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Key highlights from the UK Government Tax Day announcements
On 23 March 2021, the UK government held its first-ever ‘Tax Day’ whereby it published a series of tax documents and consultations. It is all a part of a move to strengthen policymaking and to help create a more “trusted, simple and modern tax system”.
Budget 2021 summary
The Chancellor, Rishi Sunak, delivered a Budget on Wednesday 3 March 2021 with COVID in mind to “protect jobs and livelihoods”.
5% penalty for late payment of tax waived until April 2021
Did you know that you will be liable to a 5% penalty in addition to interest charges if your tax is paid more than 30 days late?
Personal tax planning
We will help you complete your tax return and minimise your personal tax liabilities by planning income and gains. We can arrange an annual planning meeting to review your finances and suggest options to save tax. This planning may keep you out of paying higher rates of tax.
Personal tax returns
We can help you to prepare UK Self Assessment tax returns, covering basic tax repayment claims to complex returns. We will calculate tax liabilities, liaise with HMRC and let you know when payments are due.
Would you like help with your UK Self Assessment tax return?
Capital Gains Tax
Whether you are looking to mitigate the rate of tax when you sell or otherwise dispose of assets, or are considering the impact of getting rid of assets on other taxes, we will guide you.
We can help by preparing detailed Capital Gains Tax computations, liaising with valuers and confirming the Capital Gains Tax payable. We also advise on the availability of Rollover Gift Relief and Entrepreneurs’ Relief.
Working abroad
You may have to pay UK tax on foreign income depending on your residence status. If you are a non-UK resident then there’s no UK tax due on foreign income. If you are a UK resident then generally you will be liable to pay UK tax on foreign income, although you may not have to if you are non-UK domiciled.
You may be able to claim tax relief if your income is taxed in more than one country. We can advise on residence and domicile issues, letting UK property while abroad and selling assets while abroad.
Personal tax planning isn’t confined to income. We can also help with planning your retirement.
Speak to a personal tax expert
We can also help you with
Wealth management
Planning your finances for the future can be easy to put off. Our specialist team deliver tailored financial planning to suit you and your family.
Their professionalism and persistence were outstanding in getting us the best results.
John Forkun
You & your family
