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Tax Compliance and Disclosures

Kirk Rice

Minimise tax liabilities: Capital Gains Tax, Disclosures and Self Assessment Tax Returns

If you need help with Self Assessment Tax Returns, Capital Gains Tax, or HMRC disclosures, clear and practical advice can help ensure everything is handled accurately and on time. Tax rules and reporting requirements can be complex, and understanding deadlines, obligations, and available reliefs can be difficult without specialist guidance.

Kirk Rice provides tax compliance and disclosure support to help individuals meet their obligations while understanding opportunities to manage their tax position more effectively. Our experienced tax specialists offer clear guidance and practical support based on your circumstances.

Our core personal tax compliance services include:

Self Assessment Tax Returns
Capital Gains Tax advice and reporting
HMRC disclosures
Inheritance Tax & Estate Planning
Cross-Border Tax Services
Trusts

If you’d like support with your tax compliance and disclosure obligations, contact info@kirkrice.co.uk

Self-assessment tax returns

Effective tax planning means minimising your tax liabilities. There are several ways that Kirk Rice can help you do this.

We can take on your self-assessment tax returns whether you’re a sole trader, a partnership or a trust.

Tax law is extensive and complex – most non-professionals are likely to overlook certain deductions. Kirk Rice’s specialists have the in-depth tax knowledge required to reduce your tax liabilities.

We’ll process your tax return quickly and effectively

Your electronic tax return must be filed by 31st January following the end of the tax year.

Not only can an incorrectly completed tax return end up costing you money – there are also the late submission penalties and interest payments to be avoided. We aim to reduce the stress of the last-minute scramble.

Penalties for submitting a late tax return:

Tax return submitted up to three months late £100 penalty
Tax return submitted more than three months late £100 penalty (plus £10 per day up to a maximum of £1,000)
Tax return submitted more than six months late £1000 penalty (plus the greater of £300 or 5% of the tax liability)
Tax return submitted more than 12 months late £1000 penalty (plus up to 100% of the tax liability)

Penalties for making a late tax payment:

30 days: penalty = 5% of tax overdue
6 months: penalty = A further 5% of tax overdue
12 months: penalty = A further 5% of tax overdue

HMRC also charge interest on penalties, further increasing the amount you may need to pay.

There are five simple steps to our tax return process:

We’ll prepare your income tax return using the latest technology
We’ll then calculate your tax liability
Once that’s done, we send the tax return to you by email for approval and an e-signature
We submit your completed return to HM Revenue and Customs
We diarise the dates that your next return is due and contact you well in advance. We’ll also check and agree HM Customs demands and tax codes on your behalf.

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Capital Gains Tax

We can also help you plan effectively for more complex tax obligations, such as capital gains tax.

When you sell something for a profit – shares, property or even a piece of art – capital gains tax is payable on the gains made. That’s where Kirk Rice’s tax specialists come in – we can help you navigate these capital gains in the most tax efficient way possible.

There are some things that are exempt (such as the house you live in). There are capital gains tax reliefs available against certain types of gains too. So, getting the right guidance is crucial in making sure you don’t pay more tax that you need to.

CGT can be complex, but Kirk Rice are here to help

When you sell a property that isn’t your main residence and there is capital gains tax to pay, you have to report it to HMRC and pay the tax within 60 days. HMRC can apply penalty charges and interest if the 60 day deadline is not met. CGT can be complex, but Kirk Rice are here to help you. There may be tax reliefs available, and our experts can look into this for you and ensure that all relevant expenses are claimed correctly. We’re here to help you to meet the deadline and pay the right amount of tax.

Capital Gains Tax: common exemptions and reliefs

We can help you plan effectively for more complex tax obligations, such as capital gains tax. When you sell something for a profit – shares, property or even a piece of art – capital gains tax is payable on the gains made. That’s where Kirk Rice’s tax specialists come in – we can help you navigate these capital gains in the most tax efficient way possible.
There are some things that are exempt (such as the house you live in). There are capital gains tax reliefs available against certain types of gains too. So, getting the right guidance is crucial in making sure you don’t pay more tax that you need to.

