At Moore Kingston Smith, we believe in making accurate disclosures and that every taxpayer should meet their obligations on time and in full. It is also evident that due to the complexities of the UK tax code that many taxpayers pay more than they should. Reviewing your family circumstances often results in simple tax planning that can help to equalise taxes between husband and wife and civil partners, ensure that claims are made for charitable donations and pension contributions, and that failed investments and business ventures provide tax reliefs that are often not claimed. Changes in working habits may also provide opportunities for claims arising from working from home or different locations to your contracted base. Some complex business arrangement can result in questions about whether income tax or other taxes are chargeable in that particular circumstance. Specialist advice should be taken before making any disclosures to HMRC.
To find out more about income tax advisory, get in touch with our expert partner in this field, Yvette Jacobs-Lee.