Tax is often one of the largest financial commitments you’ll face in your lifetime, yet many people simply don’t have the time to manage their tax affairs properly. Without the correct advice, you could end up paying more than necessary or risking penalties for failing to comply with HMRC requirements.
Darnells’ experienced team of personal tax specialists is here to help. We’ve worked with individuals from all walks of life, handling everything from simple tax computations to more intricate affairs. Whether you’re managing income from multiple sources, dealing with complex investment portfolios or planning for life’s big decisions, we’ll take the time to understand your circumstances and provide a service built entirely around your needs.
Wherever you are on your financial journey, Darnells ensures your obligations are met and your financial future is protected.
Not everyone needs to file a tax return, but if you’re self-employed, earn rental income, have untaxed earnings or earn over £100,000 annually, submitting a Self Assessment tax return is a legal requirement. We can manage the entire process for you, from preparing accurate calculations and ensuring all deductions are accounted for, to claiming any reliefs, allowances or repayments you’re entitled to.
Thinking about what happens to your wealth after you’re gone isn’t easy, but it’s one of the most important financial decisions you’ll make for your family. Many people put off estate planning because it feels overwhelming, but the earlier you start and the better your plans are, the more you can reduce your family’s exposure to inheritance tax.
We provide specialist tax advice as part of your estate planning, working alongside your legal advisers to ensure arrangements reflect your wishes. We help you understand the tax implications of lifetime gifts, reliefs and structuring arrangements that allow you to enjoy your wealth today while protecting as much as possible for future generations.
Capital gains tax is applied when you sell, gift, or dispose of assets that have increased in value. It’s a complicated area of taxation and without expert guidance, you could miss valuable reliefs and allowances.
We assess your situation to ensure all applicable exemptions, reliefs and allowances are applied correctly. We’ll also advise on the best timing and structure for asset disposals, helping you make the most of annual exemptions and offset any allowable losses.
Property investment can be rewarding, but the tax implications are often more complex than people expect. Different rules apply depending on whether you’re letting residential property, holiday lets or considering property development.
We help property investors and landlords understand their tax obligations and work within the rules efficiently. This includes rental income calculations, claiming legitimate expenses and capital allowances and advising on the tax implications of buying or selling properties.
Pensions offer some of the most valuable tax reliefs available, but the rules have become increasingly complex, particularly for higher earners and business owners. If you earn over £200,000, your annual allowance begins to taper down and without proper planning, you could face unexpected tax charges on contributions you thought were perfectly legitimate.
We help you make the most of pension tax reliefs while avoiding the various traps that can catch people out. This includes understanding your annual allowance (including any tapering), using carry forward rules to make larger contributions from previous years and timing contributions to maximise tax relief. For business owners, we help structure pension contributions alongside other remuneration strategies to achieve the best overall tax position.
An enquiry letter from HMRC can arrive without warning, even when you’ve done nothing wrong. These investigations can range from routine checks to more detailed examinations of your tax affairs and knowing how to respond properly is crucial.
Our team has extensive experience dealing with HMRC enquiries and investigations. We handle all communication with HMRC, prepare the necessary documentation and guide you through the process step by step. We explain what’s happening at each stage and work to resolve matters as quickly as possible while protecting your interests throughout.
For over 80 years, Darnells has been providing expert financial planning and support to individuals and businesses across the South West. Throughout that time, we’ve built lasting relationships with our clients – something we believe comes from taking the time to understand each person and what they need from us.
We know that clear communication makes a world of difference. Whether you’d prefer to sit down with us in one of our offices or talk things through over the phone, we’re always here when you need us.
You’ll need to file a self assessment if you’re self-employed with profits over £1,000, have rental income exceeding £2,500 or receive other untaxed income over £2,500. Higher-rate taxpayers receiving dividend income also need to file, as do company directors and anyone with capital gains above the annual exemption. You must also file if your total income exceeds £100,000, as this affects your personal allowance. The deadline is 31 January following the tax year end and HMRC charges penalties for late submission starting at £100.
Your rental income gets added to your other income and taxed at your marginal rate. You can deduct legitimate expenses like mortgage interest, maintenance costs, letting agent fees and insurance from your rental income before calculating the taxable profit. Basic rate taxpayers pay 20% on the resulting profit, while higher rate taxpayers pay 40%. The key is ensuring you claim all the expenses you’re entitled to under current tax legislation.
Inheritance tax planning works best when you start early, but it’s important to balance tax efficiency with your own financial security. You can make use of your annual gift allowance (£3,000), make larger gifts that become tax-free after seven years and consider setting up trusts for future generations. If you own business assets or agricultural property, special reliefs may apply that significantly reduce your estate’s value for inheritance tax purposes. It’s worth reviewing your situation regularly to ensure your planning remains effective for your family’s circumstances.
Yes, there are several ways to work within the capital gains tax rules efficiently. You can use your annual exemption (£3,000 for 2025/26), claim principal private residence relief when selling your main home and consider business asset disposal relief for qualifying business assets. Timing can also make a difference – spreading disposals across tax years, making pension contributions to reduce your tax rate or offsetting gains with losses can all help reduce the tax you pay.
Secure your financial success with guidance from our experienced professionals tailored to your specific goals.
Contact Us to Find Out More
