At Aim GB ltd, we provide personal tax advice for a variety of clients with vastly differing circumstances. This ranges from simple tax computations and filing, through to moreÂ complex tax affairs.
With each client, however, our motivation is always the same; to maximise our clients wealth and reduce their tax. Our Personal Tax service canÂ include;
Self-Assessment Tax Returns
With our income tax return service, we can remove the burden of administration and ensure every deadline is met. You simply provide us with your financial records in relation to your tax affairs, and we will prepare all the necessary calculations and deductions, as well as claiming any reliefs, deductions, allowances and repayments that you might be due.
Capital Gains Tax
Capital gains tax is payable on gains made from the sale of capital assets such as property, shares, stocks, etc. There are a wealth of different reliefs and planning opportunities available. Our main objective, therefore, is to ensure you are claiming all available reliefs to help reduce your tax bill.
Many clients approach us, seeking advice on the tax implications of owning Buy-to-Let properties.
Clients with buy-to-let properties are expected to submit a Self-Assessment tax return (SATR) each year, declaring their profit after deducting allowable costs from the income. Tax is then payable on this profit.Â One of the key tax issues in respect of buy-to-let properties; is determining whether expenditure can be offset against income and tax i.e. is it of a revenue nature? If it is capital expenditure, then the cost may only be offset against the capital gain arising on the eventual disposal of the property.
There are also tax changes, relating to the tax relief due on mortgage interest payable, and this is going to have an impact on the profitability of investing in property, specifically, with the purpose of renting it out in order to provide a return on investment.
If you have any concerns about these changes, then do feel free to contact us and discuss the options available to you. In fact, if you need any advice on the tax implications of all aspects of owning a buy to let properties, including the funding, ownership and disposal strategies, as well as assisting with reporting the income on your self-assessment tax return, then do contact us.
Making Tax Digital (Awaiting final government approval)
Making Tax Digital for Business (referred to as Making Tax Digital or MTD) is a government initiative all about making it easier for small businesses and their accountants, to manage and pay taxes. It aims to provide you with an up to date view on your tax position and enables you to help you manage your finances better.
What Making Tax Digital really means
- All self-employed individuals, landlords and incorporated entities with business income over Â£10,000 will be required to keep digital records of all their income and expenditure and submit these records electronically to HMRC. Those in employment who have secondary income of more than Â£10,000 per year through self-employment or property, will also be affected.
- HMRC will not provide you with the tools for digital record keeping and submission. These will be offered through commercial software providers.
- Those affected have the option to make the electronic submission in collaboration with their accountant or bookkeeper or can do this on their own.
- Updates to HMRC will need to be made at least quarterly, taxpayers will have an option to pay tax based on their quarterly submissions, if they wish.
- Any activity at the end of the year must be concluded and sent either by ten months after the last day of the accounting period, or by 31st January, whichever is sooner.
At AIM GB Ltd we will assess your current system of record keeping and advise on any changes required to be ready for MTD.
Personal Tax Planning
Tax, whether on your income, business or investments, can be a complicated and hard to unravel. It can be difficult to know what you should and should not be paying, what new tax legislation means for you and how best you can utilise your tax payments.
Efficient tax planning can make a huge improvement to your personal and business finances, not just in terms of immediate cash flow and profit, but also in protecting your wider interests and securing your wealth for the future. Tax planning involves thinking ahead to create a strategy that helps minimise the amount of taxes you pay. Sometimes planning is required when circumstances change, such as, on family changes, retirement, death, although strategic planning is important at all stages in life.
Weâ€™ll talk with you to fully understand your personal or corporate financial goals and then help you create a tax strategy that follows all tax regulations applying to you.
We provide each client with a direct link to market leading in wealth, retirement and investments planners, who will be able to advise and assist you achieve you future financial goals.
Why not contact us today?For more information on the above, please Contact Us or telephone on 0333 121 1941 and we will be glad to answer all of your questions. Even better, why not book your FREE consultation today, it only takes a minute. Just looking for an idea of costs? No problem! Visit our Request a Quote page, fill out a simple Form, then we will get back to you within 24 hours. That's a promise! Live local? If you are out and about in the Coventry, Nuneaton, Bedworth or Warwickshire area, why not give us a quick call to confirm if we can arrange an immediate, free consultation.