our services

tax consultancy

Both personal and company tax is a consideration of everything we do at gbac and with careful planning we can ensure every aspect of your tax position is carefully managed to help reduce the overall burden.

How can we help

From assisting you with self-assessment, ensuring you and your business are operating tax efficiently and preparing and filing your corporation tax return, our team of experts are on hand to deal with a wide range of matters.

We have specialist and experienced members of our team that have the knowledge to deal with more complex tax matters, from tax efficient fundraising including the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) to enhanced R&D tax relief and patent box claims. Our team are on hand to deal with every aspect of your tax position. We can also advise and assist with:

Capital allowances
Tax efficient structures and tax efficient exits
Taxation of Property Owners and Landlords

HMRC enquiries

If you would like to find out how our team can assist you with your tax needs, whether personal or business related, please do not hesitate to get in touch using the form below.

Our tax consultancy services include advice on tax-efficient fundraising such as the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), Research & Development (R&D) tax relief, patent box, and capital allowances. We can also advise on tax efficient structures and exits including Employee Share Schemes and Employee Ownership Trusts (EOTs) and the taxation of Property Businesses and Landlords.
Corinna Humphries Director

We are fortunate that gbac has been able to support us across the full range of financial services that we have required. Recently, our business transitioned to an Employee Ownership Trust and all of the advice and official HMRC documentation required was available through gbac. As well as providing these efficient and cost effective services it is a bonus to receive such friendly service from the whole team which makes us feel we are a valued client, despite being a relatively small business.
Peter Moulam PJ Taste

Has your tax status changed?

Frozen or reduced tax allowances and rising income – from interest, dividends, or pensions – all provide a recipe for higher tax bills and more taxpayers.

An increasing number of people who hadn’t been liable for tax before are discovering that they are now taxpayers, despite their only income in 2023–2024 coming from a State Pension (whether new or old).

Those who are affected by such tax changes should receive a simple assessment tax bill from HMRC (HM Revenue & Customs), as the DWP (Department of Work & Pensions) provides payment details.

Daily penalties for late self-assessment returns

If you miss the deadline for submitting a self-assessment tax return or for paying outstanding tax, HMRC can charge ongoing interest and financial penalties.

About 1.1 million people failed to submit their 2022–2023 self-assessment returns on time before the deadline of 31st January 2024, and now face daily penalty charges.

From 1st May, HMRC has been applying a £10 daily penalty for late submissions. This can run for up to 90 days, potentially reaching the maximum late fine of £900.

This penalty applies for late tax return submissions even if no tax is owed. For those with outstanding tax payments, HMRC can also charge up to 7.75% late payment interest, on top of a penalty of up to 5% of the outstanding balance.

The longer it takes to file your self-assessment tax return and pay any tax you owe, the more you’ll end up paying – so what should you do if you receive a penalty notice?

CGT planning for buy-to-let owners selling up

Previously, when property prices were on the rise and mortgage costs weren’t so high, buy-to-let properties were a worthwhile investment for many landlords in the UK.

The same can’t really be said in 2024, with inflation and rising interest rates cancelling out savings from the Capital Gains Tax (CGT) rate reduction, and the progressing Renters’ Reform Bill potentially making regulations stricter for landlords.

The government also announced in the Spring Budget that tax reliefs for furnished holiday lets will be scrapped from April 2025, which would make holiday lets less profitable for second home owners, who may decide they would rather sell up.