PTaxQ (personal tax review questionnaire)

Why use PtaxQ Questionnaire? The questionnaire has been designed as a quality control checklist, ensuring everyone delivers pro-active advice to the same level to all personal tax clients

Client information

Client Information and completion data

Tailoring Questions


Your responses here determine the sections that will be included in this checklist.

Tailoring of sections

Answering No will skip the questions in the relevant section - you must tick a button on each line before you can proceed to the next stage.

Married Couples

Consideration has been given to reorganising investments so that income is paid to the partner who pays least tax on it.

Is Marriage Allowance transfer claimable? (Tax software may flag this for attention)

Are you aware of any impending separation/divorce?

Children (under 18)

Ensure dates of birth of children are held in our records

Consideration has been given to children utilising their personal and other tax allowances

Consideration has been given to the eligibility or otherwise of Children's Tax Credits

If Children's Tax Credits are being claimed, consideration has been given to the effect of income variations in the current tax year and how this will impinge on provisional and future claims

Enquiry has been made as to receipt of Child Benefit and the High Income Child Benefit Charge (where either party has 'adjusted net income' in excess of £50,000) and whether the clawback can be reduced e.g. by pension contributions etc

Consideration has been given to any savings the children may have

Trust Funds ? Junior ISAs ?

Higher rate tax payer?

Enquiry has been made as to whether payments have been made under Gift Aid and consideration has been given to possible carry-back to prior year?

Consideration has been given to managing income to mitigate the loss of personal allowances where income may be between £100,000 and £123,700 in 2018/19 (£100,000 and £125,000 in 2019/20)

Should client be made aware of tax relief available on gift of shares to a charity?

Should client be made aware that tax relief can be obtained on gifts of land and buildings to charity and there is no capital gains tax?

Client has been made aware of the tax benefits of making additional pension contributions

Where pension contributions are to be paid, consideration has been given to unused reliefs brought forward.

If auto-enrolment contributions are being paid e.g. to NEST (which are paid net of basic rate tax), have you claimed higher rate tax relief in the tax return?

Consideration has been given to the various forms of tax free savings

Consideration has been given to investing for capital growth rather than income to utilise CGT exemptions

Client has been made aware of the EIS - Enterprise Investment Scheme

Client has also been made aware of the SEIS -Seed Enterprise Investment Scheme

Client has also been made aware of tax benefits of investment in Venture Capital Trusts

Where dividends > £2,000 in 2018/19 or 2019/20 and/or interest > £500 are received, consideration has to been given to whether investments can be rearranged to make use of the 0% rate bands.

Income from employment

Consideration has been given to joining the Employer's Occupational Pension Scheme/ Auto-enrolment scheme and also the possibility of making Additional Voluntary Contribution/higher percentage contributions

Consideration has been given, where there are two or more employments, or a self employment and employment, as to whether the annual maxima for NI contributions been exceeded

Are mileage allowances for use of own vehicle on business paid?

Consideration has been given to any tax allowable flat rate expenses or subs to professional bodies etc

Consideration has been given to State pension rates and any other tax return information available on HMRC website

Consideration has been given to possible PAYE underpayments brought and carried forward and entered on the Tax Return and tax coding notices have been reviewed to identify any collections via coding adjustments

Consideration has been given, where there is an underpayment of less than £2,000, or a liability arising in the current year under review, of collection via PAYE adjustment instead of payment by lump sum and the client has been given the option

Saving and investing

The client has been made aware how the dividend tax rules will affect their tax liability, and consideration has been given to planning to reduce tax liabilities e.g. use of ISAs for other shareholdings/high yielding shares held outside of the owner managed business etc

Have any gilts or fixed interest stocks been bought or sold?

Have Tax free savings been considered - especially Help to buy ISAs where not on property ladder?

Consideration has been given to eligibility for the 0% starting rate on interest income

Exempts from tax up to £1,000 for basic rate taxpayers and £500 for higher rate tax payers (Nil for additional rate payers). Consideration has been given to making use of this allowance. Similarly, where interest will exceed these limits, client has been warned that tax will be payable on interest received - consider reinvestment of funds.

