How to access and use the New Computerised Transit System (NCTS)
Admin Team
19/04/2024
Check when you should use the NCTS If you are a UK trader, you should use the
let us become your personal tax advisor
Share:
Our aim will always be, to increase your wealth and reduce your tax liabilities. One of the ways we can help achieve this, is by giving you your own dedictaed account manager.
introduction
Helping to reduce your tax burden
Strathmere Accountants are tax advisors to a wide variety of clients, offering services that range from simple tax computations and filing, through to more complex tax affairs.
As your tax accountant, rest assured, our motivation and key objective will always be the same; to maximise your wealth and reduce your tax liabilities.
why use a
Personal Tax Accountant
- Avoid paying too much tax
- Remove the stress of filing Tax Assessments
- You have high earnings and investments
- Complicated tax affairs
- Number of incomes
- You are a Private Landlord
- Do you qualify for tax refunds
- Peace of mind regarding your tax affairs
- Maximising your wealth
- Someone to easily call for advice
- Not expensive as you may think
- Having a single point of contact for all your tax planning
- Already have a Tax Advisor and thinking of changing?
Request a
Consultation
Today
Only takes a few minutes!
we can offer you
A high level of individual support
- A dedicated Account Manager
- Unlimited, free telephone advice
- Advice on reducing your tax bill
- Competitively priced services
- An Accountant taking a genuine interest in your tax affairs
- Strong, friendly customer support
- Help with changing Accountant
a few of our
Tax Services for Individuals
Self-Assessment Tax Returns
Planning & Advisory
HMRC Investigations
Capital Gains Tax
Inheritance Tax
Trust & Estate
Residency
Buy-to-let
Do you need to complete a Self Assesment Tax Return?
If you have received a Tax Return from HMRC or a notice to complete one, then, unfortunately, you have to complete a Self Assessment Tax Return.
There are also a number of other situations, when you will be required to complete one. For example:
- If you have any untaxed income. For example, interest that is not taxed before it is paid to you
- You are non-resident and you have taxable income in the UK.
- Tax is due to you that can’t be reclaimed via your coding notice.
- Untaxed income is £2,500 or more.
- You have income from savings and investments of £10,000 or more before tax.
- You are a company director (income that is not taxed)
In the first instance, why not check out HMRC’s own Online Tool, to confirm if you need to complete a Self Assessment Tax Return. It can be viewed at https://www.gov.uk/check-if-you-need-tax-return.
It can be confusing and stressful
Either way, it can be quite confusing and stressful, not knowing if your return has been completed properly and the risk of resulting tax penalties. Or perhaps, unaware of reliefs and allowances you may be entitled to?
With our Self Assessment 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.
Self-Assessment Tax Returns
Do you need to complete a Self Assesment Tax Return?
If you have received a Tax Return from HMRC or a notice to complete one, then, unfortunately, you have to complete a Self Assessment Tax Return.
There are also a number of other situations, when you will be required to complete one. For example:
- If you have any untaxed income. For example, interest that is not taxed before it is paid to you
- You are non-resident and you have taxable income in the UK.
- Tax is due to you that can’t be reclaimed via your coding notice.
- Untaxed income is £2,500 or more.
- You have income from savings and investments of £10,000 or more before tax.
- You are a company director (income that is not taxed)
In the first instance, why not check out HMRC’s own Online Tool, to confirm if you need to complete a Self Assessment Tax Return. It can be viewed at https://www.gov.uk/check-if-you-need-tax-return.
It can be confusing and stressful
Either way, it can be quite confusing and stressful, not knowing if your return has been completed properly and the risk of resulting tax penalties. Or perhaps, unaware of reliefs and allowances you may be entitled to?
With our Self Assessment 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.
Planning & Advisory
It can be complicated and hard to unravel
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.
Reacting to changing circumstances
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.
We’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.
