Self Assessment Accountant London: Get Expert Tax Advice from our Personal & Financial Tax Advisor
- MMBA is offering personalised tax solutions because of confidence and trust in tax matters!
- Comprehensive and strategic tax planning at MMBA offers a gateway to financial success.
- Partner with MMBA for expert personal tax advice.
Home / Personal Taxation
Why Choose a Personal Tax Adviser from MMBA Accountants
MMBA is the best place to come for 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. Clients are encouraged to ask any questions they may have, and MMBA is always ready to provide answers.
Our tax return service is a great choice for clients seeking reliable and efficient self-assessment assistance. Many tax return services in London offer personal and accessible support to clients, ensuring their needs are met with care and professionalism.
It is crucial 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. At MMBA, we make sure clients stay compliant with tax regulations to avoid costly mistakes. MMBA offers a tax return service designed to handle all aspects of self-assessment accountants’ needs. For each client, MMBA will confirm whether a self-assessment return is required and confirm the appropriate steps and fees involved.
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. MMBA provides a fixed fee structure for its tax return service, ensuring clients know the cost upfront. Many services provide a fixed fee structure for transparency in pricing and service. Additionally, the government allows you to make several gifts every tax year to reduce your estate’s exposure to Inheritance Tax.
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 tax service is designed to help you navigate these complexities with ease and confidence.
We ensure compliance and efficiency for all our clients. By using MMBA’s services, you save valuable time, allowing you to focus on other priorities. If any issues or queries arise, MMBA can liaise with HMRC on behalf of clients to resolve them efficiently. Accountants can file tax returns quickly and accurately, providing peace of mind for clients. Accountants often liaise directly with HMRC on behalf of their clients, reducing clients’ workloads and simplifying the process.
MMBA Team Offering Comprehensive Tax Guidance
Accounting is a critical aspect of any business, so for startups, it’s extremely important to get it right from day one. We help clients adopt proper accounting practices to ensure they make informed decisions, secure funding, and achieve long-term success. 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. By working with clients to track expenses, we ensure they stay on top of their finances and reduce tax liabilities. Our accountancy services are particularly valuable for online sellers and e-commerce businesses, ensuring compliance with tax regulations and platform-specific requirements.
MMBA also helps clients understand their tax obligations when selling through various online platforms such as Amazon, eBay, and Etsy. Only allowable expenses can be deducted from business income, and MMBA guides what constitutes an allowable expense for your sector.
It is important to keep receipts for all business expenses to support claims and ensure accurate tax filing. When it comes to maximising deductions, MMBA helps clients identify all relevant expenses so they can claim the full tax relief they are entitled to.
Planning and reviewing your will to ensure your money goes where you want it to
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 a trust
Arranging adequate life assurance to cover potential tax liabilities
Ensuring all actions are properly reported to HM Revenue to avoid penalties or issues later
Inheritance tax can fall due at rates of up to 40% on any capital held on death. Additionally, this tax can be payable on lifetime gifts, either immediately or at a later stage. The nil-rate band for Inheritance Tax is £325,000 for 2024/25, providing some relief for smaller estates.
So, if you are a business owner, make sure you have the best tax guidance. London-based and ever-ready MMBA is your one-stop shop for everything to do with tax.
We also have expertise in dealing with trusts, which are an extremely tax-efficient way to set aside capital for future beneficiaries outside the tax net. We can give tax guidance 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, pensions and ISAs are not liable to Capital Gains Tax when you withdraw money from them, making them excellent tools for long-term financial planning.
Additionally, we can help navigate the complexities of foreign income tax, ensuring you understand when you are subject to taxes on your foreign earnings and providing an expert financial adviser. Our client portfolio includes self-employed individuals, retired individuals, landlords, and non-UK residents.
Income Tax Advising London- Tips, Tricks, and Expert Insights
Understanding your annual allowance is crucial to avoid capital gains tax penalties. Additionally, taxpayers must ensure timely and accurate tax filing to avoid penalties. Knowing when and how much tax you should be paying is essential to avoid penalties and ensure compliance. Missing deadlines or ignoring key details can be considered high risk by tax authorities.
For many individuals, the process of completing a self-assessment return can be a significant burden and source of stress. Gathering all necessary documents, such as income statements and expense records, is essential to ensure your tax return is accurate and complete. Self-assessment returns must be completed by anyone self-employed, a company director, or a partner in a business partnership.
Good tax planning can save time, effort, and potential penalties associated with tax affairs. MMBA helps clients complete their tax returns efficiently, reducing the stress and burden associated with the process.
Get The Right Tax Advice
Tax rules and implications can vary significantly depending upon the client’s location, nature of income and capital, 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 recognise the complexity of individual tax situations and provide a tailored approach to address specific private client tax concerns. MMBA offers support for every kind of tax situation, from simple queries to complex tax planning. Understanding how much money is involved in these taxes helps in planning better and avoiding surprises. Knowing the cost of tax services and identifying deductible costs is also essential for effective tax planning. This term encompasses income, corporate, and all other such taxes that must be calculated and paid annually.
MMBA’s Tax Advisers provide guidance 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. MMBA ensures clients claim all eligible expenses and allowances to minimise their tax liability. The tax allowance for income tax in the 2024/25 tax year is £12,570. MMBA identifies all relevant allowances for each client to help reduce their overall tax burden. Tax accountants are trained in HMRC’s rules and regulations.
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, and one has to calculate the taxable income based on them. The rules may apply differently for a basic rate taxpayer and an additional rate taxpayer. High earners, such as those earning over £150,000, are required to complete personal tax returns due to their higher income bracket. If you are employed and earn over £150,000, you are required to complete a Self-Assessment return. 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.
