Personal Tax

The Basis Period Reform is quickly approaching
As part of HMRC’s Making Tax Digital ‘MTD’ project, from the 2024/25 tax year, self-employed individuals and partnerships will have to use the tax year (6 April to 5 April) as their basis period. Even though MTD is being delayed, HMRC are pushing ahead with the basis period reform to provide taxpayers two more years to adjust to the tax year basis before getting to grips with the MTD income tax self-assessment.
Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) delayed and threshold increased
The move towards a digital tax system was first announced in the 2015 Budget, with a timeline said to be implemented from April 2018. Several changes to the implementation timeline have been made since 2015, most recently in December 2022.
Don’t miss the self assessment filing deadline!
The deadline for completing your paper tax return has passed, but there is still time to submit your tax return online and avoid a penalty.
The Autumn Statement 2022
The Autumn statement was delivered to the House of Commons on 17 November 2022 The Government sought a balanced path to support the economy and return to growth, partially through public spending restraint and partially through tax rises. From our perspective, there are a number of planning areas which we can assist with.
The reversal of the Mini Budget
When I said that the 'Mini Budget' was a surprise in my article of the 28 September, who would have thought more surprises were on the way. Three weeks later, after huge turmoil, a reversal of most of the elements of that plan and a new statement planned for 31 October.
Tips for landlords - ensuring tax efficiency
Firstly, it is important to claim allowable expenses as a deduction against rental income received, our ‘First time landlord’ article discusses these.

Dealing with all aspects of tax planning for individuals to keep your taxes in order.

Whether you are seeking general assistance with your tax return, or you are an international entrepreneur with global income sources, investments and residency issues, we adopt the same tailored approach.

Challenge assumptions and mitigate where possible

Core services

Tax returns

International tax

Capital Gains Tax (CGT)

Inheritance Tax (IHT)

Tax returns
Each year, Shaw Gibbs’ Personal Tax department complete a large number of tax returns. We've built long lasting bonds, having worked with certain clients for over 25 years. Our professional, tailored service has led to many happy clients, with 97% saying they would recommend us.
UK self-assessment taxpayers have until the 31 October to complete and submit their paper tax return to HMRC. Failure to do so will result in an automatic fine. For those that file online, however, the deadline is extended to 31 January.

Most individuals and businesses are to be given individual digital accounts that will allow them to submit tax information regularly in real-time.
Book a Meeting
UK self-assessment taxpayers have until the 31 October to complete and submit their paper tax return to HMRC. Failure to do so will result in an automatic fine. For those that file online, however, the deadline is extended to 31 January.

Most individuals and businesses are to be given individual digital accounts that will allow them to submit tax information regularly in real-time.
Book a Meeting
International tax
For many individuals, the UK tax situation should be relatively straight forward, but for those retaining property and investments outside of the UK, or wishing to transfer sums of income and capital into the UK to cover living or other expenses, the UK tax position can become a lot more complicated.
We help our non-resident and non-domiciled clients file their tax returns to the UK tax authorities. We also help individuals assess whether or not they are UK resident for tax purposes under the Statutory Residence Test In doing so, we ensure that double taxation is kept to an absolute minimum.
Book a Meeting
We help our non-resident and non-domiciled clients file their tax returns to the UK tax authorities. We also help individuals assess whether or not they are UK resident for tax purposes under the Statutory Residence Test In doing so, we ensure that double taxation is kept to an absolute minimum.
Book a Meeting
Capital Gains Tax (CGT)
Capital Gains Tax (CGT) is payable when you sell relevant assets such as shares or property and make a profit in excess of the annual exemption. CGT is broadly payable on the difference between the allowable costs of the relevant asset and what you sold it for.
In order to mitigate CGT, it is important to seek expert advice early on in the process. At Shaw Gibbs, we are able to calculate the CGT that you have to pay on disposal, while advising on the reliefs and exemptions available such as Principle Private Residence (PPR) relief. In addition, we have extensive expertise in working with non-UK residents and UK CGT implications.
Book a Meeting
In order to mitigate CGT, it is important to seek expert advice early on in the process. At Shaw Gibbs, we are able to calculate the CGT that you have to pay on disposal, while advising on the reliefs and exemptions available such as Principle Private Residence (PPR) relief. In addition, we have extensive expertise in working with non-UK residents and UK CGT implications.
Book a Meeting
Inheritance Tax (IHT)
Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free: the result can be a substantial tax saving.
In seeking professional advice, there is scope for substantial savings surrounding IHT. At Shaw Gibbs, we look to tailor our strategy to fit your situation. We look to take into account your circumstances and aspirations, whilst focusing on your long term financial security.
Book a Meeting
In seeking professional advice, there is scope for substantial savings surrounding IHT. At Shaw Gibbs, we look to tailor our strategy to fit your situation. We look to take into account your circumstances and aspirations, whilst focusing on your long term financial security.
Book a Meeting

Added value services

Property tax

Individuals that own and let property face a number of changes in regards to their rental income and the deductions they can make from their rents for income tax purposes.

At Shaw Gibbs, we have extensive experience in the property industry, so we can help you to explore your planning options in more detail.

US tax compliance

Relevant US persons (those with a US passport, Green Card or born in the US) are required to submit an annual US tax return wherever they reside, with few exceptions. In addition, US persons resident abroad are required to submit an annual form detailing foreign financial accounts they own or have control over.

Shaw Gibbs, working with a carefully selected IRS registered preparer, are able to help US persons to keep up with their annual filings, remaining US compliant without incurring late filing penalties.

Trusts and estates

Trusts are important in helping you protect and provide for your future. Whether you have a certain goal that you are saving for, such as a comfortable retirement, or your child’s university fees, trusts can be very influential in asset management.

We can provide administration for the trust in terms of preparing accounts and completing tax returns. We can also offer advice regarding the tax implications surrounding the trust. Furthermore, we are able to act as trustee to your trust and assist with any disputes if they arise.

Tax efficient investments

There are a number of tax-efficient investments available for a variety of situations. Individual Savings Accounts are a popular option that allow you to make investments without being liable for income tax or capital gains tax. Pensions are another mainstream tax efficient investment wrapper as a tax credit is added to your pension contribution.