Accounting for Individuals

Focus on what you love and and do best while we take care of the numbers and guide you through each stage

Accountancy and Taxation Services
for Individuals

Like it or not, we live in an increasingly complex world and as local and national governments struggle to balance their books, the individual is under tax-attack like never before. Whether you are an employee or self-employed, an investor or approaching retirement, there’s never been a more important time to get the best possible advice from an accomplished firm of accountants. Burgis & Bullock not only structure your affairs to make them as tax-efficient as possible, but also stand up for you in the face of the heavy hand of HMRC and others if necessary.

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From preparing sole trader accounts and personal tax returns to outsources bookkeeping, VAT or payroll our dedicated team can look after all of your compliance requirements. Our clients receive genuine and sound advice to make informed decisions, complete complicated forms and submit yearly returns. We’re experienced accountants with over 130 years of working with numbers so we’re keen to be challenged and help even the most complex of situations Depending on your situation you may need business start up help and advice on setting and working business plans or acquiring funding. As your business grows it’s critical that your affairs are kept up to date and effective tax advice at this stage can be the difference between your business surviving or not. In later stages it’s important you can keep the fruits of your labour, whether that’s claiming all reliefs and allowances you are entitled to in order to minimise tax payments, or help with your pensions and investments and looking after the next generation, we’re here to help you. Typical accounting services for individuals include:
  • Accounts preparation
  • Self-Assessment Tax returns
  • Outsourced bookkeeping and VAT
  • Payroll and pensions
  • Buy to let advice
  • CIS returns
  • Probate
  • Trusts and executorships
  • Estate Planning
A cloud accounting system will make your life easier and assist you in making those all-important business decisions, based on up-to-date and informative financial information.

The cloud is a major shift presenting efficiencies and possibilities that change the way business and accounting can be done. We’re excited for small and medium businesses, because they have the most to gain. Time saved on repetitive tasks, greater security, convenience and flexibility and they are free from any single computer or location. When the accounting virtually does itself, our advisors with up-to-the-minute information can provide greater insight and guidance, and that enables you to do amazing things for your business.

We understand that no two businesses are the same and therefore may require different functions and facilities from a cloud accounting package. For this reason, we can help to analyse your business and recommend the most appropriate cloud software solution that best meets your needs.

Benefits of Cloud Accounting

  • Access to up-to-date financial information, at any time, on any device which has an internet connection
  • You can share your data with us in real time, which will enable us to help you run and grow your business and assist with decision making
  • No system downtime because all software upgrades are automatically installed by the supplier, meaning you are always on the latest version
  • A monthly charge allows you to spread the cost of the system instead of incurring one lump sum cost
  • 24/7 support is available from the supplier. We can also access your data in real time from our offices in order to assist you in resolving issues when required
  • Data is automatically and securely stored to the supplier’s servers. This avoids you having to take regular backups and potential loss of data
  • Most cloud accounting systems have a live bank statement feed, which means bank transactions are automatically posted, allowing you to assess your cashflow in real time
We are Xero platinum partners.
We offer fee protection to cover our clients from any fees that arise due to an HMRC investigation.

HMRC have recently developed a new tool that means anyone can be selected for an investigation. The new ‘connect’ system has access to an increased amount of Government data, and gaps or discrepancies within this data could mean an HMRC investigation. These investigations can be both expensive and time consuming, but in taking up professional protection, both your time and money can be saved.

Our optional fee protection insurance will provide the ultimate protection for our clients, covering up to the equivalent of £100,000 towards our professional fees.

Should a tax investigation arise, we’ll provide professional representation to our clients on all matters, ensuring that the enquiry runs as smoothly as possible by providing:

  • Expertise and experience in dealing with HMRC
  • Early intervention which may lead to early resolution
  • Mitigation of tax wherever possible
Making Tax Digital (MTD) is the government’s vision to have one of the most digitally advanced tax systems in the World. In their words “to improve efficiency and to reduce error”. By forcing individuals and businesses to store and share information digitally, HMRC will have quicker access to data and clear audit trails from source documents to filed returns.

The first step in the MTD process was introduced in 2019 and focuses on VAT registered business with a taxable turnover greater than the VAT registration threshold (currently £85,000).

MTD was then expanded in April 2022 with all VAT registered businesses caught and MTD for Income Tax is due to start in April 2023 focusing on private sole traders and landlords.

In essence MTD requires traders to submit current accounting information to HMRC on a quarterly basis using electronic means. This is a seismic change from the traditional system of a single tax return showing only historic results which has been the norm for hundreds of years.

Working with you, we can identify the best solution for your MTD needs, and help you arrange your affairs so as to cause the minimum disruption whilst remaining 100% compliant with the new regulations.
Personal tax can be complex due to increased legislation and changing circumstances such as marriage, divorce, school fees planning, retirement, and long-term care.

How you structure your personal affairs can have a huge impact on the tax you pay. We’ll work with you to come up with an individual tax planning strategy that makes sure you pay the least amount of tax.

Income tax Whether you need your self-assessment tax return completing or want to know how to maximise your tax allowance and reliefs, our experienced team provide a comprehensive range of personal tax services.

Capital gains tax (CGT) If you own and sell valuable assets (for example additional property) you may need to pay Capital Gains Tax on the profit. Out tax team can help with the calculations as well as advise on the best ways to mitigate any CGT liabilities for future disposals.

Inheritance tax (IHT) Our team can tell you how much Inheritance Tax your beneficiaries might have to pay in the future. They can create a plan for passing on wealth and, if applicable, your business, in the most tax-efficient way possible.

Trusts Trusts are created as a means of wealth preservation. Our specialists can advise on the initial creation of a trust and help you to choose the most suitable structure. Once the trust has been formed, we can provide ongoing advice concerning the running of the trust.

Estates Our estate planning specialists can assist you in mitigating inheritance tax liabilities by utilising lifetime gifts, trusts or other appropriate initiatives.

Land & property planning If you own several properties, you need to ensure you have the most tax efficient ownership structure. Our tax team have experience in advising individuals with buy-to-let properties, developers, and owners with commercial properties.

High-net-worth individuals Our team of personal tax specialists is experienced in working with high-net-worth individuals and understand your unique requirements. In addition to ensuring that your personal tax affairs remain compliant and confidential, we will advise you on strategic tax planning.

Non-domiciles Many of our non-domicile clients have an international tax aspect to their personal financial matters. We will help you protect your earnings and minimise your tax liabilities while complying with local tax laws. Together with our TIAG international partners, we can provide you with the peace of mind that all of your international personal tax affairs are being dealt with in the best way.
Trusts We work together with individuals, their families and their professional advisors to help understand their requirements and to give bespoke tax planning advice to help achieve their goals, aims and objectives. Trusts are a well respected vehicle for the protection of assets and to ensure your wishes are enacted after you have passed away, but involve significant tax and administration hoops to comply with
  • Trust advice, administration, preparation of accounts, distributions to beneficiaries and liaising with other professionals.
  • Preparation of annual estate tax returns.
  • Preparation of the annual trust tax returns.
  • Advise on distributions to beneficiaries i.e. level and frequency of distributions from both Trusts and Estates.
  • Assisting with the completion of H M Revenue & Customs forms for inheritance tax events.
  • Preparation of estate accounts.
  • Dealing with HM Revenue & Customs enquiries.
Estates Early planning is crucial when making arrangements for the future, both in relation to the transfer of your estate and the opportunity to maximise tax efficiencies and make full use of exemptions. We can help with:
  • Drawing up and reviewing your will
  • Making full use of exemptions and tax-efficient opportunities
  • Transferring business property
  • Transferring assets into trusts

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