Personal Tax Services

At Shapcotts we aim to help make your life easy by completing as much of the hard work for you as possible. This could include your self assessment calculations and correspondence from HM Revenue and Customs on your personal tax affairs through to your estate planning and inheritance tax calculations.

Please see below for further details of our services which offer the most assistance to you. If you require any further information or would like to discuss any other tax related matters not listed below, please contact us on 01332 680540.


Self Assessment

Welcome

What are you required to do:

  • If HMRC send you a self assessment tax return it must be completed and submitted before the statutory filing deadline.
  • If something changes (you rent out a property, sell an asset) you must request a tax return for completion to disclose the tax liability
  • If you wish to claim additional tax relief’s you must request and complete a claim form or tax return

How can our service help you:

  • Full preparation of all UK self assessment tax returns
  • Prepare self employment, partnership, or rental accounts to assist in the completion of your tax return
  • Calculate tax payable/ refundable and notify you of amounts and when they are payable.
  • Assist with post-submission issues and HMRC enquiries and investigations
  • Review your financial affairs to identify areas that may benefit from tax planning
  • Offer advice on how to minimise your tax liabilities.

Please contact us on 01332 680540 to discuss your tax needs.

As part of our advisory services we have introduced Shapcotts Business Academy. This is a free series of Webinars that is runs several times during the year. The Webinars are aimed at anyone starting up or businesses who are in their first 3 to 5 years of trading. However, they are suitable for anyone in business who would like to understand a little more about the Finances of their business.

The “You and the Taxman – Accounts & Taxation” Webinar covers the topic of how your tax return is put together and the filing requirements in place.

If you would like to Register for this free Webinar, or find out when the next Webinar is, more information is available on our website on the Webinars page.

Capital Gains Tax

Capital Gains Tax must be accounted for on the disposal of all capital assets. This includes amongst other things selling a business, an investment property or stocks and shares. If you are uncertain if what you have sold requires declaring please contact us on 01332 680540 for guidance.

It is also important to take advice both before acquiring an asset and certainly before making a disposal. This will ensure that all exemptions, allowances and reliefs are claimed and any capital gains tax is kept to a minimum.

How can we help you comply with your capital gains tax disclosures:

  • Advising on annual exemption
  • Calculation of potential capital gains tax payable
  • Advising on Entrepreneurs’ Relief
  • Advising on Rollover and Reinvestment Reliefs
  • Advising on transfers between husband and wife
  • Advising on the best time to make a disposal

By taking this advice it may be possible to reduce your tax liability, delay it or even defer the liability indefinitely.

Please contact us on 01332 680540 to discuss your capital gains disclosures.

Estate Planning and Inheritance Tax

While no one wants to think of, let alone plan for their own demise, as Benjamin Franklin once said “in this world nothing is certain but death and taxes.” While the first is certain, the second is still optional.

Good inheritance tax planning can, for a lot of estates, mitigate or eliminate completely any inheritance tax liability.

How can we help you deal with this sensitive area of tax:

  • Advice on making and reviewing your will
  • Making full use of exemptions and lower tax rates on lifetime transfers
  • Use of lifetime transfers between husband and wife
  • Transferring of business property
  • Transfer of assets into a trust
  • Advice on potential inheritance tax liabilities

If you believe your estate will be valued at more than £312,000 (2009/10 Limit) then now is the time to begin estate planning.

Please contact us to arrange a preliminary review on 01332 680540.

Retirement Strategies

Exit Strategies

For details of our services relating to exit strategies click here.

Pension

We can provide outline advice on the various pensions currently available and refer you to our independent pension specialists to finalise the detail.

Savings and Investments

We can provide outline advice on the type of investments currently available and refer you to our independent investment specialists to finalise your investment strategy.

Life Assurance and Long Term Care

We can provide outline advice on the types of policies currently available and refer you to our independent financial advisor to finalise your choice of policy.

Please contact us on 01332 680540 to discuss the right retirement strategy for you.