TAX ON TRUSTS
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Trust Tax Compliance
CHOOSE RIGHT TYPE OF TRUST FOR TAX PLANNING
Trusts are all about planning and saving for the future, as well as providing a secure and legal way of transferring assets and/or income to a single person or to an entire group of people. Trust funds are very common and play a crucial part every day. In the UK, many company pension schemes are set up as a trust. If you have any interest in setting up a trust of your own, please contact one of our Professional Tax Accountants who can assist and advise you on Trust Accounting.
We Are Here To Help You With Any Questions You May Have
Our tax accountants have extensive experience in personal tax. From very simple self employment tax return to complex personal tax planning, you can call our accountants to discuss your circumstances.
No you may not need an accountant to file your self assessment tax returns. But its always advisable to consult specialist tax accountant, so you are not loosing any tax relief on claimable expenses.
If you sign up to become our client, we will not charge you for the advice. But if you are looking for tax advice only it is dependent on the nature and complexity of your question.
HMRC have a self explanatory guidance to setup personal tax account. This account will help you to know about your taxes and income for each year. For more information please visit HMRC website.
When it comes to personal tax, as resident in UK, a taxpayer is obliged to pay tax on worldwide income. If you do not live in UK and you have taxable income in UK, you must file tax return to HMRC.
As self employed person you will file your self assessment tax return to HMRC every year. You must total your takings and less business expenses. If you need help with something which you are not sure, you can call our accountants to help you out. For general guidance please visit HMRC website.
If you have made a mistake and want to amend your tax returns, you must get in touch with HMRC and explain to them the nature of mistake or omission.
It is always dependent on nature of mistake. If the amendment will result in correction of tax liability, then you must file an amended tax return. If you have omitted income and want to correct your records, you would need to file a disclosure.
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Although tax officials have extended powers to bring criminal proceedings, their initial enquiry is not with a view to prosecution. Their ultimate goal is to recover unpaid taxes.