Almost every financial transaction has a potential tax consequence.
Business or personal, domestic or international, tax remains a key consideration to be managed – and the penalties for getting it wrong are high.
AKKS taxation experts will work closely with you to understand your needs and priorities, design an individual tax planning strategy that makes sure you pay the least amount of tax.
UK and international tax law can be complex, so finding the tax allowances and reliefs available isn’t always easy. We’ve got a competitive team in the business to make sure you’re not only compliant, but both you and your company save tax.
Who needs to file a self assessment
You normally pay as you earn automatically from wages, pensions and savings. However, you must prepare and submit self assessment tax return if you’ve income not taxed or fall into one of these categories:
- You are self-employed or in a partnership
- You receive income from letting land or property
- You have untaxed savings
- Your savings or investment income is sizeable
- You made profits from selling assets and need to pay Capital Gain Tax (CGT)
- You are a company director
- You and your partners’ income was over £50,000 and claimed child benefit
- You lived and worked abroad
- You received income from abroad
Deadlines for filing and paying your tax bill
UK tax year ends on 5 April and tax return must be filled by 31 January and you will also need to pay your bill by this date, not meeting deadline could cost you dearly in the form of penalties and you can estimate the penalties using HMRC Penalty Calculator, but AKKS will ensure that your tax return submitted on time everytime.
We believe that advising a person or family on its financial affairs is a privilege that comes with significant responsibility. Our aim is to foster close, productive, enduring relationships by providing you and your family with unparalleled levels of service and attention. That’s why our personal and family tax service is heavily partner led, who has many years of experience in dealing with the challenges that successful family run business owners and high net worth individuals frequently face.
Our comprehensive service includes:
- Detailed consultation around your circumstances
- HMRC registration
- Collect and review information provided
- Liaise with your bank, stockbrokers etc to gather relevant data
- Compiling tax return for your approval
- Tax liability computation
- File the return online with HMRC
- Advice tax payable & due dates