Tax Planning

Our tax planning service for individuals is designed to offer you an expert and effective approach to managing your tax liability.

Strategic tax planning with our experienced team

Personal tax planning is looking at the choices you can make to lower your tax bill. Tax planning makes sure that you claim all the expenses, reliefs and allowances that you are entitled to.

Our highly experienced accountants keep up to date with tax legislation and get to know you to offer you the most beneficial strategic tax planning advice.

Our personal tax planning service

Taxonomy Accountants excels in offering you strategies to minimise your tax liabilities. Our knowledgeable team will work closely with you to understand your individual needs to compile a bespoke tax planning strategy that works for you.

As your circumstances change our experts can support you to re-evaluate your tax planning strategies to ensure they are always aligned to your personal situation.

What are personal tax planning strategies?

Examples of tax planning strategies include:

• Making charitable donations: Charitable donations can increase your basis rate band, meaning more of your income is taxed at the basic rate.

• Paying additional pension contributions: Making additional contributions to your pension pot can reduce your taxable income, resulting in a lower tax liability.

• Making the most of the dividend and savings allowance: Some individuals are eligible to the dividend and savings allowance. These tax-free allowances mean some individuals are not taxed on their first dividend and savings income up to certain thresholds.

• Transferring income to a spouse or civil partner: You may be able to transfer up to £1,260 of your personal allowance to or from your husband, wife or civil partner.

• Using tax efficient investment schemes such as Venture Capital Trusts (VCTs), (Enterprise Investment Schemes (EIS) and Seed Enterprise Investment Schemes (SEIS): Investing in certain schemes may entitle you to tax relief up to certain maximum investment levels.

Self-Assessment Tax Returns

Don't leave your self-assessment tax return to chance. Contact Taxonomy Accountants today for expert tax return preparation services. Our team is ready to assist you in achieving peace of mind and maximising your tax savings.

Our Self-assessment Tax Return services

Tax return preparation: Using HM Revenue & Customs-approved software, we meticulously complete your self-assessment tax return, ensuring every detail is accurate.

Accurate tax calculation: We calculate your tax liability, providing you with a clear understanding of what you owe, why and when.

Payment reminders: We liaise with you regarding the amounts to be paid and their due dates, helping you stay on top of your tax obligations.

Additional benefits

Tax Savings: As part of our service, we analyse your self-assessment tax return records to identify potential tax savings, ensuring you are paying the correct amount of tax.

Anomaly review: We review your return for any anomalies, addressing them before submission to prevent future issues.

Fixed, competitive pricing: Our transparent pricing provides you with a fixed, competitive rate, without any hidden surprises.

Why choose Taxonomy Accountants?

Our expert team at Taxonomy Accountants is dedicated to helping you meet your obligations. Making sure you submit your tax return on time is important and we can help you get your tax affairs in order sooner rather than later. By getting your self-assessment tax return prepared earlier you can benefit from:

• Receiving tax refunds sooner

• More time to arrange how to pay your tax liability

• Less risk of late filing penalties and late payment interest

• Less stress in dealing with last minute tax returns

• Paying your tax through your PAYE tax code (where possible)

Cryptocurrency Tax

If you or your business are involved with crypto assets, it is important to be aware that tax may be payable on certain transactions. We can help you determine which taxes apply and quantify how much tax you may need to pay.

Very broadly, when you dispose of a crypto asset exchange token, such as Bitcoin, you may need to pay Capital Gain Tax (CGT) if you sell the token at a profit.

Equally, you may have to pay other taxes if you receive cryptoassets.

If you’d like a summary of the main tax implications from buying, selling and investing in cryptocurrency, please read our compressive guide, which covers the following topics:

• What is cryptocurrency?

• Where is cryptocurrency located for tax purposes?

• Do you pay tax on crypto gains?

• Crypto Capital Gains Tax rates

• Miscellaneous receipts

• Crypto miscellaneous Income Tax rates

• How much tax do I pay on cryptocurrency?

• When do you pay tax on crypto?

• Paying crypto tax as a business

The tax treatment of cryptocurrency is subject to change due to the evolving nature of the underlying technology and the tax authorities evolving interpretation of the tax rules. The facts need to be established before applying the relevant tax rules and Taxonomy Accountants are experts who can help you apply these complex rules to your particular circumstances.

Taxonomy Accountants can provide a comprehensive crypto currency solution to individuals and businesses so your crypto taxes can be prepared quickly and efficiently.