At Southgate & Co LLP we understand that managing personal finances can be complex and overwhelming. That’s why we offer a range of tailored tax and accountancy services designed specifically for individuals. Whether you’re looking for assistance with tax planning, inheritance tax, or self-assessment, our dedicated team is here to provide expert guidance and support. With our proactive approach and commitment to delivering personalised solutions, we help individuals like you navigate the intricacies of personal finance with confidence. Explore our comprehensive services for individuals and take control of your financial future today.
Compliance Services
Personal Tax Returns
Our private client team can assist you in preparing your self-assessment return to be filed with HM Revenue & Customs. During this process, they will provide advice to ensure you understand your tax affairs, and where applicable elections are made to reduce your tax liability. We have expertise in :
- Employment (including P11D’s and stock options);
- Property income and expenditure;
- Reporting UK and worldwide investment income;
- Tax-advantaged investments (EIS/SEIS/VCT); and
- Capital Gains Tax (Property, shares and other assets).
Property Sale
60day CGT Return
In the UK, when you sell a residential property, it’s crucial to report the sale to HMRC and settle any Capital Gains Tax (CGT) liability within 60 days of completion, if tax is due.
Typically, CGT will only be due when you sell holiday homes, rental properties or second homes for more than you acquired the property. However, tax can become due on your main residence where this was not occupied for the full period of ownership.
Our private client team will work with you every step of the way to ensure that we understand the circumstances of the sale, and your occupation of the property. We will clearly explain the actions you need to take, and work with you to ensure that the return is filed on time. We seek to accurately determine your tax position by by taking into account all income and expenditure when calculating your capital gains, before applying the tax reliefs for which you qualify.
Residency & Domicile
UK tax residents are subject to income taxes on their income and gains from both the UK and worldwide sources, while non-residents are only subject to UK taxes on their UK sources of income and gains.
Our private client team has experience determining client’s UK tax residency position and establishing their reporting requirements. We work with you, to ensure that you keep the required records of your travels, and that you understand the effect this has on your tax liability.
Residency for tax purposes is different to citizenship or nationality.
As part of this service, we seek to understand your circumstances and travel plans to advise on potential pitfalls introduced by anti-avoidance provisions such as the temporary non-residency rules.
As a general rule, income and capital gains of personals who are UK tax residents are subject to UK taxes and this subject to any additional rules and requirements introduced by the double tax treaties agreed between the UK and other countries.
Landlord & Furnished Holiday Lets
We work with both individuals and businesses to ensure our clients understand the records they are required to complete. This ensures that we explain the benefits of cash or accruals (invoice) basis for reporting your income, and that we are calculating their tax positions from complete records. We work from the records our clients keep, which may be paper, excel or software based and can provide assistance in complying with making tax digital.
For standard residential properties, interest serves as a 20% tax reducer, directly reducing your tax liability by up to 20% of the interest paid during the tax year. Commercial properties and Furnished Holiday Lets (FHLs) retain the ability to deduct interest from their profits.
To qualify as a Furnished Holiday Let (FHL), your property must typically meet the following criteria
- Be able to let for a minimum of 210 days
- Actually let for at last 105 days
- Be fully furnished
- Excludes periods of personal use, or lets of more than 31 days
We provide proactive advice to our clients, exploring options such as averaging or year of grace elections in cases where the full criteria may not be met, or circumstances require additional considerations. Our aim is to support your business and enable you to focus on its success.
Advisory Services
Inheritance Tax
We specialise in assisting clients in understanding their estate’s potential inheritance tax liability and devising strategies to mitigate it effectively. Whether you’re a successful entrepreneur or a wealthy individual, we work closely with you to ensure that your wishes are met while minimising tax obligations.
Our tailored approach takes into account your unique circumstances and those of your loved ones. We carefully explain the available options, ensuring that your needs remain at the forefront of our service.
In general, spouses can maintain an estate of up to £1,000,000 without incurring any tax liability. This threshold includes the £325,000 nil rate band, along with the additional £175,000 residence nil rate band per individual. Inheritance tax is typically charged at 40% on any amount exceeding this threshold, although a lower rate of 36% may apply in certain cases.
Disclosures to HMRC Enquiries
We understand that being subject to a tax investigation can be a daunting experience, which is why we are here to help you navigate the process with confidence and clarity.
Our team of chartered tax advisors and accountants is dedicated to assisting individuals and businesses who are facing a tax investigation or need to make a disclosure. We offer a range of services designed to help you achieve the best possible outcome.
Our services include:
- Advice and support throughout the investigation process, including responding to information requests, preparing for interviews, and negotiating with HMRC on your behalf.
- Assistance with tax disclosures, including voluntary and prompted disclosures
- At every stage of the process, we will work closely with you to understand your unique circumstances and tailor our services to meet your specific needs. We pride ourselves on our proactive and client-focused approach, which means that we will always keep you informed and involved in the process.
If you are facing a tax investigation, contact us today to learn how we can help you achieve the best possible outcome.