Annual Exemption

Everyone has an exemption amount every tax year. So, you will only need to pay capital gains tax if your net gains exceed this.

Rollover Relief

Traders may be able to claim this relief when selling one business asset and acquiring another business asset.

Gifts Holdover Relief

The capital gains made when certain assets are gifted to another party can be held over. This basically means that the tax does not become immediately chargeable.

Business Assets Disposal Relief

If you own a business and are looking to sell, you may be entitled to Business Assets Disposal relief. The rate of capital gains tax in this instance is 10% on gains up to a £1 million limit. This is much lower than the standard 20% rate for higher rate taxpayers (rates are different for gains from residential property).

Private Residence Relief and Other Property Reliefs

When you sell your home, then capital gains tax is not payable on gains. Complications can arise when a property has not been the individual’s home for the whole period of ownership. Also, if a property has been let, or if an individual owns two homes, this makes the situation more complex. Certain reliefs are available to reduce your capital gains liability.

HMRC Disclosure Service

HMRC disclosure rules are complicated and without expert advice it can be difficult to know what needs to be reported to HMRC. For example, even giving away an asset to a friend or family member could create a tax charge.

Better connections between HMRC, financial institutions, and other organisations also mean that it’s now risky to just hope that everything will be ok. Worldwide disclosures may also apply – there might be UK tax to pay on foreign income, even when you have already paid the foreign tax due.

HMRC’s penalty regimes are largely designed to reward voluntary disclosures, often benefiting those who come forward with a historical problem with lower penalties. When HMRC find out about unreported income or gains themselves, fines may be more severe.

Disclosure rules and penalties can be complicated. Kirk Rice’s tax specialists can provide expert advice and help you to avoid unnecessary fines. Contact us via info@kirkrice.co.uk

If you have any questions, please get in touch

Personal Tax Services

Divorce Tax & Financial Advice

Learn more about Divorce Tax & Financial Advice: Click here

Inheritance Tax & Estate Planning

Learn more about Inheritance Tax & Estate Planning: Click here

Cross-Border Tax Services

Learn more about our Cross-Border Tax Services: Click here

Trusts

Learn more about Trusts: Click here

Disclosures Service

Advice on efficient tax disclosures.

Making Tax Digital

Learn more about Making Tax Digital: Click here

Get In Touch

Frequently asked questions

Read our tax compliance and disclosure FAQs.

When should I seek professional help with my tax return?

Professional advice is often appropriate where tax matters become more complex or where you are unsure whether all income, gains, and reliefs have been reported correctly. This often includes situations involving capital gains, inheritance tax planning, or overseas income.

When do I need to declare earnings or gains from abroad?

When do I need to pay Capital Gains Tax?

Our team

Meet our accountancy and tax experts.

Hadley looks after personal tax matters for many of our clients, as well as the tax compliance obligations for the estates of deceased individuals. He joined the firm in 2004, and is a Fellow of the Association of Taxation Technicians. Hadley is married with two daughters, is a church organist, pianist and singer. Hadley Baldock Partner - Tax West London
Jane joined Kirk Rice in September 2023 to work as a Senior Manager in the personal tax team. She is a qualified Chartered Tax advisor with over 25 years of experience in personal tax. Jane has a particular expertise in international, cross-border, personal and employee tax issues. She spends her spare time with her family, gardening and running. Jane Page Senior Manager - Tax Thames Valley

    
 
 
       Posted on Google  
   
   Simon Papworth 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have used Kirk Rice for nearly 20 years, for two businesses, numerous purchases of other businesses and two business sales, all our personal Tax and a tremendous amount of business and personal advice. My number one place to get advice from, and a trusted advisor.
  
