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Personal Tax Services
Whether you are self-employed, a company director or a higher rate tax payer you are required to submit a self-assessment to HMRC. Making sure you complete and submit your self-assessment accurately and on-time can be a complex and stressful task. Black Diamonds qualified accountancy professionals will not only complete and submit your tax return to HMRC but we will also advise of the liability due, informing you as to how and when payment is made to HMRC.
Our self-assessment package also provides advice on your current tax position and the compliant planning opportunities available to you, helping you save money in the future.
Black Diamond can help your money go further with our Tax Optimisation solution.
Whether you are looking to sell your business, an executive with complex share schemes or you are simply looking to structure your affairs in a tax efficient way, Black Diamond can help you strike an acceptable balance between tax optimisation and fair taxation.
Our team of experts will analyse the options available to you to ensure you have the most tax efficient strategy that works with your specific business needs. Throughout the process you will be able to access your designated accountant via email, telephone and through our online chat on our website.
Capital Gains Tax
Are you intending to sell a personal possession, property or business asset? If so, Black Diamond Capital Gains services will provide the advice and support you need throughout the process.
Capital Gains Tax is the tax on the profit you have made on the item you are selling, for example, if you bought a house for £80,000 and sold it for £100,000 you would pay Capital Gains Tax on the £20,000 profit. However, you only need to pay this tax if your profit is above the annual tax-free allowance, currently at £11,100.
You pay Capital Gains Tax when you dispose of:
- Personal possessions worth £6,000 or more
- A property that isn’t your main home
- Your main home if you’ve let it out, used it for business or if it’s very large
- Shares that aren’t in a NISA, ISA or PEP
- Business assets
We understand this can be a complicated concept to get your head around. Therefore Black Diamond’s Capital Gains Tax services can give you advice on the appropriate reliefs, exemptions and allowances that are available to you. Our team of accountants will advise on a variety of options including calculating your potential Capital Gains Tax payable on disposal, advising on the potential Capital Gains Tax payable on a gift and advising on the availability of Entrepreneurs Relief. All you need to do is provide the information we require and the rest will be dealt with for you, no stress and no hassle.
Are you an employer who has employees earning more than £8,500 per annum? Do you have Directors who are receiving benefits or expenses from the company? If so, you a required to complete a P11D form for each employee and Director who falls within the requirements above.,
Black Diamond P11D Production services will complete and submit all your P11D forms accurately and on time, giving you peace of mind and more time to focus on your Business.
In partnership with Focus Insolvency Group, Black Diamond is offering Entrepreneurs Relief, helping you receive the best outcome when closing your limited company.
If you’re closing down your limited company you will be eligible for entrepreneurs’ tax relief. This means that the profit left in your company can be taken as a capital distribution and not as a dividend. This means you will only need to pay 10% tax on the capital distribution rather than your usual dividend tax rates.
If you think you may be eligible for this relief, get in touch and we will be able to forward your details on to Focus who are specialist in this area. They will assess your specific circumstances to see if you are entitle to Entrepreneurs Relief, if so, they will take care of everything for you.
For more information about our Personal Tax services