Are you paying too much tax?
Have you recently received an unexpected tax demand from H M Revenue & Customs? Can you trust them to get it right?
In 2010 H M Revenue & Customs revealed that computer errors had lead to incorrect PAYE coding notices being issued to millions of UK taxpayers. The errors go back several years and have resulted in almost six million taxpayers receiving an unexpected demand for tax – in some cases a significant amount - on which interest is accruing.
Thankfully our clients are not amongst the millions affected by this latest HMRC debacle. In preparing our clients’ tax returns we carry out checks – including a review of PAYE coding notices – so that they pay the correct amount of tax. We make sure our clients do not have nasty shocks from HMRC.
During these difficult economic times it is essential that you don’t overpay the tax man. Protecting you from HMRC errors is one of many areas where we can help mitigate your tax burden. We offer you and your business clear and effective tax advice - including income tax, national insurance, VAT, corporation tax, capital gains tax and inheritance tax.
Consider the following questions:
- Are you confident HMRC has got your PAYE coding correct?
- Is your business structured in the most tax-efficient way?
- Are you claiming all valid expenditure against your business or letting profits?
- Have you claimed tax relief for any losses you have incurred?
- Are you maximising the tax efficiency of your pension contributions?
- Have you claimed all available tax relief on the sale of your property?
- Do you have a plan in place for your retirement?
- Have you considered inheritance tax planning?
If the answer to any of these questions is ‘No’ or ‘Don’t know’, then we may be able to help you to save tax. Please contact Kathryn Cutts for an initial consultation.
