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In common with the wider business community, individuals will also need to adjust to the uncertain economic conditions that is predicted to follow the Covid-19 pandemic.

It is anticipated that many taxpayers will need to have greater awareness of their tax exposure going forward. Opportunities exist to either reduce tax by suitable claims for relief, as well as defer tax.

We offer a full range of tax support to manage your tax affairs, including preparation and submission of any required tax return, and tax advisory support.

The range of tax claims available vary considerably, some requiring a loss, others an investment. It is important to understand fully what is available and when claims should be made.

We strongly recommend that timely and efficient compliance with HMRC will save tax in the long run, as failure to file returns on time, and making incorrect returns, will lead to additional costs in the form of interest and penalties.

Recent events are likely to require a re-evaluation of financial planning, and tax will continue to play a significant factor in any decisions. This includes considering if any IHT planning is needed.  Tax planning within this environment is likely to be of increasing importance.

Significant lifestyle events will continue to have tax implications.

Zarkava is very experienced in providing a full range of tax support in addition to managing your tax affairs with HMRC; some examples of recent work is in the following areas:

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• Tax efficient investment in unquoted companies - EIS, SSEIS, VCT

• Entrepreneur’s relief which applies when qualifying investments are sold

• Partnership tax – areas such as incorporation, joining/leaving partnerships, often create complex tax implications in addition to routine compliance.

• Loss relief planning – ability to obtain tax relief on losses in relation to capital investments can result in mitigation of tax liabilities of both income and capital gains tax.

• Property tax planning – real time reporting, consolidation of investments, sales/disposals are frequently advised upon.

• HMRC enquiries – Whilst no enquiries are welcome, often they can be dealt with efficiently and in a cost-effective manner. More detailed enquiries need to be managed carefully and Zarkava is well placed to provide specialist support in these cases in order to manage a successful outcome with the authorities.