Individual Tax Compliance & Advisory

At KNAV, we are your trusted partners in managing your individual tax needs. Our experienced team of tax professionals is dedicated to simplifying tax compliance and maximizing your savings. Whether you need help with tax preparation, tax advisory services, or personalized tax consulting, we have got you covered. Discover how we can make the tax season stress-free for you.

Our Individual Tax Services are:

1. Individual Tax Compliance:

  • Our tax compliance services ensure you meet all your tax obligations accurately and on time. We offer comprehensive tax preparation and tax filing services, ensuring that you take advantage of all eligible deductions and credits.

2. Tax Advisory:

  • Our tax advisory services go beyond just compliance. We provide personalized tax planning and advisory services to help you make informed financial decisions. Our experts analyze your financial situation to optimize your tax strategy, ensuring you pay the lowest tax possible.

3. Tax Consulting:

  • If you have unique financial circumstances or complex tax issues, our tax consulting services are tailored to your specific needs. We work closely with you to develop tax-efficient strategies and provide ongoing support to help you achieve your financial objectives.

4. Inheritance Tax Planning:

  • Inheritance tax relief, particularly in the context of the United Kingdom, can include Business Property Relief (BPR). BPR is a tax relief that can reduce the value of a business or business assets when calculating the Inheritance Tax (IHT) due on an estate. It is designed to help preserve family-owned businesses and agricultural property when passing them on to the next generation. Our professionals have expertise in estate planning and inheritance tax that can help determine if your assets qualify for the relief and how to claim it.

5. Private Client Self-Assessment :

  • Private client assessment in the UK involves several key elements, including Capital Gains Tax (CGT), the Ordinary Workday Relief (OWR), the remittance basis, and pre-arrival planning; an overview of each element is detailed below.

Explore Other KNAV Practices

  • Capital Gains Tax (CGT): This is a tax on the profit (capital gain) made when you sell or dispose of assets such as property, investments, or valuable possessions. In the UK, CGT applies to residents and non-residents, with different rules and rates applying to each group. For residents, there are various reliefs and allowances, such as the Annual Exempt Amount, which can reduce tax liability.
  • Overseas Workday Relief (OWR): This is a specific tax relief scheme in the United Kingdom designed to benefit individuals who are tax residents in the UK but have employment or self-employment income generated overseas. OWR allows eligible individuals to reduce their UK tax liability on income directly related to their overseas workdays.
  • Remittance Basis: The remittance basis is a tax option available to individuals who are not domiciled in the UK but are residents of UK. Domicile is a legal concept that ascertain an individual’s permanent home or place of origin, and it has important implications for tax liability. Choosing the remittance basis allows individuals to only pay tax on income and gains that are brought (remitted) to the UK rather than their worldwide income and gains.
  • Pre-Arrival Planning: Individuals planning to move to the UK can engage in pre-arrival planning to optimize their tax position. This planning may include structuring investments, reviewing the timing of the move, and understanding the impact of the statutory residence test. Proper planning can help individuals reduce their tax liabilities and make the transition to the UK smoother.

These are important considerations for individuals who are UK residents, non-UK residents, or those planning to move to the UK. KNAV professionals specialize in private client tax matters to ensure total compliance with current tax laws and to develop a customised strategy for managing your tax affairs in the UK.

How is KNAV delivering Above & Beyond?

We pride ourselves on our commitment to delivering extraordinary individual tax compliance and advisory services. Our team of certified accountants and tax specialists has years of experience in navigating the complexities of the tax code. We are dedicated to helping you achieve your financial goals by minimizing your tax liabilities and maximizing your refunds.

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