From preparing your accounts, tax and VAT returns and simple book-keeping to advising on company formation, partnerships and share valuations, Neal & Co offers a full range of accountancy and tax services to meet the needs of businesses of all shapes and sizes, alongside advice for individuals.
All self-employed people need to submit a self-assessment tax return, but it’s also required of many others who may not even realise it – for example if you rent out a private property or receive an income from shares, or any other income which is not covered by your PAYE tax slip. For more information on who needs to fill in a self-assessment form, click here.
The legislation surrounding self-assessment frequently changes and it’s often hard to keep up with the latest requirements. That’s where we can help. We can advise on completing self-assessment forms and handle to submission for you (it’s important that your return is submitted by the due date to avoid penalty payments). Our tax experts can also advise on tax mitigation strategies suited to your own personal circumstances, so you can rest assured you pay all of the tax you are legally obliged to, and no more.
For more information on our self-assessment services, contact firstname.lastname@example.org
Capital gains tax is incurred when you sell an asset – such as a work of art, for example – that has increased in value since you bought it. It’s a tax on the profit your asset has made. It’s also payable when you give an asset as a gift, receive compensation for losing it or swap it for something else.
Some assets are tax free and everyone benefits from a tax free allowance before capital gains tax is applied. Neal & Co can help advise you on your liability for capital gains tax and mitigation strategies you can put in place to reduce your liability – for example Entrepreneur’s Relief when you sell your business.
Much of your capital gains liability can be reduced by setting up a trust, which Neal & Co’s tax experts can advise on. For more information on dealing with capital gains tax, contact email@example.com
Inheritance tax is payable on the value of your estate when you die. The amount of inheritance tax due to be paid by those who inherit your estate varies according to your personal circumstances and who is set to inherit.
It’s often said that inheritance tax is a ‘voluntary tax’ as there are so many ways to avoid paying it, including making a will, setting up a trust and giving gifts while you are still alive. Effective financial planning and tax mitigation strategies put in place during your lifetime means your family needn’t worry about paying unnecessary tax on the estate they inherit.
Working in conjunction with our financial planning colleagues, Neal & Co’s tax experts can help reduce the burden on your loved ones and give you financial peace of mind for the future.
For advice on inheritance tax, contact firstname.lastname@example.org
Income you receive from renting out properties is liable to taxation. This is the case whether you've built up a portfolio of rental properties, inherited a home from your parents, are letting a former family home in lieu of selling, or simply have a lodger living in your spare room.
Many people don’t realise they are actually landlords. But if you earn any income from letting your property or any part of it, that is what you are. The good news is much of this income is tax free. You can currently earn £7500 from renting out a room before paying tax on the income, for example.
You will need to consider the tax implications whether your rental income is as a private individual or a company. Neal & Co’s tax experts can help you determine what your liability is and help you make the most or your income and investment.
For more information about planning and structuring your income from renting property, contact email@example.com
When loved ones pass away, their finances are not always in a neat and tidy state. Quite often, the deceased can leave money in several different ‘pots’, and have many assets which need valuing and distributing.
Neal & Co can help unravel the complexities and reduce the burden on you, your family and colleagues. We can assess the value of the deceased’s estate and prepare inheritance tax accounts, pay creditors, advise on the tax implications of selling assets and prepare tax returns.
For more information about how we can help with estate and probate matters, contact firstname.lastname@example.org