HMRC Investigations
It can be very stressful and time consuming
There are times, despite all your efforts to get things right, you could still end up with HMRC investigation. This can not only cause severe distractions for business owners and the self-employed, but also to private individuals, and can at times, lead to sleepless nights for many.
Not only do you have to understand the legal process and what HMRC can and can’t do, you also need real practical experience of how HMRC operate and how they resolve their investigations.
Although HMRC do carry out investigations at random (between 5 to 10%), investigations can be triggered by:
- A tip-off – a disgruntled partner or business colleague
- You work in a high risk industry i.e. cash in hand.
- Money being introduced to the business.
- Omission of income – appearing to live outside your means.
- Regular mistakes on Returns – may give the impression you do not know what you are doing or are trying to hide something.
- Unprofitable business – why would someone continue to run a loss making business. Has cash in hand got something to do with it.
- Figures are inconsistent with industry standards – your overheads do not stack up with similar competitors.
- Directors earnings – they earn less than their employees
- You do not have an Accountant – if you run a business and do not have an Accountant, in the eyes of HMRC, this may look a little suspicious.
With you all the way
In all of the above instances, we will represent and support you every step of the way, provide the shielding required, and create that peaceful atmosphere and the peace of mind you need to continue to run your business or conduct your private affairs.
Capital Gains Tax
When Capital Gains Tax (CGT) may be due
Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. Disposing of an asset includes: selling it; giving it away as a gift; transferring it to someone else; swapping it for something else; or getting compensation for it – like an insurance payout if it’s been lost or destroyed.
You pay Capital Gains Tax on the gain when you sell (or ‘dispose of’):
- Most personal possessions worth £6,000 or more, apart from your car.
- Property that’s not your main home.
- Your main home if you’ve let it out, used it for business or it’s very large.
- Shares that are not in an ISA or PEP.
- Business assets.
- If you dispose of an asset you jointly own with someone else, you have to pay Capital Gains Tax on your share of the gain.
- If you inherit an asset, you have to work out if you need to pay Capital Gains Tax if you later dispose of the asset.
- You have to pay tax on gains you make on property and land in the UK even if you’re non-resident for tax purposes. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless you return to the UK within 5 years of leaving.
When is it not due
Some assets are tax-free, such as, ISAs, PEPs, UK government gilts and Premium Bonds. You also do not have to pay Capital Gains Tax if all your gains in a year are under your tax-free allowance. Depending on the asset, you may be able to reduce any tax you pay by claiming reliefs and exemptions.
We are here to help reduce your tax bill
Once you have identified your exposure to CGT, there are a wealth of different reliefs and planning opportunities available to help reduce your tax bill. Timing or tax planning, plays a big part in how much you, ultimately, have to pay HMRC and is why most people turn to an experienced Tax Advisor. With a wealth of experience in handling the tax affairs of private individuals, we feel we are better placed than most, to offer you a first class, friendly service at very competitive rates. Why not give us a try today? You won’t be disappointed.
Inheritance Tax
Leveraging it to your maximum advantage
Inheritance Tax (IHT) is a tax on the estate (the property, money and possessions) of someone who’s died.
There’s normally no IHT to pay if either:
- the value of your estate is below the Inheritance Tax threshold.
- you leave everything above the threshold to your spouse, civil partner, a charity or a community amateur sports club
Further, if the estate’s value is below the threshold (above) you’ll still need to report it to HMRC.
If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase.
If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £1 million.
This is an important area of tax management, whilst you grief and mourn, you also want to ensure the tax Law is effectively leveraged to your maximum advantage; and we are committed to helping you achieve that objective.
Trust & Estate
Deciding on the best type of Trust
A person’s Estate is all of their property owned at death. A person may set up a living trust to hold certain of their assets (like a house) during their lifetime, and then give those assets to others at their death.
A Trust is a legal agreement in which a person (called a Grantor) states that one or more people (called Trustees) hold the Grantor’s assets for certain people (called the Beneficiaries) subject to certain duties and terms of the agreement.
