Personal Tax Accountants & Advisors

personal tax accountants
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    When it comes to managing your personal tax affairs, it can be very beneficial to work with an experienced tax accountant to ensure you don’t pay too much tax, that you remain compliant and have tax-saving strategies in place to secure your financial future.

    Welcome to Archimedia Accounts, experienced personal tax accountants and advisors, based in Nottingham

    Navigating personal taxes can be a daunting task, with complex rules and regulations that are constantly evolving. That’s where our team of expert personal tax accountants comes in. We understand that your time is valuable, and we are here to simplify the process for you.

    “Personal tax” is a catch-all term for various taxes that individuals pay on their income, including income tax, capital gains tax, inheritance tax, dividend tax and more.

    Whether you are a sole trader, limited company director or a high-net-worth individual, staying on top of your tax obligations is crucial. By enlisting the services of Archimedia Accounts, you can have peace of mind knowing that your tax affairs are in capable hands.

    We are not just number crunchers; we are strategic advisors who go the extra mile to ensure that you are maximising your tax savings now and for the future. We keep ourselves updated with the latest tax laws and regulations, allowing us to provide you with accurate and timely advice tailored to your personal circumstances.

    We genuinely care about our clients and are keen to share our insight and expertise not only as accountants but as successful business and property owners.

    Investing in our personal tax accountant services is an investment in your financial well-being. By leveraging our knowledge and experience, we can identify legitimate deductions, exemptions, and tax planning opportunities that can save you money in the long run. Our goal is to minimise your tax liability while ensuring compliance with all legal requirements.

    Take control of your personal taxes today. Contact Archimedia, and let our team of experienced personal tax accountants help you make informed decisions to secure your financial future.

    What is personal tax advice?

    Personal tax advice aims to help individuals understand their tax obligations, identify potential deductions and tax relief, devise tax planning strategies, and ensure compliance with tax laws and regulations. The overall goal is to save as much tax as possible.

    As your personal tax adviser, we start with a detailed consultation to gain a complete overview of your personal situation and then use our knowledge of the relevant legislation to devise the most profitable tax strategies.

    For example, it is possible to make use of multiple personal allowances, effectively reducing the overall taxable income for the family unit. So, by transferring ownership or income-generating assets to a spouse in a lower tax bracket, the income generated from those assets can be taxed at a lower rate. Another example is using pension contributions to reduce taxable income.

    When are personal tax returns due?

    Self-assessment tax returns are due on the 31st of January after the tax year in question, so the 2022-23 tax year (ending March 23) will be due on the 31st of January 2024.

    You can choose to report any capital gains in your self-assessment tax return or, alternatively, use HMRC’s ‘real-time’ service to report your gains more promptly.

    With regards to inheritance tax, it must be paid within 6 months of the person passing away.

    Personal tax for sole traders

    As a sole trader, you have no legal distinction from your business, so your personal and business tax return are one and the same thing.

    At Archimedia Accounts, we take a holistic approach to tax planning and get involved way beyond the numbers. We will conduct regular tax meetings with you throughout the year to ensure your sole trader business is as profitable as it can be and ensure your compliance.

    You can rest assured that you have a business-oriented personal tax adviser in your corner that cares about your future.

    Personal tax and your limited company 

    When it comes to extracting profits from your limited company, there are numerous tax-efficient options. At Archimedia Accounts, we take the time to understand your personal tax position and advise on the best ways to take funds out of your company.

    For example, it is possible to loan money to your company and charge interest on the loan payments, plus you can rent personally owned assets back to the company.

    Additionally, company directors can place up to £60,000 into their pension from their company’s profits without paying tax. When the time comes to start receiving a pension, 25% is usually tax-free and taxed at marginal rates of income tax with no national insurance liability.

    Our personal tax services

    Think of personal tax advice as an investment, not a cost. With the help of an experienced, commercially-focussed accountant, you can potentially save 000’s over the years.

    Income Tax

    We will ensure that you don’t pay more income tax than you have to, by helping you claim back every last allowable expense and to take advantage of any available reliefs. We’ll also handle all of the admin when it comes to your self-assessment tax return, giving you back precious hours to spend with your family or growing your business.

    Capital Gains Tax

    Capital gains tax rules are extremely complex, with different rates and rules for different asset types and situations. Professional capital gains advice is, therefore, crucial to ensure your tax compliance and maximise your savings. We can help you to develop tax planning strategies to minimise tax arising from the sale or disposal of assets, such as property, investments, or businesses.

    Inheritance Tax

    Inheritance tax is also a very intricate subject. At Archimedia Accounts, we have access to professional external advisors to help you with inheritance planning and minimise your inheritance tax liability.

    Property tax

    At Archimedia Accounts, we love landlords because we’re landlords ourselves! We have a large property portfolio and help our clients to grow their property portfolios in the most tax-efficient way.

    Our team has over 30 years of personal tax experience and has been investing in property for even longer, so we are perhaps the best-placed accountants in the UK to advise you on your property interests.

    Get tax advice from Archimedia Accountants today

    At Archimedia Accounts, we will leave no stone unturned when it comes to minimising your personal tax liability. We take a holistic approach to managing your tax affairs, meaning that we consider every aspect of your financial situation and goals to develop a comprehensive tax strategy.

    We go beyond simply minimising tax liability in the short term, taking into account broader financial objectives, long-term planning, and potential tax implications.

    Contact our dedicated team of tax accountants for professional advice today.

    What is the personal tax allowance?

    The personal tax allowance is the amount of income you can generate before you start paying income tax. For the 2023-24 tax year, it was £12,570.

    What is personal tax relief?

    Personal tax relief refers to deductions, allowances, or exemptions provided by the government to individuals to reduce their tax liability. It can take various forms, such as deductions for business expenses, tax credits for certain activities or investments, or allowances that exempt a portion of an individual’s income from taxation.

    How long do you have to keep personal tax records?

    In the UK, it is generally recommended to keep your tax records for a minimum of 6 years from the end of the relevant tax year. This is in line with the statutory time limit for the submission of tax returns and the period within which HM Revenue & Customs (HMRC) can initiate an investigation into a taxpayer’s affairs.

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