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01.04.2022

Why you need a personal tax advisor in Swansea

A personal tax advisor assists you in paying the right amount of tax for what you owe, so that you never pay more than you should.

Approximately 1 in 6 people believe they overpay to HMRC, which is exactly what your personal tax advisor can help you avoid doing. Whether you have investments, multiple incomes or inherited assets, figuring out how to optimise your personal tax position legally and effectively can be a challenge, but we are here to help.

 

Take control of multiple incomes

If you have multiple income streams, you are more likely than most to struggle with navigating the self-assessment tax return. Making a mistake on your tax forms is very easily done and could cost you unnecessarily. Your personal tax advisor will go through the entire tax process with you and ensure that each income is properly declared and assessed by HMRC.

 

Only pay what you need to

Many overpay on tax each year through no fault of their own, but simply because the process can be complicated and because they do not want to be fined due to an under payment. This results in many people overcompensating in payments or miscalculating what they owe. Generally, there are 4 main types of tax to consider for your self-assessment. These are:

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

This can seem daunting, but a personal tax advisor is an expert in helping you to manage these items and declaring them correctly to HMRC. They can also help you to reduce your tax liability through the year too, so you can save money when it comes time to submit your tax return.

 

Never miss a deadline

There are also hefty fines for late submissions on your self-assessment, which can sometimes be more than a late payment of the tax bill itself. If you need to submit a self-assessment tax return, you may well be very busy in the run up to the day of the deadline. If you’re self-employed, any time spent trying to navigate your finances is time spent away from your business. A personal tax advisor means you won’t miss deadlines and can avoid any late completion penalties – giving you peace of mind and time to keep doing what you do best!

 

Personal tax advisors in Swansea

Tim Taylor & Co. are expert personal tax advisors in Swansea, with clients across the South Wales region. Our talented team work with individuals on a case by case basis, to ensure you aren’t paying any more tax than you need to and that your assessment is submitted on time. We can help you take back control of your finances and ensure you only pay what you need to.

To find out more about how we can assist you with your personal tax planning, please click here.