When it comes to accountancy, it’s very important to have all of your affairs in proper order to avoid numerous common tax problems that could arise. Sometimes, people might be aware of certain tax services, but could be unaware that they require it. This is especially true of tax planning services – those who need them are unaware and fall into many, many common tax problems because of it.
What is Financial Tax Planning?
Financial Tax Planning is an important aspect of a person’s finances and something they need to think ahead about. But, there are many different aspects of it that will apply to a variety of different people.
Inheritance Tax is a tax that is taken after you pass away and your assets are passed on to your inheritors. This is important to get prepared early as leaving it late can mean that you’ll have to pay more tax on your estate. There are a number of ways to reduce inheritance tax, most of which are started while you are alive. If you’re someone with a large number of assets that are going to be transferred when you die, it can be very complicated to reduce the tax on it all. This is why an accountant can be optimal to solve your inheritance tax woes.
Capital Gains Tax
Capital Gains Tax is tax that has to be paid when you sell an asset that has increased in value from when you first acquired it. This includes property, stocks and shares, artwork, and more. If you are an owner of any of these and are looking to dispose of the asset, then you will have to pay capital gains tax when you sell any of these. The only case in which you don’t have to pay capital gains tax is if you’re giving or selling the asset to a spouse, or giving it away to charity.
Tax Disclosure and Tax Investigation
Tax disclosure is when someone must disclose revenue they have made that might not already be adequately displayed on a return. Failing to do so could lead to a tax investigation, a process in which HMRC investigates all of your tax affairs and ensures they are in order. Tax Disclosure and Tax Investigation go hand-in-hand and are crucial for anyone who has multiple sources of income, or anyone who believes they are going to have to disclose additional income, or who have failed to do so.
How We Can Help
If you feel that you might have issues with any of these common tax problems, we at Carrington Blake Accountancy would be happy to help you. If you’re looking to get assistance with any of your financial tax planning, contact us today by calling us, or give us an email.