Professionals

As a professional, you need to be confident that all taxation matters have been considered and addressed when working with a client. Whether you are administering an estate, setting up a trust, encashing investments or tax planning, the right tax advice is essential. This is where The Tax Angel can help.

With my extensive taxation experience, I can provide you and your clients with a complete personal, trust and estate taxation service.

From the completion of annual self assessment tax returns to more complex inheritance tax returns.

I advise on all areas of capital gains tax, including the online 60-day CGT returns for the sale of residential property.

I can also advise on the tax implications of setting up, running and winding up a trust and all aspects of probate taxation, including reviewing the tax affairs of the deceased up to the date of death.

I offer a completely bespoke service. I am happy to either engage directly with you, so that you can pass the advice on to your client, or I can engage directly with your client.

It’s reassuring for you and your client to know that their tax affairs are in good hands.

Self Assessment Tax Returns

There are numerous reasons why your client may be required to complete a tax return. It very much depends on their personal circumstances and sources of income.

The penalties for your client failing to notify HM Revenue & Customs that they need to complete a tax return and the late payment penalties and interest for unpaid tax can quickly mount up.

Whether your client simply wants reassurance that their tax affairs are in order, or they need to disclose their income, past and present to HMRC and want to appoint an experienced tax professional to act on their behalf, The Tax Angel can assist.

Your client may be required to complete a tax return if they are in receipt of any of the following:

  • Investment income
  • Chargeable event gains
  • Income from property
  • Foreign income
  • Benefits from employment
  • Child benefit
  • Multiple pensions
  • Gains or losses from the sale of assets

Income Tax

Personal tax has become increasingly complex. There are now separate income tax regimes which apply depending on whether your client lives in England/Northern Ireland, Scotland, or Wales.

You therefore need to be aware of the different rules and how they affect the following:

  • Personal allowances
  • Basic and higher rates of tax
  • Starting rates of tax
  • Savings rate bands
  • Transfer of the marriage allowance
  • Withdrawal of the personal allowance
  • Student loans
  • Child benefit payments

If you would like help advising your clients, or recognising when your client needs to seek professional tax advice, The Tax Angel can help.

Property Tax

You may be a landlord yourself or have clients who own second properties and rent them out. The rules around property taxation can be confusing and differ depending on whether you are renting a property in the UK or overseas, it is a residential letting or a commercial letting, you rent out a furnished holiday property or let rooms in your house.

The Tax Angel can help with:

  • When to declare rental income
  • What expenses to claim
  • How to calculate mortgage interest
  • How and when to report the sale of a property
  • How to treat overseas rental income
  • How to make a disclosure under the Let Property Campaign
  • How to claim a refund of additional rate Stamp Duty

It is important that you and your clients are aware of the different types of property letting and what needs to be reported and when, so that the correct tax treatment can be applied and filing deadlines are met.

I can advise on all aspects of property taxation and deal with the reporting requirements on behalf of your client, including registering with HMRC, disclosing rental income and reporting gains following the sale of a property and the completion of the 60-day online CGT return.

Capital Gains Tax

With the significant reduction in the capital gains tax (CGT) exemption from £12,300 to £6,000 from 6 April 2023, together with a further planned reduction to £3,000 from 6 April 2024, it is more important than ever that you are aware when a transaction is potentially liable to CGT, so that your client can take the relevant advice. This will enable any CGT to be quantified at an early stage, enabling your client to plan, so that there are no unexpected surprises.

The Tax Angel can help with:

  • The tax implications of selling or gifting an asset
  • Calculating capital gains and losses
  • Maximising all possible tax reliefs
  • Advice on principal private residence relief
  • Mitigating capital gains tax
  • 60-day online CGT returns for sales of residential properties
  • Capital gains tax on separation or divorce
  • Capital gains tax for trusts and estates

There may be ways of structuring gifts to avoid an immediate tax charge. This is where The Tax Angel can help to discuss your clients’ options. Planning ahead and seeking advice in advance of a transaction being carried out can significantly reduce immediate tax charges. This is especially important when gifting an asset as you do not have any sale proceeds out of which to settle the tax due.