There are several types of Trusts within the UK, mainly:
- Bare trusts: this is where the assets are held by the Trustee on behalf of the Beneficiary and does not usually include any complex legal documentation. Beneficiaries are entitled to all assets and income, once they reach 18 years of age.
- Interest in possession trusts: these entitle the beneficiary to specific assets and any income.
- Discretionary trusts: this type of trust is created for a certain class of Beneficiary, with Trustees having control over how income and assets are distributed.
Establishing whether this is a trust or estate, and/or the type of trust is very important as different rules apply to estates in administration and trusts and this affects the way the personal representatives and trustees are taxed.
We can help with:
- The suitability of Trusts to your specific family circumstances.
- Provision of income to the Beneficiaries.
- Acting in the role of trustee.
- Recording all trust transactions.
- Administration, accounting and taxation reporting, including tax returns and Inheritance Tax
- Capital Gains Tax (CGT) advice on the disposal of assets.
- Accounting for all assets by recording original and current values of assets.
- Appointment of assets to Beneficiaries.
- Inheritance Tax (IHT) ramifications.
- Ten year anniversary reporting and exit charges, with regards to capital distributions made to a Beneficiary.
- Reviewing the on-going benefits of a trust created through a Will and advising on a future strategy.
- Advice and planning, regarding winding up a trust, coming to the end of it’s effectiveness.
Residency
UK Residency
When you’re UK resident you’re normally taxed on the arising basis of taxation. This means that all your worldwide income and gains will be taxable in the UK. Therefore, even if your foreign income and gains have already been taxed in another country they will still be taxable in the UK and you must declare all of your foreign income and gains on your tax return.
In many cases, relief is given in the UK for foreign tax paid on foreign income and gains under the provisions of the relevant Double Taxation Agreements (DTAs) or via unilateral relief.
Are you a UK Resident for tax purposes?
From the tax year 2013 to 2014 onwards, you’re likely to be treated as UK resident under the SRT if you:
- Spend 183 or more days in the UK in the tax year.
- Have a home in the UK, and do not have a home overseas.
- Work full-time in the UK over a period of 365 days
Whether or not you’re in full-time work is a matter of fact, based on the hours you actually work. You could still be treated as UK resident even if you do not satisfy these conditions. This will depend on the number of connections you’ve to the UK and the amount of time you spend here.
UK domicile – tax liability
If you’re UK resident but not domiciled in the UK, there are special rules which might apply to your foreign income and gains. In these circumstances you’ve a choice of whether to use the arising basis of taxation or the remittance basis of taxation. If you choose to use the remittance basis for a tax year you will pay UK tax on:
- Any of your income and gains which arise/accrue in the UK.
- Any of your foreign income and gains that you, or another relevant person, brings (or remits) to the UK, even if that remittance occurs in a later tax year
If you’re a long-term UK resident and you choose to be taxed on the remittance basis, you may also be liable to pay the Remittance Basis charge.
If you’re deemed domiciled in the UK because you meet either of HMRC two conditions, you cannot claim the remittance basis of taxation, and will be taxed on the arising basis.
There is more to consider
And it gets even more complicated when you consider other scenarios that may apply to you:
- Dual residency.
- Resident abroad with income form a UK source.
- When resident abroad, sales and disposals of UK residential property.
- Non-resident Landlords.
- Tax liability in the year you arrive in or depart from the UK.
- If split year treatment applies.
- What if you come back to the UK after a period abroad.
- What should you do if you work in the UK as an employee.
- What should you do if you come to the UK to work for yourself.
- Self employment – business commencement and cessation provisions.
- What if you come to the UK but are not working.
- What if you come to the UK to perform as an entertainer, sportsman or sportswoman.
- What if you come to the UK as a student.
- Tax due when leaving the UK.
- How does domicile affect your UK Income Tax and Capital Gains Tax liability.
