Tax Planning & Compliance
As tax advisers, our objective is to work closely with you to ensure you pay the minimum tax required by law. We will help you to understand the tax implications of your actions so that you can plan ahead and conduct your affairs in a tax efficient way. Incorporation of your business may reduce your overall tax burden, but that is only the beginning of tax planning.
Corporation tax and corporation tax planning
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments. As part of this process, we will consider any tax opportunities that exist and take action where appropriate to improve your post-tax profit.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation.
Personal tax and personal tax planning
Today, more and more emphasis is being put on taxpayers' individual responsibilities and everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. We can complete tax returns, calculate any tax liability, advise you on exactly when to make payments and how much to pay, but there is much more to it than that. Even though your business may be operated through a company, to minimise your overall tax liability, it is essential to consider your personal tax position. Our expertise in personal tax, capital gains tax, inheritance tax and pensions will ensure that we identify any further tax saving opportunities available, and where appropriate, we will communicate them to you.
Few of us like to think about dying, however the relevant legislation requires us to plan well in advance which means making the necessary provisions now. There are many inheritance tax opportunities available to those in business and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system. It is important that such planning considers adequate income and capital provision and getting the right balance requires considerable skill and foresight – along with a detailed knowledge of the current tax regime. We provide a discreet comprehensive estate planning service that includes:
- help with planning and reviewing a will;
- making full use of exemptions and lower tax rates on lifetime transfers;
- optimising lifetime transfers between family members;
- transferring agricultural or business property;
- transferring assets into trust; and
- arranging adequate life assurance to cover potential inheritance tax liabilities.
Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:
- assistance with VAT registration;
- advice on VAT planning and administration;
- use of the most appropriate scheme;
- VAT control and reconciliation;
- help with completing VAT returns;
- planning to minimise future problems with HMRC; and
- negotiating with HMRC in disputes.
Being the subject of a tax investigation by HMRC can be a stressful and worrying experience and these are becoming more frequent. We have a wealth of experience in dealing with HMRC investigations, be they personal, corporate, PAYE or VAT. If you are the subject of an investigation, we can provide expert help and support.
Whether or not HMRC assess additional tax, the cost of defending your postion can involve thousands of pounds of professional time. Our low cost fee protection scheme, ensures that these professional fees are paid on your behalf, protecting you and your business from unexpected costs.