Family finances

It is easy to become overwhelmed by paperwork, to be baffled by tax returns, and to struggle to keep track of your money. We can help you to take control of the situation.

overview of the UK tax system

There is no escaping the fact that the UK tax system is complex. Our system encompasses the following taxes: national insurance, income tax, capital gains tax, inheritance tax, stamp duty, corporation tax and other miscellaneous taxes.

We advise on all issues relating to taxation. Our team of tax advisers includes specialists in personal taxation some of whom specialise in matters for individuals. We would be delighted to work with you to ensure that your tax affairs are in good order and also that you are not paying more tax than you need to be!

managing your paperwork

It doesn’t take a great deal to keep on top of your paperwork. You simply need to set aside some time and some storage space. The simple rules we recommend are:

  • Read it
  • Action it
  • File or shred it

It is especially important to keep any documents you will need to refer to on the future, for example for your tax return.

managing your money

We recommend that you are organised with your family finances. We suggest that you maintain a regular account of your income and expenditure, taking into account your annual bills as well as the monthly ones.

Then you can consider the best savings options for your surplus cash.

self assessment and tax returns

You, as an individual, are responsible for advising HM Revenue & Customs (HMRC) of your income and gains; and, unless your tax return is submitted by 30 September, you are responsible for calculating the tax payable on your self assessment tax return for each tax year. HMRC's role is limited to checking the returns people make rather than one of calculating their tax liabilities. Not all returns will be checked. Obvious errors may be picked up and amended but otherwise HMRC should not query your tax return unless there is a formal tax enquiry. Even if you do not receive a tax return it is still your responsibility to advise HMRC of any untaxed income or gains. There are increasing stringent penalties for people who do not make accurate declarations.

We have a team dedicated to the accurate completion of our clients’ tax returns. As soon as we have an idea of your financial position we will be able to advise what your tax liability is likely to be.

caring for elderly relatives

Caring for elderly relatives can put a strain on family finances. The more you can plan ahead the better, but it is not always an easy topic for families to discuss.

In financial terms there are generally three issues connected with caring for elderly relatives:

  • Helping them to manage their financial affairs
  • Funding long term care costs
  • Ensuring they have written a tax-efficient will

We can advise you on the best way of preparing to meet costs such as those for long term care, and how investments should be structured. We recommend that you take legal advice on the wills and are happy to introduce you to an appropriate solicitor be able to help you.