For most people, the completion of an income tax return is a yearly chore but a necessary one. The UK tax system is becoming more complex, with the onus being placed on individuals to provide HM Revenue & Customs (HMRC) with accurate tax returns and figures for tax due. The HMRC has increased its investigative powers, and failure to provide accurate and timely information leads to penalties and interest charges that can be onerous.
However there remain many opportunities to reduce the burden of personal taxation by the use of innovative and tried-and-tested income tax mitigation strategies. The starting point for good taxation planning is the accurate preparation of your personal income tax return and an understanding of your personal requirements.