Income that is taxed through the PAYE scheme does not usually require a self-assessment tax return, but if you receive income from other sources outside this scheme, you may need to file a self-assessment return.
MMBA specialises in preparing personal tax returns for clients in London, offering professional and hassle-free service tailored to individual taxpayers.
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, and one has to calculate the taxable income based on them. The rules may apply differently for a basic rate taxpayer and an additional rate taxpayer. High earners, such as those earning over £150,000, are required to complete personal tax returns due to their higher income bracket. If you are employed and earn over £150,000, you are required to complete a Self-Assessment return. 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.
Income that is taxed through the PAYE scheme does not usually require a self-assessment tax return, but if you receive income from other sources outside this scheme, you may need to file a self-assessment return.
MMBA specialises in preparing personal tax returns for clients in London, offering professional and hassle-free service tailored to individual taxpayers.
Enjoy the Benefits of Capital Gains Tax with MMBA Tax Specialists
Capital gains taxes are levied on earnings made from the sale of capital. It is computed by calculating the difference between the asset’s sale and acquisition price. It’s the profit an individual earns from selling capital assets like bonds, real estate, etc. It’s lower than other Income Taxes, so it provides an advantage to Investors over Wage Workers. The personal allowance for the tax year 2024/25 is £3,000. In addition to capital gains, dividends from shares and investments, as well as rental income from property, must also be reported on self-assessment returns. Individuals who receive income such as savings interest, dividends, or other sources may need to file a self-assessment tax return to report that income to HMRC.
MMBA’s tax advisers can assist you in developing an efficient plan by understanding the exemptions and relief available under the tax laws. They can navigate complex tax regulations to determine whether you qualify for any special tax-related breaks. We work closely with clients to tailor strategies that maximise their tax savings. You can also enjoy favourable tax rates while disposing of capital with the help of our tax experts. Our goal is to ensure clients avoid overpaying taxes and losing money through strategic planning. Effective tax planning can help you avoid overpaying taxes and losing money.
The tax efficiency can be increased 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 matters most appropriately.
Tax Investigation Services
When an individual sells a business, property, or an investment, Tax liability optimisation is required. Tax planning around Sales refers to such tax liability optimisation. It is crucial to manage your tax bill effectively to avoid penalties and ensure the correct amount is paid. Having all tax returns filed and completed accurately is essential to avoid investigations and penalties. Our MMBA Advisers have hands-on experience in Tax Planning to facilitate you in filing your taxes.
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 optimisation structures, permanent establishment, withholding tax, exit tax, 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 funds 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 capital and wealth to the intended beneficiaries. The strategies are designed to minimise taxes, protect capital, 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 ramifications of the trust types under consideration. There will be some potential drawbacks, too, which must be kept in mind.
Capital management, protection, and distribution are parts of capital planning. Reviewing tax affairs is crucial to ensure individuals are not overpaying taxes on their wealth.
Inheritance Planning involves arranging and managing one’s funds and wealth to be distributed to beneficiaries upon death.
Personal Income Tax Planning around Sales
When an individual sells a capital asset, like a business, property, or an investment, Tax liability optimisation is required. Tax planning around Sales refers to such tax liability optimisation. 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 taxes. MMBA can also assist with reconciling tax owed from previous years to ensure compliance and help you accurately determine and pay the correct tax owed.
Simplify your Tax Worries with Expert Tax Advice and Personalised Tax Services
Navigate Tax Investigations with Confidence and Peace of Mind with MMBA’s Expert Legal Tax Consultants and Chartered Accountants Team.
At MMBA, we understand that dealing with tax investigations and self-assessment can be stressful and confusing. That’s why our team is always on hand to provide expert guidance and support throughout the self-assessment process, ensuring you have the help you need every step of the way. Let us simplify your tax worries and offer the professional advice you deserve.
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. Company directors and members of a business partnership are required to file self-assessment tax returns. A completed Self Assessment return must be sent to HMRC by 31 January following the end of the previous financial year to avoid penalties. To help you save time and hassle, we ensure your self-assessment return is accurate and on time.
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 take-home pay following self-assessment rules. The self-assessment system of taxation places personal responsibility on individuals to submit accurate tax returns. If you are in a business partnership, the partnership itself is not taxed; instead, individual partners are taxed on their share of the profits, which must be declared on their tax returns. Child benefit payments may also need to be reported on self-assessment tax returns, as they can affect your tax calculations. Keeping your records up to date also helps track income that may affect your future pension entitlements. 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 minimise 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. Building up your pension through these benefits can help reduce taxable income while saving for the future. Some of these benefits may also affect how much of your allowance you use or lose. However, self-employed individuals need to take a different approach to building their pension and managing tax-efficient benefits. It’s smart to review your pension options regularly to make sure you’re not missing any tax-saving opportunities. For the self-employed, understanding available pension schemes and tax breaks can be a game-changer.
Speak to one of the UK's Best Personal Tax Advisors
We have one of the best personal tax advisor teams. Our clients are happy with the quality of service and the results they achieve. Please speak to our free professional advice and get excellent, simple, easy, and affordable personal tax planning opportunities. Many users seek cheap tax return services that are hassle-free and efficient, making MMBA a preferred choice for those looking for value and reliability.
Get Tax Planning and Compliance Services
Tax Regularisations, minimising 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 company, 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 Tax 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. Hiring a professional accountant minimises the risk of incorrect filings and missed opportunities for claims.
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 or free help 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. The first payment on account for self-assessment is due by 31 January based on projected earnings for the tax year.
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. Additionally, there is an automatic penalty of £100 for late submission of a Self-Assessment tax return.
What does a personal tax adviser do?
A personal tax adviser consultant provides personalised expertise to businesses and individuals to manage their affairs.