Personal tax Planning

The UK tax system continues to grow ever more complex, with a greater responsibility being placed on the individual to get his or her own tax right. If you pay tax, ensuring you receive the best professional advice to optimise your tax position, meeting all the necessary compliance requirements whilst working to reduce your tax liability, is paramount.

As your tax specialists, we can provide you with year round advice on the following


There are potentially many tax saving opportunities available to you, you just need the right advice to unlock them as


Every pound of income tax you save means more income at your disposal


Every well planned disposal of assets means minimal loss of capital gains


Every inheritance tax saving means greater rewards for your beneficiaries

Note !

We also send early reminders to encourage our clients to complete their tax return as soon as possible to avoid the annual January panic!

For a personal tax planning review contact one of our partners for more information on +44 (0)1293 76 31 77 or complete the form and we'll call you straight back and answer any questions you may have about Personal Tax Planning.

An introduction to self assessment

It is a fundamental part of the self assessment system that responsibility lies with you, the taxpayer, to file Returns and pay the right amount of tax, at the right time - you must not wait for HM Revenue & Customs (HMRC) to ask.

Tax returns

Tax returns covering income for the year ending 5 April 2015 will be issued on or after 6 April 2015, and will consist of a main tax form and supplementary pages. Your tax office will send out what they think are the relevant supplementary pages. If you need other supplementary pages you will have to ask for them. The completed full return has to be submitted to HMRC by the 'filing date', which is 31 October 2015 for paper returns, and 31 January 2016 for online returns. You should note that your return must be completed as far as the total income on which tax has to be paid. Figures must be given for every item, even if only estimates. It is not possible to enter question marks or leave the tax inspector to decide whether an item is taxable or not. The only section that can be left for the tax office to complete is the actual calculation of the tax due on your total income. If you have taxable income or capital gains for 2014-15 and have not received a tax return, you must advise your tax office by 5 October 2015 at the latest.

There are automatic penalties for late filing of tax returns, as follows:

Day one

Individuals will be charged an initial penalty of £100, even if they have no tax to pay or have already paid all the tax owed

Over three months late

Individuals will be charged an automatic daily penalty of £ 10 per day, up to a maximum of £ 900 (Euro 900)

Over six months late

Individuals will be charged further penalties, which are the greater of 5% of the tax due or £ 300 (Euro 300)

Over 12 months late

Individuals will be charged yet more penalties, which are the greater of 5% of the tax due or £ 300. In serious cases people face a higher penalty of up to 100% of the tax due.

HMRC has made it known that it will cancel any outstanding returns and associated penalties where taxpayers call them and explain why they do not need to be in the self assessment system.