Income from Property

It has been ascertained as to how the properties are owned and whether this is the best method for any future disposals

Furnished Lettings only -the following have been ascertained for the tax return under preparation - days available for letting, days let on a short term basis and days let to same occupant for 31 days or more

Consideration has been given as to whether rent-a-room scheme exemption can be claimed

Consideration has been given to expenditure on improving energy efficiency (loft/cavity wall/solid wall insulation) etc

Consideration has been given to the tax treatment of any lump sums received (premiums)

Consideration has been given to the tax treatment of income from overseas properties

Consideration has been given to the treatment of "wages" paid to cleaners etc

Consideration has been given and client informed of the impact of the changes to the treatment of interest against rental properties

If there are any residential properties owned by companies, has the ATED (Annual tax on enveloped dwellings) been considered, and any reliefs/exemptions claimed and tax paid. Note applies to properties valued over £500,000 from 1/4/2016

Has the Property Income Allowance (of up to £1,000) been claimed instead of actual expenses where beneficial?

Capital Gains Tax


These questions relate to capital gains tax - the section will be omitted if you answer No to the first question

Where principal residence has been sold and downsized. ensure a record of this is maintained for IHT purposes and the extended Nil rate band - recommend obtain a copy of the completion statement

Consideration has been given to how assets are held such that a disposal may minimise potential CGT/maximise CGT Allowances on a future disposal

Consideration has been given as to whether there may be quoted investments which can be treated as of "negligible value"

Consideration has been given to the existence/use of losses on the disposal etc of unquoted shares

Consideration has been given to the the possibility of rollover relief on reinvestment of gains into business assets

Consideration has been given as to whether holdover relief is available in respect of any gifts of business property

Consideration has been given to the (deemed) disposal proceeds and/or capital losses arising on disposal to a "connected" person?

Consideration has been given to the possibility of investment in schemes e.g. EIS, VCTs - to defer the CGT payable

Consideration has been given to the eligibility for Lettings Relief on a property disposal

Consideration has been given to the Entrepreneur's Relief claimed and reliefs available against future similar gains

Consideration has been given as to which shareholders will qualify for Entrepreneurs Relief on business disposal

Inheritance Tax and Wills

Are there wills in place and If Yes when were they last reviewed?

Ensure details recorded in our central database

Have there been any chargeable or other lifetime gifts during the year which should be noted?

Are annual and other exemptions being used?

Have we reviewed / listed assets to consider whether there may be a potential IHT liability?

Have we ascertained how life and pension policies are written (and/or whether a life policy may be useful to fund IHT) ....and included those not in trust in the estate for IHT purposes?

Has eligibility for Business Property Relief/Agricultural Property Relief been considered - especially in cases where it may not be "clear cut"?

Has the client inherited funds from an estate recently where there were quoted shareholdings in the estate (and IHT had been paid)?

Has client been made aware of the IHT benefits of an AIM Listed Portfolio ?

Pensions section

Have the benefits of pension contributions been advised to the client - tax reliefs etc. Beware the taper provisions which came into effect from April 2016

Is the client aware of the approximate value of pension funds, and are they likely to be affected by the lifetime allowance value?

Have stakeholder pension schemes been considered (including possibility of immediate vesting for those over 55, long term savings plan for children, grandchildren etc)

If client is within 5 years of retirement has a review of pension investment funds been suggested?

If client is likely to take pension benefits in next 12 months has he been made aware of the myriad of options now available?

Where old style retirement annuities are still being paid, consideration has been given to sufficient income to obtain tax relief on the contributions, or advised to seek advice to move to a personal pension

General areas not covered elsewhere

Consideration has been given to the eligibility for Working Tax Credits / Child Tax Credits /Universal Credits

Have you been "online" to review the client's up to date tax position and to ensure that the Payments on Account that we assume will be paid are in fact correct?

I have reviewed tax position based on current known information and considered either
a) a reduction in payments on account
b) an additional payment if a postponement had been applied for and additional tax is now due

Tax coding notices have been checked (online where necessary) to ensure that property income / untaxed income is not included both in a payment on account and also in a tax code

Tax payable by Coding adjustment - If you do NOT want ANY tax collected by a coding adjustment and client wants to pay in instalments have you ticked the box on the return to say "Do not collect any tax by coding adjustment"

Have you ascertained with client (verbally or in writing) that there are no adjustments for student loan repayments that need to be on the tax return?

Have you advised client the amount of the liabilities due and to make sure liabilities are paid on time as interest is charged on late payment?

Are there any items in the return which may potentially trigger an HMRC compliance check or investigation, and if so, has client been recommended to put in place Fee Protection cover (if not already paying)?

Thank You

You have completed this questionnaire!

Thank you for taking the time to answer this questionnaire