Inheritance Tax

Most professionals advising clients on financial matters are acutely aware of inheritance tax (IHT). It is considered to be one of the unfairest taxes of them all. After all you spend a lifetime accumulating wealth, on which you have paid tax, only to be taxed on it all over again on your death. A double taxation.

It was once considered a tax for the wealthy, but this is no longer true. With the nil rate band having been frozen at £325,000 since 2009/10 and it set to remain at that level until at least 5 April 2028, more and more ordinary people are finding themselves liable to IHT, especially with the increase in property prices in recent years.

Often referred to as a voluntary tax, with careful planning IHT can be significantly reduced or even eliminated altogether.

The Tax Angel can help with:

  • Completing forms IHT400 and supporting schedules
  • Preparing forms R185 for the beneficiaries
  • Completing forms IHT100 and supporting schedules
  • Registering trusts and estates with HMRC
  • Calculating inheritance tax on death
  • Identifying and calculating lifetime IHT charges
  • Lifetime giving
  • Maximising IHT reliefs
  • Completing trust and formal estate tax returns

I can complete all types of IHT returns on behalf of your clients and ensure that any appropriate reliefs are claimed to minimise any tax due. If you need assistance completing forms IHT400, so that the IHT can be quantified and paid on time enabling the Grant of Probate to be applied for, The Tax Angel can help.

For all inheritance tax related questions, please get int touch, from straightforward queries to more complex issues, let The Tax Angel help. I will ensure that your clients receive the best possible service and comprehensive up to the minute tax advice and most importantly of all are tax compliant.

Trust Tax

Whether you are a professional trustee, or advising a client on trust matters, specialist tax advice should be sought. The tax rules applying to trusts are notoriously complex and often unique to trusts and getting them wrong can be costly.

Professionals dealing with trusts tend to be aware that there are ongoing taxation issues to consider, but they are not always identified on time resulting in unnecessary penalties and this can lead to a breakdown in the relationship with the other trustees and the beneficiaries.

The Tax Angel can help. I have vast experience of dealing with all aspects of the taxation of trusts, from setting up the trust, winding up the trust and everything in between.

Help with:

  • Registering a trust with HMRC
  • Managing the HMRC Trust Register
  • Completing annual trust income tax returns
  • Calculating trust tax liabilities
  • Mitigating trust tax liabilities
  • Preparing forms R185 for the beneficiaries
  • Completing forms IHT100 to report lifetime charges
  • Completing 60-day online CGT returns

The Tax Angel can help you and your clients understand which tax rules apply to the different types of trust, ensuring that the trust is tax compliant.

For all trust tax related matters, The Tax Angel can help. Contact me to chat through any questions you may have and let me assist you offer your clients a comprehensive service.

Tax Planning

You client may have come to you for advice on selling a property, setting up a trust,  giving away assets or help with probate matters . Are you confident that your tax knowledge is completely up to date? Relying on old knowledge and not keeping up to date with the most recent tax changes can result in costly errors.

Whether you are looking for complete advice, or the want the reassurance of a second opinion, The Tax Angel can assist.

Help with:

  • Maximising income tax reliefs
  • Overseas matters
  • Proposed sale or transfer of assets
  • Administering an estate
  • Mitigating CGT on the sale of assets by individuals, trustees, and executors
  • Tax implications, of setting up, running or winding up a trust
  • Inheritance tax planning

Tax Enquiries

Tax enquires are worrying and often clients who have been dealing with their own tax affairs employ professional help if they are faced with an HMRC investigation.

From simple tax enquiries, to HMRC ‘nudge letters’, to more complex investigations and voluntary disclosures The Tax Angel can help.

I will work with you or directly with your client on their behalf in dealing with HMRC, so that your client’s direct contact with HMRC is kept to a minimum.

Help with:

  • Explaining the nature of the enquiry
  • Identifying the reason why the matter may be being investigated
  • Dealing with any corrections
  • Reviewing any submissions already made to HMRC
  • Identifying any inaccuracies or omissions
  • Preparing any disclosures to submit to HMRC to bring your client’s tax position up to date
  • Advising and calculating any interest and penalty charges
  • Handling any negotiations directly with HMRC or advising you how to handle any negotiations on behalf of your client
  • Agreeing the most cost-effective way to bring your client’s tax position up to date
  • Concluding the enquiry
  • Applying for a closure notice from HMRC

Who I help