Every one of us has a responsibility to advise HMRC if they owe Income Tax or Capital Gains Tax. Failure to do so in a timely manner can result in liabilities accumulating along with penalties and interest. At Mintaplan we help to make sure that you meet these responsibilities.
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When HMRC advise that a Tax Return is required this must be submitted by 31 January following the end of the tax year in question if penalties are to be avoided. At the end of each tax year, we routinely contact our clients for details of relevant income and outgoings during the year to enable us to complete their Return on their behalf. The completed Return is then sent to our client for approval before submission to HMRC.
Not all taxpayers are issued with a Tax Return. For these clients, we go through the same process of collating information to establish if the correct amount of tax has been paid for the year. Then we can take the appropriate action whether it be to do nothing (where correct tax has been paid) or contact HMRC to advise of any required action.
Whether we complete a Tax Return or Tax Review for you, we will advise of any refund due or of any payments required to be made to HMRC.
A tax due on earnings, trade profits, rental, pensions, savings, etc. This will be due at different rates depending on your levels of income, type of income, any reliefs due and your country of residence.
A tax due on the increase in value of assets over the period of ownership. Depending on the type of asset there are different exemptions, rates charged and payment deadlines.
Due to the various exemptions, reliefs and rates available, with appropriate planning it can be possible to mitigate tax liabilities.
Whether it be something simple such as advising HMRC of a change of address or something more complicated like dealing with an HMRC Tax Return enquiry, once the appropriate authorisations are in place Mintaplan can deal with this for you. Where appropriate, we will also arrange for HMRC to amend your tax code (if an incorrect tax code is used, large overpayments or underpayments of tax can accumulate).