Understanding the complexities of personal tax is essential as a self-employed small business owner or if you own assets like shares or property. At Jameco, we’re dedicated to simplifying personal tax matters and helping our clients protect their wealth while remaining compliant.
Welcome to Jameco Group, expert personal tax accountants
Personal taxes, like Capital Gains Tax and Income Tax, are undoubtedly complex. Ever-evolving tax laws, the risk of making errors and falling foul of HMRC are a source of stress for many people. As is the idea of losing out on valuable deductions, allowances, and exemptions available.
At Jameco Group, we’re here to make tax management easier and more rewarding. Our dedicated team of tax accountants provides a comprehensive service, including tax advice, tax returns and strategic tax planning to ensure your compliance, and protect your financial well-being, as well as your sanity!
You can rely on us to handle your personal tax affairs with precision and efficiency so that you can reap the rewards and focus on the things that matter most to you.
To arrange a personal consultation, please get in touch.
What is personal tax?
Personal tax refers to the taxes paid on an individual’s income, as opposed to corporate tax which is paid on company profits. This includes Income Tax, Capital Gains Tax, and Inheritance Tax.
Personal taxes are applicable to anyone who earns an income from trading or owning assets, including small business owners, self-employed sole traders, landlords and the employed.
How is personal tax calculated?
Income tax is calculated as a percentage of earnings from employment, self-employment, pensions, and other taxable sources, such as foreign income, dividend income and rental income. Taxable income is the total of these various income streams, less certain allowable business expenses and tax reliefs.
Everyone in the UK has a tax-free allowance, known as the Personal Allowance, on which no tax is due. Beyond this threshold, income is subject to taxation at different rates depending on where they fall within three income bands – the Basic, Higher and Additional tax bands.
Capital Gains Tax
Capital Gains Tax (CGT) is calculated on the profit made from selling or disposing of assets that have increased in value, like property, investments, businesses, and other valuable possessions. The basic formula for CGT is to deduct the original cost of the asset (known as the “base cost”) from the selling price, which results in the “capital gain”.
Everyone is entitled to an annual tax-free allowance, called the Annual Exempt Amount, which is deducted from the total capital gains. Tax is charged as a percentage of the gain, at a rate commensurate with your tax band.
Inheritance tax is charged on an individual’s estate when they die. It is typically paid on the estate’s value above a certain threshold. The rate of Inheritance Tax is determined by various factors, including the value of the estate, the relationship between the deceased and the beneficiary, and any relevant exemptions or reliefs.
At Jameco Group we have an extended group of trusted partners in place to help clients wishing to minimise their Inheritance Tax burden.
Our personal tax services
When it comes to personal tax planning, it’s really important to look at the bigger picture and consider all aspects of your finances. At Jameco Group, we take a holistic approach to ensure you achieve the greatest overall tax efficiency for a better financial future.
Our expert team is well-versed in self-assessment tax return filing, Income Tax planning, and strategies for handling Capital Gains Tax. We will work closely with you to minimise your tax liability and ensure compliance with all relevant tax rules.
While our aim is to reduce your tax liabilities and maximise tax relief, you can rely on us to keep you and your businesses on the right side of HMRC by ensuring you’re paying the right amount of tax and National Insurance – not too much, nor too little. With our help, you can manage your personal tax affairs with confidence and peace of mind.
When should you start tax planning?
At Jameco Group, we advise our clients to initiate the tax planning process at the start of each financial year, typically in April. Getting a head start allows us to identify available allowances and savings, help our clients make informed financial decisions, and avoid any last-minute rush at year-end.
A mid-year review enables any necessary adjustments to match any changes in your business or personal circumstances, ensuring no detail is overlooked. As the year-end approaches, we finalise the strategy, minimising any last-minute changes while maintaining the advantages gained earlier in the year.
Choose Jameco Group as your personal tax accountant
Our team of seasoned professionals are well-versed in personal taxation. Whether you require a bit of help to file your self-assessment tax return or a fully-fledged personal tax planning service, you can rely on us for reliable personal tax advice and an excellent standard of customer service.
Contact us today to get started.
Frequently asked questions about personal tax planning
How often should I review my personal tax situation?
We recommend reviewing your personal tax affairs annually. Tax regulations and rates are prone to change and your personal circumstances may well have changed, too. By staying proactive and agile, you can maintain optimum tax efficiency and keep more of your hard-earned wealth!
How can you find a personal tax accountant you can trust?
To find a firm of experienced personal tax accountants, conduct some desk research and look at their website, social media presence and client reviews. A smart, up-to-date website and a good set of 5-star Google reviews are usually a sign of a great reputation.
You should also check for qualifications and experience. Here at Jameco Group, all our accountants hold relevant degrees or memberships with various chartered institutes and the Association of Accounting Technicians (AAT). The team each has a minimum of three years post-qualification experience in practice and industry.
What is the deadline for filing personal tax returns in the UK?
Here in the UK, the deadline for filing your self-assessment tax return is January 31st, following the tax year-end. Typically, the personal tax year runs from April 6th one year to April 5th the following year. For example, the tax year 2022/23 spanned from 06/04/22-05/04/23 and will be due by 31/01/24.