Personal tax

Our Expertise in Personal Tax

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With over 50 years handling personal tax affairs, our experienced in-house team have deep working knowledge across all aspects of individual compliance and planning. From self assessment returns, employment income and pensions to savings, investments, rental property and many complex areas in between.

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Key personnel hold ACA and ACCA qualifications ensuring technical skills are always current as rules frequently change. We directly manage every facet of clients’ personal taxes - computations, filings, payments and clear guidance - aiming to legally reduce liabilities. Our personal approach builds relationships beyond transactions for trusted tax counsel.

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Comprehensive Personal Tax Services

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Income Tax Planning and Compliance

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We handle every aspect of clients' income tax affairs from returns preparation through to liability calculation and payment. Maximising available deductions and allowances to legally reduce amounts due.

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For sole traders we collate and verify business expenses like use of home deductions, mileage and equipment purchases to establish tax deductible costs. For landlords we obtain rental property income and mortgage/allowable expense detail. While for employees we gather all income, pension and benefit information from tax codes and P11Ds.

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We identify any tax planning opportunities through income timing, HMRC approved schemes or optimal use of Personal Allowances/tax bands for couples, then complete accurate returns disclosing all necessary figures for self assessment. Upon submission we manage communications regarding final liabilities before helping arrange settlement.

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By utilising in depth tax technical knowledge and administrative diligence we aim to minimise clients’ tax obligations.

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Inheritance Tax Planning

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Beyond day-to-day compliance, specialist inheritance tax planning addresses longer term desires to pass wealth efficiently to chosen beneficiaries whether children, grandchildren or charity.

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From gifting income producing assets to utilising investment reliefs and exemptions after maximising mortgage debt or freezing threshold levels through securing grandfathered transfers, our experienced advisers explore IHT efficient options aligned to both current and future objectives.

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We illustrate potential liability outcomes from different strategies over time to facilitate decision making on optimal steps enabling legacy aspirations within acceptable tax consequences. Ongoing support then ensures continued suitability as commercial situations evolve.

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Capital Gains Tax Management

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We work closely with clients planning key asset sales that may create capital gains liabilities based on market value vs historical purchase costs. Our CGT expertise allows appropriate application of annual exempt amounts, relief claims and loss offsets across partners along with timing consideration over tax years.

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For example, phasing disposals from an investment portfolio to utilise two sets of allowances or redeeming certain assets in priority due to lower embedded gains. Ensuring tax efficient extraction of value at the point investments mature aligns with prudent principles of sound financial planning.

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Where property or businesses represent the dominant CGT opportunity, we explore incorporation, trust and other acceptable arrangements plus interact with solicitors regarding apportionments, gifting and appropriate holding structures allowing legitimate reduction under prevailing legislation.

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Handling HMRC Investigations and Enquiries

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Should the validity of figures submitted come into scrutiny by HMRC inspection teams, either following routine risk profiling parameters or specific concern, we act as your representative in managing interactions.

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Our open, polite communication style aims to promptly furnish investigating officers with any supplementary analysis or paperwork sought to resolve question areas without necessitating expanded scope. We accompany clients to fact finding meetings negotiate where disagreement exists over technically complex interpretations.

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Our aim is curtailing protracted enquiries through cooperative and well evidenced positioning. In order to ensure that our costs for this work remain realistic and manageable, and that we are able to represent your interests fully, we offer comprehensive annual insurance cover for this service.

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Why Choose Mitchell Associates for Personal Tax

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Paying unnecessary income, capital gains or inheritance taxes erodes hard earned money that could be better spent or invested. Our personal tax experts aim to legally guide you through legitimate deductions, timing strategies and ownership structures that fit your risk profile to sustainably minimise liabilities.

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We become a trusted partner for one-off asset sales or international relocations right through to annual compliance filings. Our technically skilled yet down to earth advisers collaborate directly to ensure accuracy, explain next steps plainly and explore planning so more wealth stays with you and your family.