 
      Posted on Google  
   
   stephen fox 
 
 
 
 Trustindex verifies that the original source of the review is Google. I would highly recommend Jane Page
We had an extensive tax return including pensions sale of property abroad rental income and earnings
Jane explained very clearly and precisely the return and how it was calculated ..
We had plenty of time to get the information and Jane was always on hand to explain the next step
Thanks
Stephen
  
 
      Posted on Google  
   
   Paterson MB 
 
 
 
 Trustindex verifies that the original source of the review is Google. Kirk Rice's accountants have been patient, thorough, and knowledgable in helping me with my tax return.
  
 
      Posted on Google  
   
   Guy 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have been using Kirk Rice for over 20 years for my personal tax returns. The team provide me with a clear layout of items, so I fully understand how my tax bill is calculated, with all the relevant tax allowances included. If I have any queries on the figures (which is very rare), they are always keen to explain how the figures were calculated. I highly recommend Kirk Rice’s services …. Good to know I have fully verified records being sent to the HMRC.
  
 
      Posted on Google  
   
   Len Ve 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have been a client of Kirk Rice LLP for almost 20 years and always appreciated their very professional, efficient and timely assistance  in all matters of personal taxation. Their advisers are very friendly and capable to discuss and explain rather complex issues in clear terms.
  
 
      Posted on Google  
   
   Nalini Patel 
 
 
 
 Trustindex verifies that the original source of the review is Google. The Kirk Rice team are very professional, we have used the Financial Advisory and Tax Advice teams and are very pleased with the service provided. They were also great at chasing us for information without being too pushy!
  
 
      Posted on Google  
   
   ian turner 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have dealt with Kirk Rice over the last 20 years with various companies that I have been involved with, I have always found them to be proactive and knowledgeable in all elements of taxation corporate and personal affairs.
  
 
      Posted on Google  
   
   Louise Bradford 
 
 
 
 Trustindex verifies that the original source of the review is Google. Amanda has been dealing with my tax issues for the past few years, and has made the whole experience totally  stress free  with her efficiency, knowledge and can do attitude. They are simply a lovley company to deal with.
Bev T
  
 
      Posted on Google  
   
   Rob Ambler 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have been using Kirk Rice for over ten years, to handle both personal (Amanda Giles) and corporate tax affairs (Sarah Goodwin). I have always found them friendly and efficient, and their advice has been excellent.
  
 
      Posted on Google  
   
   Matt Bishop 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have been very well looked after by Amanda Giles and the rest of the Kirk Rice team for many years now. They always sort out my tax return efficiently, promptly, and courteously, and I would therefore have no hesitation whatsoever in recommending them.
  
 
  
  
 
 
      Verified by Trustindex  Trustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more

Contact Kirk Rice

Request Appointment

Tax Compliance and Disclosures

Minimise tax liabilities: Capital Gains Tax, Disclosures and Self Assessment Tax Returns

Self-assessment tax returns

Blogs

Making Tax Digital

26/27 Tax Tips Download

We’ll process your tax return quickly and effectively

Penalties for submitting a late tax return:

Penalties for making a late tax payment:

There are five simple steps to our tax return process:

Book a free discovery call

Capital Gains Tax

CGT can be complex, but Kirk Rice are here to help

Capital Gains Tax: common exemptions and reliefs

Annual Exemption

Rollover Relief

Gifts Holdover Relief

Business Assets Disposal Relief

Private Residence Relief and Other Property Reliefs

HMRC Disclosure Service

If you have any questions, please get in touch

Personal Tax Services

Divorce Tax & Financial Advice

Inheritance Tax & Estate Planning

Cross-Border Tax Services

Trusts

Disclosures Service

Making Tax Digital

Get In Touch

Frequently asked questions

When should I seek professional help with my tax return?

When do I need to declare earnings or gains from abroad?

When do I need to pay Capital Gains Tax?

How can we help you? Enquire now using the form, or call us on the numbers below.

Thames Valley

North Hampshire

Central London

South West London

Our team