You and Your Family

You and Your Family

Our tax compliance services 

We provide a wide variety of tax compliance services which can be tailored to your own specific requirements. Our clients are looked after by suitably qualified staff, who prepare your tax return and will be available to discuss any tax related queries you may have before submitting them to HMRC.

  • If you have been asked by HM Revenue & Customs (HMRC) to submit a tax return 
  • If you have an exceptional event such as a disposal or additional income to report 
  • If you wish to make a claim for tax relief regarding pensions or other investments 
  • If you are liable to the high income child benefit charge Through our tax compliance services we can: 
  • Prepare all types of UK self-assessment tax returns – from basic tax repayment claims to complex personal tax returns 
  • Guide you through the complicated rules and legislation that makes up the self-assessment regime. 

This includes liaising with HMRC concerning your tax affairs

  • Prepare self-employment and rental accounts to calculate the tax related profit/loss position 
  • Calculate your tax liability (or refund) and notify you of when any payments are due 
  • Review your personal and financial affairs to identify the impact of income 
  • Deal with post-submission issues and HMRC enquiries and investigations 
  • Advise on the obligation of the disclosure of tax planning schemes and capital transactions to HMRC and completion of any necessary forms 
  • Offer advice on how to utilise the available tax reliefs and allowances

Managing the tax issues can be complex particularly when you are trying to juggle strategy, compliance, planning and risk. We ,at MGT, can help you make the right decisions at the right time

We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way

Incorporation and Tax Implications! A bit to know

Under basic principles, SDLT is payable on the market value of the properties transferred to the company (s53 FA 2003)
The SDLT payable will be calculated by reference to the residential rates of SDLT (where relevant) plus the 3% surcharge thereon
A 15% SDLT rate, ATED and ATED CGT will be applicable on any of the properties transferred worth in excess of £500,000 which is inhabited or intended to be inhabited by an individual connected to the company or its shareholders
In some scenarios, where a property partnership is incorporating, Part 3 Schedule 15 FA 2003 exempts the transfer from SDLT. The rules are extremely complex and careful consideration is required. 

Bank or lender consent would be required prior to transferring the properties into the company and the cost of financing may increase once the company becomes the borrower
Take impartial advice
Where more than six properties are transferred, the transaction may be taxed at the commercial rates of SDLT and this can represent a large saving
The decision to incorporate a property rental business is not one to be taken lightly – legal, commercial, taxation, administrative and refinancing issues need to be carefully considered
There are also anti-avoidance provisions to stop the abuse of this exemption.
If the properties transferred are commercial properties, VAT and Capital Allowances may need to be considered

  • Personal Tax Strategies - Read more➲
  • Self Assessment - Read more➲
  • Personal tax planning - Read more➲
  • HMRC Investigations - Read more➲
  • Income Tax Planning - Read more➲
  • Capital Gains Tax Planning - Read more➲
  • Secretarial, Wills and LPA’s - Read more➲

  • Dividends - Dividend Allowance of £1,000 

    Incorporation is simply the transfer of a business owned and run by an individual or a partnership into a company structure. CGT incorporation relief – section 162, TCGA 1992) applies in most of the cases. Read more

    Despite its name, the dividend allowance is not an allowance at all, and is rather a 0% rate of tax that applies to the first £5,000 (17/18) and £1,000 (currently) of dividend income received by an individual taxpayer each year. This has several consequences. Read more

    There are various new rules on UK property such as 3% SDLT surcharge; CGT for non residents; the 8% “surcharge” on CGT rates; the restriction of relief for finance costs. Read more