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Personal Taxation

More than just tax returns

Personal taxation covers much more than completing the end of year tax return, vital though this is.

At Hobbs Granger Roitt, we look at the big picture as well as delving down into the detail. We can guide you on using the tax framework, explain your obligations and the choices open to you in plain English.

Income Tax

Trying to fill in your tax return gives an insight into the breadth of tax; there’s an extraordinary complexity of legislation lying below each and every box. Our job is to help you get it right, so you have peace of mind and can get on with what matters most to you.

How can we help you?

Our highly experienced tax professionals will help you to:

  • Understand your tax liabilities in advance so that you can better plan your financial commitments

  • Take advantage of the available elections for reducing payments on account

  • Avoid last-minute surprises

  • Comply with your statutory obligations and meet HM Revenue & Customs deadlines  

Inheritance Tax & Estate Planning

If you want to leave your estate to those you love rather than to the taxman, then talk to us.

 

Planning ahead is crucial if you want to pass your assets to future generations and loved ones. If you leave a personal taxable estate above a certain threshold, your beneficiaries could end up paying 40% inheritance tax, with all the potential distress of having to sell the family home and cherished assets to pay estate duties.

 

In addition, there could also be the legal costs associated with asset sales, beneficiary disputes, additional taxation on sale of assets and loss of asset values necessitated by a 'fire sale'.

How can we help you?

We have the skills and experience to help you plan ahead, with a view to substantially reducing inheritance tax, reasonably, legally and justifiably by:

  • Reviewing your objectives in writing a will

  • Summarising the composition and value of your estate

  • Assessing potential inheritance tax arising

  • Discussing effective lifetime giving

  • Considering the different forms of trusts

  • Advising you on available tax reliefs

  • Constructing the records required for inheritance tax computations

We can also assist you with trust accounting, executorships and inheritance tax returns.

Capital Gains Tax

With capital gains tax applying to long-term gains and losses and with rates of tax up to 28% applicable, it pays to get the facts. When you have something valuable to sell, such as your business, land, an apartment, jewellery, antiques or a set of stamps, and you have owned it for some time, planning ahead is crucial.

 

From a practical perspective, you need to think about issues of how much money is involved, when and with whom you are transacting (is it a capital gain or are you really trading?) and what tax, if any, is liable.

  • Telling you which assets are liable for capital gains tax      

  • Computing which costs you can claim and how much tax could arise on any gains

  • Explaining when tax would be due and how to legitimately delay payment

  • Taking you through any exemption reliefs that might apply so that you keep more – or even all – of the proceeds

  • Helping you decide what the best timing is for disposing of the assets

How can we help you?  

Among the many ways we can help are:

  • Confirming whether this tax applies to your particular transaction

  • Looking for opportunities to minimise the amount of stamp duty/stamp duty land tax payable

  • Avoiding unpleasant surprises further down the line by planning for what is often a forgotten tax

Stamp Duty

Whether you are purchasing a residential property, a non-residential property or mixed property, stamp duty land tax is likely to be payable. So, if you're thinking of buying a property or purchasing a company’s shares, speak to Hobbs Granger Roitt.

How can we help you?

In situations such as a purchasing a property, or a takeover, merger, scheme of reconstruction or

a purchase of shares, where stamp duty is a possibility, we can help by:

Income Tax / Inheritance Tax / Capital Gains / Stamp Duty calculator_12834711small

ACCOUNTANTS, REGISTERED AUDITORS AND TAX ADVISERS | BERKSHIRE

Don't let tax be taxing. . .

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