- Types of income for tax purposes.
- Special rules for certain occupations.
- Qualifying for tax allowances.
- Does double taxation apply to you
We are here to guide you through all these questions
As you have probably guessed from the above, your UK status and liability to UK taxes can start to get very complicated, making it difficult for the average individual to decide what would be the best approach or course of action, to help limit their tax exposure and give them the most flexibility moving forward.
If you are moving to the UK or thinking of leaving permanently or not sure if you will be returning, then why not contact us today, to book your free consultation and let us help put your mind at peace, knowing that you have made the right decisions.
Buy-to-let
Fixed cost solutions
Whether you intend to buy a new property to Let, or if you have a child going to college and interested in student letting, or just simply want to rent out a room(s) in your home, we have a range of fixed cost solutions, suitable for those new to the market or for those already involved with a portfolio of properties.
We can help with:
- Advise if forming a Limited Company is the best route for you
- If so, we can deal with all the paperwork, including registration and dealing with HMRC.
- Devising a longer term plan to help minimise your exposure to tax.
- Discuss disposal strategies.
- Timely, proactive advice on your tax exposure to future, proposed tax changes.
- Advice on Capital Gains Tax (CGT).
- Landlord specify reliefs.
- Preparation of Rental Accounts
- Advice on what expenses can be claimed and what are classed as capital expenditure.
- Prepare and submit your Self Assessment Return.
- Dealing with HMRC
- How it may affect your pension planning
- General, best advice on letting your property
If you have any concerns regarding any of the above, even if you are in the tentative stages of your buy-to-let, then please feel free to contact us for some free, impartial advice. You won’t be disappointed.
a few of our
Frequently Asked Questions
Where will our meetings take place?
Meetings can be either face-to-face, by telephone or by Video Conference. To ensure you get the most from meetings, we will agree an Agenda in advance, to help us both focus on the most important topics.
How do you charge for each of your services?
Although we do charge for individual services, we also offer bundle pricing options, to help keep your costs to an absolute minimum and your budget to go further.
I already use an Accountant. How easy is it to transfer to you?
The transfer is very simple and is something all Accountants have a process for, when either transferring in or transferring out. We will guide you, seamlessly, through the process.
What will we discuss at the free consultation?
Basically, your plans, requirements, how we can help and support you, plus the fees, of course. To ensure you get the most out of the meeting, we will prepare an Agenda, in advance, to give you a good idea of what we will be discussing. You will also have the opportunity to list any other subjects to discuss on the day.
Can I just use you ad-hoc?
Yes, we do offer this type of service. However, you will need to complete and sign our Engagement Letter, before we can offer you advice. The Letter establishes the framework in which our relationship with you is managed.
Do you offer discounts if I refer other family members?
Referrals are the lifeblood of any service based business, so we are always delighted when one of our clients refer us to one of their family or friends. There are many ways in which we show our gratitude, one such way, is to offer discounts on our services, so please feel free to raise this subject during your consultation, if you wish.
My financial affairs are quite straight forward. Do I really need advice or help?
Yes, because you to want to ensure, you only pay the legal minimum tax.
Wouldn’t I be better going to a Financial Advisor?
In general, Accountants can offer a more all inclusive service. This includes Financial Planning and Tax advice, through to all the processing and filing with HMRC and other institutions.
Our blog
News & Insights
Off-payroll working for agencies
Admin Team
09/04/2021
Find out about the off-payroll working rules (IR35) for agencies, when the changes to these rules apply
Record Keeping – How long must records be retained for: Corporation tax
Admin Team
09/04/2021
When to retain records to Companies and unincorporated associations that may be required to make a company
contact us
It could be the best decision you make this year
Are you;
- A new Startup business looking for the best advice.
- Unhappy with your existing Accountant and looking to change.
- Looking for an advisory service to help your business grow.
- Or need someone to look after your personal tax affairs.