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Personal Tax Planning

Albert Einstein once famously said that 'the hardest thing in the world to understand is income tax’.

Our aim is to prevent the complexity.

Personal Tax Planning

Personal tax planning is all about understanding taxes you are liable to pay and looking at ways to minimise them. With the tax regime becoming more complex and more emphasis being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.

We can provide you with advice on all aspects of personal taxation and try to ensure that you do not pay tax unnecessarily.

We have provided our tax planning services successfully to a numerous clients by reducing their tax liability substantially, some examples of this are:

  • Help in planning the disposals of assets, to reduce the impact of capital gains tax legislation and avoid unnecessary liabilities on death.
  • Mitigation of income tax and national insurance by individual remuneration planning.
  • Taking the opportunity to create trusts and distribute wealth in a cost-effective way.
  • Advice to ensure maximum use is made of available relief’s.
  • Advising with regards to capital gains tax and making the appropriate elections for Principal Private Residency Relief.

Our expertise covers areas such as:

  • Income Tax
  • National Insurance
  • Capital Gains Tax
  • Inheritance tax

Self Assessment

Many taxpayers struggle to understand these complex tax returns. The constant changes to the tax legislation mean that taxpayers risk incurring penalties through failing to complete their returns on time or correctly.

By handling your self assessment tax affairs, we aim to avoid the stress, time and potential loss of money incurred in completing these returns personally.

We can complete your return, calculate the tax liability and offer practical advice on any tax planning oppertunities that may help to minimise your tax liability.

Our services include:

  • Calculating your tax liability;
  • Completing and filing your tax return on your behalf;
  • Advising you when payments are due and how much to pay;
  • Liasing with H M Revenue and Customs on your behalf;
  • Advising on any tax planning opportunities.

Capital gains Tax Planning

Capital Gains Tax is levied when you sell or give away an asset of your own, which has increased in value.

The capital gains tax regime is a complex area of legislation with many elections and reliefs available, which can minimise or extinguish a taxable gain.

We can provide a comprehensive review of any proposed transactions and provide a tailored report of the implications of any disposal with additional recommendations advising on ways to minimise capital gains tax where possible.

We can assist to ensure that:

All eligible reliefs are claimed where available, which may include

  • Capital losses brought forward
  • Entrepreneurs Relief
  • Principal Private Residence Relief
  • Lettings Relief
  • Rollover relief
  • Gift relief
  • Negligible value claims
  • Annual Exemptions

It is also important to consider the timing of the sale, in order to maximise the available relief’s and exemptions.

Inheritance Tax (IHT)

Having spent a lifetime building up your personal wealth, it makes sense to plan for the future, it would be comforting to think that upon your death your estate will pass into the hands of your chosen beneficiaries and not H M Revenue and Customs.

There are a number of ways to reduce the potential tax liability on your estate, however the relevant legislation requires for us to plan well in advance.

It is important to ensure your own financial needs are met and that you do not give away too much too soon. We provide a comprehensive estate planning service that includes:

  • Help with planning and reviewing a will;
  • Making use of exemptions and lower rate taxes on lifetime transfers;
  • Transferring agricultural or business property;
  • Transferring assets into a trust;
  • Arranging life assurance to cover potential inheritance tax liabilities.
Personal Tax factsheets
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Clay Shaw Butler, 24 Lammas Street, Carmarthen, Carmarthenshire SA31 3AL

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Clay Shaw Butler is the trading name of Clay Shaw Butler Limited.
Registered in England and Wales. Company No. 6519528. Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.
Details about our audit registration can be viewed at www.auditregister.org.uk under reference C001742711.
The registered office address is 24 Lammas Street, Carmarthen, Carmarthenshire SA31 3AL.