Personal Taxation

Personal Taxation ServicesPersonal Tax

At Hill Lillis, we specialise in tax and provide personal tax advice for a variety of clients with vastly differing circumstances, ranging from simple tax computations and filing, to those with exceptionally complex UK tax affairs.  With each client, however, the motivation is always the same – to maximise their wealth and reduce their tax. Our Personal Tax sevices include;

Self-Assessment Tax Returns
With our income tax return service, we remove the burden of administration from you and ensure that every deadline is met. You simply provide us with your financial records in relation to your tax affairs and we will prepare all the necessary calculations and deductions, as well as claiming any reliefs, deductions, allowances and repayments that you might be due.

Our expertise and software will take the headache out of your form filling and compliance aspect of Self-Assessment

Other
Some of our clients do not need to file Self-Assessment tax returns, but they like the reassurance of us annually reviewing their tax position for peace of mind, often we spot problems with Code Numbers and P800 calculations which we are able to resolve satisfactory.
Capital Gains Tax
Capital gains tax is payable on gains made from the sale of capital assets such as property, shares, stocks, etc., but there are a wealth of different reliefs and planning opportunities available. We will make sure that you are claiming all available reliefs and that your tax bill is minimised.
Overseas issues
Tax affairs become very complex when there are overseas issues, such as, being UK tax resident but non-domiciled individuals; or on leaving the UK and becoming non-residents of the UK.

We are often asked to address issues of domicile and the tax implication particularly where planning is needed prior to tax residence status changing.

Buy-to-Let
Many clients approach us to advise them regarding their Buy-to-Let properties. The advantage of a buy-to-let property is that as well as bringing in an income in excess of the expense of letting the property, the property hopefully will increase in value.

Clients with buy-to-let properties are expected to submit a Self-Assessment tax return (SATR) each year, and to declare their profit after deducting allowable costs from income, and then to pay any income tax due on the rental profits. One of the key tax issues in respect of buy to let property, is determining whether expenditure can be offset against income and tax i.e. is it of a revenue nature? If it is capital expenditure, then the cost may only be offset against the capital gain arising on the eventual disposal of the property.

There are also tax changes ahead, relating to the tax relief due on mortgage interest payable, and this is going to have an impact on the profitability of investing in property, specifically, with the purpose of renting it out in order to provide a return on investment.

If you have any concerns about these changes, then do contact Hill Lillis and Company to discuss the options available to you. In fact, if you need any advice on the tax implications of all aspects of owning a buy to let properties including the funding, ownership and disposal strategies, as well as assisting with reporting the income on your self-assessment tax return, then do contact us.

Personal Tax Planning
Tax, whether on your income, business or investments is complicated and sometimes hard to unravel. It can be difficult to know what you should and should not be paying, what new tax legislation means for you and how best you can utilise your tax payments.

Efficient tax planning can make a huge improvement to your personal and business finances, not just in terms of immediate cash flow and profit, but also in protecting your wider interests and securing your wealth for the future.

Tax planning involves thinking ahead to create a strategy that helps minimise the amount of taxes you pay. Sometimes planning is required when circumstances change, such as, on family changes, retirement, death, although strategic planning is important at all stages in life.

We’ll talk with you so that we fully understand your personal or corporate financial goals and then we can help you create a tax strategy that follows all tax regulations that apply to you, but also helps you save your money and doesn’t hinder you in achieving your financial goals.

Keep in touch

For more information on the above, please Contact Us or telephone on 0121 384 4222 and we will be glad to answer any questions you may have. Even better, why not book your FREE consultation today, it only takes a minute. At this stage, if you are just looking for an idea of how much our services cost, then please feel free to complete our Request a Quote Form and we will get back to you within 48 hours.

In the meantime, why not follow us on Facebook or Twitter for the latest news that may affect your business or subscribe to our Newsletter for automatic email updates. If you are out and about in the Sutton Coldfield, Kingstanding, Great Barr, Minworth, Erdington, Birmingham or West Midlands area, why not give us a quick call to confirm if we can arrange an immediate, free consultation.