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, in order that you can plan ahead and conduct your affairs in a tax efficient way.
Corporation tax services
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.
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. Effective corporate tax planning can also result in significant improvements in your bottom line.
Personal tax (including sole-traders and partnerships)
We are specialists in income tax, capital gains tax and inheritance tax.
We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete income tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
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. Our specialist tax team can provide you with year-round advice on all aspects of personal taxation.
The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) both offer a number of tax incentives to investors.
Dealing firstly with EIS, investors can make an investment of up to £1 million per tax year in a qualifying EIS company and receive income tax relief of 30% of the amount invested. The capital gains tax position is also attractive, as if the shares are held for a qualifying period which is normally three years any gain on their subsequent disposal will be tax free. EIS investments can also be used to defer the payment of tax on a capital gain realised on a different asset, providing the investment takes place within 12 months before and 3 years after the disposal concerned.
For SEIS investments, as the use of the word “seed” suggests these are aimed at smaller start-up companies. The maximum qualifying investment here is £100,000 and must be into a company whose trade is less than two years old. The rate of relief on the investment is 50%. SEIS investments can also be used to shelter capital gains and have a tax free exit route providing the shares are held for the qualifying period which is again normally three years.
Because of the valuable tax reliefs available, HM Revenue and Customs take a close interest in the EIS and SEIS schemes. Particular care must be taken to ensure that there is a proper trail of documents relating to the issuing of the shares.
We have been pleased to guide a number of clients through this process in recent months to obtain the relevant confirmation from HM Revenue and Customs authorising the companies concerned to issue documentation to the individual investors to enable them to obtain the appropriate income tax relief on their tax returns. If this is an area you require assistance with please contact Colin Barker or Francis Whitbread in the first instance.
Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.
It is important when planning to transfer an estate that adequate provision is made 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
- Arranging adequate life assurance to cover potential inheritance tax liabilities
Gathering of the details needed to take out a grant of probate can be time consuming and difficult for relatives of the deceased and our detailed knowledge of our clients affairs places us in an ideal position to assist with the gathering of financial information.
We also have expertise in dealing with trusts; a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.
Ever changing regulations and the growing demands of HM Revenue & Customs 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 HM Revenue & Customs
- Negotiating with HM Revenue & Customs in disputes and representing you at VAT tribunals if necessary
HM Revenue & Customs Investigations
Being the subject of a tax investigation by the HM Revenue & Customs can be a stressful and worrying experience. With the onset of personal and corporate self-assessment, Revenue staff can now review cases on a 'sample basis'; consequently, tax investigations have become more frequent. We have a wealth of experience in dealing with HM Revenue & Customs investigations, whether they are enquiries into an individual's Tax Return under the Self Assessment regime, more detailed enquiries or employer-related investigations into PAYE and P11d compliance. If you are about to be the subject of an investigation, we can provide expert help and support.
With the increased risk of such investigations it may be worth considering taking out an annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.
Require more information?
If you would like more information or would like to speak to us direct then call us on 01245 261818. Or if you would prefer, ask us a question online.