When preparing your taxes for the year, whether an individual or a business, you will have to deal with tax law and legal representation. If you don’t have formal training in handling tax returns or dealing with tax law, you should seek a solicitor who is dedicated to helping people like you.
A solicitor will give you the advice you need regarding tax planning. You can expect a trusted solicitor to be straightforward, compassionate, and efficient in helping you solve your tax problems.
When you need tax advice, it can be difficult to know where to turn. You may not have the time or money to see a high-end professional, or you may not trust the advice given by your accountant. A solicitor can help with many different areas of tax, including:
Tax Planning
A good solicitor can help you plan for future years, looking at ways of reducing your tax liability and maximising the amount of money you can save.
In addition, it means putting together a strategy for how you want your business to run and how much tax it should pay.
A solicitor will help you determine what would be best for your business based on your circumstances, such as whether it would be cheaper to set up a limited company or use an umbrella company instead.
Tax Affairs
Tax affairs are where a solicitor can advise you on any tax obligations that you may have. They can also advise you on how to reduce or avoid these obligations.
Precisely, it includes preparing tax returns, paying taxes, and making sure that any money owed was paid off as soon as possible, so there is no chance of late payment penalties being imposed by HMRC, the UK’s revenue department.
For that matter, consult UK tax tribunal solicitors over tax affairs.
Tax Returns
A good solicitor can help you prepare your tax return and ensure it is prepared correctly. They will also assist you in dealing with any issues that arise during the year and ensure that they are dealt with quickly and effectively.
A solicitor can help with many tax returns, but one of the most common is an income tax return. The tax return is the document you fill in and send to HMRC, the government department responsible for collecting taxes.
Preparing your tax return can be daunting, especially if you are self-employed or have a high turnover in your business or employment status.
A lawyer can review your records and help you with all aspects of filing your tax return. They will explain how to fill out the form correctly, gather all necessary documentation and advise on how to get the best rates for your particular circumstances.
Corporation Tax
A solicitor can also help with other similar issues, such as corporation tax, and assist with obtaining refunds on any monies paid to HMRC in error or on-time payments made out of time.
A solicitor can help with many different Corporation Tax issues, from drafting the company’s accounts and tax returns to dealing with any queries from HMRC.
They also have the expertise to advise on the correct way to set up a new company or to take over the running of an existing one.
A solicitor will know how much tax you will pay, your responsibilities as an employer, and how much you need to withhold from employees’ wages.
Also, they will also be able to advise you on what you can claim back in tax reliefs and credits, which may be available through the government.
Personal Tax
There are many types of personal tax, so it’s important to find a solicitor who specialises in your area of interest. You may also want to consider using a solicitor who deals with clients from all walks of life, as this will give them better insight into your circumstances.
A solicitor can be a useful person to have around when you are involved in any of the following:
- Claiming back overpaid tax from HMRC
- Applying for National Insurance credits or benefits
- Filing an Income Tax return or Representation Order for someone else
In Summary
Before you decide to pay a solicitor for help with your tax affairs, always check whether you need one. A tax expert can help clarify complexities that might be causing problems for you, but he or she may find that the best solution to your problem is to seek help from HMRC.