Complex self-assessment tax return

Case of the month – Complex self-assessment tax return

Introduction

Our client contacted ETC Tax for some fairly complex tax matters after being laid off throughout the year and making a significant sale of stock in his ex-employer.

Issue

Our client had to take into account various factors, such as:
• Various gift aid payments;
• A previous assignment abroad;
• Severance pay received from his ex-employer, excluding payroll;
• Payment discrepancies with his current employer;
• The exercise of stock options and the possible sale of shares abroad, with payment of foreign tax;
• The sale of shares as part of a share incentive plan;
• Income and expenses associated with his rental property in the United Kingdom
• Various excessive pension contributions
• EIA investments

How we solved it

His cases required extensive research and attention to detail. We worked to ensure that all aspects were covered and that he maximized the relief available to him, something a layman may not be aware of.

Penalties for inaccurate reporting can be steep, so it was important to the client that the tax return was correct and on time.

The result

We were able to successfully prepare the client’s tax return, which included a detailed supplementary letter confirming what had been declared, the reliefs available and the ultimate effect on their liability.

This gave the client confidence that they had maximized their potential savings.

Next steps

If this sounds familiar to one of your customers and you would like to know more, contact us