Tax Liability Forecast
Our experts stay up to date with any changes in the relevant tax laws and regulations, we offer expert advice and financial guidance for projecting your tax liabilities and are also able to minimizing them legally by taking advantage of the applicable tax reliefs.
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Tax liability is the amount of tax that either you or your business are liable to pay, depending on your finances and the applicable tax laws. It is important to have estimation on the amount that you are liable to be taxed, as a prerequisite for effective financial planning. The Tax liability projections are simply the estimation of the amount payable for tax depending on your funds and assets. Income tax is one of the common tax liabilities for a person, but not every income that is received is taxable. In order have an estimation of the taxes that are payable every tax year, it is necessary to know the details or the nature of the income.
Planning tax Liability Forecast
One must also take into account that you or your business may be eligible for various tax reliefs and credits. There are various instruments that one can thus make use of to either avoid or defer such tax liabilities which include:
- Donations to charitable organisations to reduce or avoid capital gains tax
- Offsetting of income or capital gains through other investment losses
- Claiming a reserve or deferment when income will not be received immediately
As tax liability projections are calculated using a number of variables which may include your income, income from property, income from investment and capital gains, determining this liability may be a challenging for an individual or business. It is therefore advisable to seek professional assistance, when dealing with such issues.
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No we do not charge any fee for initial consultation. We will try to give you free guidance if its something you can do easily by yourself. We will only charge you if you appoint us to do some work for you.
We are giving free advice on general questions and this is one way of paying back to our local community who cannot get through to tax man. But if your question is of specific nature, we will tell you about our fee.
You can certainly ask question about accounting but you should know that we cannot teach you accounting over the phone or online. If you are not familiar with book keeping or accounting, its best to hire an accountant?
If you are only after advice, we will make a decision after hearing question. It may take further investigation and we may have to look into your personal circumstances to answer your question.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.