or compensation for loss or damage to an asset.

 

An asset can mean shares, property, works of art or intellectual rights. In each tax year, CGT is charged on the net total of your gains after deducting any allowable losses realised in the year or brought forward from earlier tax years.

An annual exemption is available to all taxpayers so that a certain amount of net gains are completely free of CGT. Beyond this, the gains are charged at set rates of tax. There are certain other reliefs and exemptions available. For instance, CGT does not apply to the sale of an individual’s only or main residence and shares held in an Individual Savings Account are also exempt.

 

For business assets, it may be possible to defer capital gains by claiming rollover relief where the proceeds are reinvested in other business assets. 

INHERITANCE TAX

Inheritance tax is a tax on your estate paid after you’ve passed. Your estate includes property, assets and money – all that stuff you’ve worked hard to build up over the years. If your estate is worth more than £325,000 (the 2020/21 threshold) you’ll probably need to pay inheritance tax.

We’ll look at your total estate, from personal property to business assets, and help you identify opportunities to, for example:

  • make use of nil-rate band transfers

  • make gifts to family members

  • donate to charity

  • employ trusts

Feel free to get in contact with us to find out how we can help your stay tax compliant.

The ways in which we can help you...

We care about you and your business hence why we go above and beyond for all our clients

Business Startup Support

Starting a new business can change your life. We provide support in order for you to get your feet off the ground.

Bookkeeping & Cloud Accounting

We love working with cloud based software which allows your financial information to be accessible by you and us 24/7.  

Personal Tax

Self-Assessment Tax Return service for individuals helps to ensure your return is completed on time and efficiently

Payroll & RTI Submissions

Any business that has employees will need to run a payroll and submit RTI to HMRC on each payday

VAT and Indirect Tax

We complete VAT returns on a monthly, quarterly or annual basis for clients, helping putting your mind at ease over VAT

End of Year Accounts Preparation

Year end accounts often form the basis of your Self Assessment tax return and provide a valuable insight into your business

Construction Industry Scheme

We work with contractors to make sure they understand their obligations and remain  compliant throughout the process.

Business Tax

Navigating your corporation tax returns can be compared to negotiating a minefield.

HOW CAN WE HELP?

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MALAIKA BUSINESS AND FINANCE LTD

298 Green Lane,

Ilford, IG1 1LQ

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