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Home / Personal-Taxation
Why Choose 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 accounts can offer you expert advice 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.
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.
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.
- 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.
So, make sure you have the best personal tax advice from MMBA London based accountants.
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.
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 are looking for.
Get The Right Tax Advice
Tax Laws 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 as Annual Tax. 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.
What is Personal Income Tax?
Individuals are required to pay taxes on their income, transactions, and assets; these are called Personal Taxes. 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. 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.
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.
The amount of capital gains tax can be reduced in the UK as a tax relief (Entrepreneur’s Relief or 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. 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. 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 over 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.
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 others’ 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 tax 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.
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.
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 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. Self-Assessment Tax System is used by individuals to provide financial information to HRMC to calculate their own tax liability.
In the UK, a self assessment serves as a tax return form where you declare your earnings following self-assessment rules. 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 wards, 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 Advisors 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 tax planning; tax efficient asset planning; tax 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 egulatory 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, HRMC 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
On international business expansion, one can observe significant value added tax (VAT) implications. The rules and impact of VAT can be different, depending upon the countries involved, the business’s nature, and the transaction type.
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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 are able to 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?
You can either get consultation from accountant or a tax adviser depending on the level of work required. At MMBA we provide advice in London and all 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 MMBA we provide a free 30-minute consultation in relation to 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 July 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 personal 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 tax related matters.