Tax & Compliance
Accounts Preparation
Year end accounts are often regarded as ‘necessary evils’ that add no real value to a business.
We not only help you to prepare for year end accounts but meet to discuss, explain and offer assistance to understand more fully the results and what they mean to your business.
Legally, statutory obligations must be met but we take every opportunity to review your financial and management systems.
We are privileged to see many successful systems and we can offer support and suggestions in order that your systems and controls may be more robust.
We can offer suggestions and assist in the implementation of any system changes.
A well-prepared financial report can also help impress investors, potential finance sources, customers, prospects and even your own management team which can then have a positive effect on your business image.
Corporate Tax Planning
Corporation tax hurts. You work hard to make a profit and then the Chancellor wants a percentage of it.
This percentage can change – and has recently changed.
Increased reporting obligations, robust investigation policies on the part of authorities and harsher penalties for non-compliance mean that much time can be taken up collecting taxes for the government.
We can:
Determine the most effective structure for your business
Ensure that you take full advantage of tax opportunities and reliefs
Help you reduce tax on disposals
Help you make the most of any tax opportunities specific to your industry
Conduct discussions with the tax authorities on your behalf
Minimising tax liabilities maximises retained profits.
Whose bank account deserves any savings – yours or the governments?
Personal Tax Planning
Just as with a company, individuals earning more than their tax free allowance will pay tax at varying rates on those earnings.
We can provide you with a range of advice areas including Income tax, Capital Gains tax, Inheritance tax, Trusts and estates and Foreign tax issues.
There are no prizes for paying more tax than you need to and indeed every pound less you have to pay The Inland Revenue is a pound more you make available for you and yours.
Self Assessment
Many taxpayers struggle to understand fully their tax returns or fail to complete them correctly.
In the first year of ‘self-assessment’ over three quarters of a million people received £100 penalties for failing to submit their returns on time with over 400,000 still not submitting six months later!
We can complete and electronically submit on your behalf your tax return.
We receive a written receipt from The Inland Revenue which is dated and timed – so no more lost in the post!
Should you be unfortunate enough to be selected for a self assessment inquiry, we can also represent you at any meetings.
VAT
VAT (Value Added Tax) is one of the most complex ever taxes imposed on businesses, many of which inadvertently over or under pay the tax amounts.
Trained professional eyes on your VAT calculations can be rewarding by not having to worry about VAT inspections uncovering errors which could cost not only back tax, but interest and penalties too.
We can provide:
Assistance with VAT registration
Advice on VAT planning
Advice on the use of the most appropriate scheme
VAT control and reconciliation
Planning to help you minimise future problems with HMRC