Personal Tax and Self Assessment

Whether you are fortunate enough to enjoy substantial wealth or have much more modest assets, you will have one priority in common: you’d prefer not to pay more tax than you have to.

Francis James & Partners LLP

Personal Tax

No one wants to pay more tax than they need to but that is exactly what many people are doing, simply because they haven’t taken advantage of the available tax saving opportunities.

With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, it is more important than ever that you meet all compliance requirements. 

​We establish one-to-one relationships with all our clients, so that we are able to offer individual advice on how to improve your personal finances. We will explain the consequences and implications of your personal tax position and what you can do to plan your tax affairs for your benefit.

​Self Assessment 

Francis James & Partners is able provide you with full comprehensive accounting support ensuring that the preparing and filing of your Self-Assessment is fast, easy, and reliable.

​What is a self-assessment tax return?

Income tax is usually deducted automatically from wages and pensions . Self-assessment is the system used by HMRC to collect tax from individuals and businesses with other means of income, via an online or paper tax return.

​Who needs to file a Self-Assessment?

You will need to file a tax return if you fall into one of these categories:

  • You are self-employed or in a partnership
  • You received income from letting land or property
  • You have untaxed income or savings in excess of any annual allowances
  • Your savings or investment income is sizeable
  • You made profits from selling assets and need to pay Capital Gains Tax
  • You are a company director
  • You or your partners’ income was over £50,000 and either of you claimed Child Benefit
  • You lived and worked abroad
  • You received income from abroad

How we can help

A key service we offer to clients is in the area of taxation planning, aimed at minimising your future tax liabilities. In addition to providing the normal compliance services including Self Assessment Returns, we can offer advice on:

  • ​Inheritance Tax
  • Capital Gains Tax 
  • Benefits in Kind 
  • Employee Pay Schemes
  • The use of Trusts.

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