Huw and Aled are specialists in the field of taxation for individuals, in particular the preparation of self assessment tax returns, capital gains tax planning and reporting from the sale of assets (including UK and overseas residential property, land & shares) as well as annual self-employed accounts and landlord rental accounts.
Sole traders & partnerships
Huw and Aled assist self-employed individuals to manage their tax affairs, including preparing income tax returns and liaising with HM Revenue & Customs.
We are also proactive in understanding our clients’ changing needs, whether it is planning ahead for changes in legislation such as HMRC’s ‘Making Tax Digital’ initiative or assessing the most tax-efficient way of operating (e.g. whether to continue as a sole trader or to incorporate as a limited company).
Landlord rental accounts
We can prepare your income tax returns in connection with your rental properties and provide specific guidance on whether your property maintenance costs are deductible against the rental income or whether they are capital costs, which will instead qualify for relief against capital gains tax when you sell the property.
If you have a growing portfolio of properties, our expertise in property taxes allows us to assess whether it would be advantageous for you to operate as a limited company and we also assist our clients in quantifying their potential capital gains tax exposure if they were to sell any of their properties.
Employed individuals
Huw and Aled regularly handle complex tax returns for senior employees and directors, with matters including the taxation of bonus payments, the compliance with higher rate bands of dividend tax, the carry forward of unused pension relief and of dealing with multiple income streams.
We also assist employees who work on short-term projects overseas, such as ensuring that tax relief is claimed if tax is deducted from their pay both in the UK and overseas.
Capital gains tax
Due to changes implemented from 27 October 2021, capital gains from the sale of residential properties need to be reported to HMRC with the associated tax liability paid within 60 days of completion from the property sale.
Unlike many accountants, we regularly complete capital gains tax forms on behalf of our clients, enabling us to provide a high quality, efficient service to allow settlement of the capital gains tax in line with the new deadlines.
We also advise on capital gains tax from the sale of shares and the sale of artwork.
Further information on our capital gains tax services can be found here.
