If you are in need of specialist tax advice, then it’s time to speak to a tax expert. The rules and regulations that surround tax change all the time so it can be difficult to keep on top of it all, especially if you only have a basic understanding of tax.
There are several types of tax that have to be paid in the UK, dependent upon your circumstances. Tax, in its simplest terms, can be split into four main categories.
Personal tax includes income tax and inheritance tax.
Sales tax and duty includes stamp duty and excise duty.
Business tax includes corporate tax.
Business and personal tax is tax which, in certain circumstances, is paid by the individual and the company.
Often people are put off receiving specialist tax advice because of the cost involved. However, the amount of time it will save you will make it worth you while and, in fact, is likely to actually save you money. You will wish you had paid for specialist tax advice if you get hit with a costly penalty charge for forgetting to submit your annual tax return, for example.
Seeking tax advice will mean that you are fully aware what tax payments you are obligated to pay. Getting specialist tax advice will save you a whole lot of hassle in the long-term and will give you peace of mind.