Taxation help, advice and management
As professionally qualified Chartered Accountants we specialise in all areas of taxation. Our objective is to work closely with you to ensure you stay compliant with all HMRC requirements, file your tax returns by the due dates, pay your tax on time and pay the minimum tax required by law.
The main areas of taxation we deal with cover:
Income Tax
Self Assessment
We have the staff, expertise and software to deal with the compliance aspects of self-assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
Personal tax planning
Despite successive governments increasing tax for individuals and the General Anti Avoidance Regulations (GAAR), opportunities still exist for individuals to manage their affairs and tax liabilities in an efficient way. Everyone who is subject to taxation needs professional advice and support and our specialist tax team can provide you with year-round advice on all aspects of personal taxation.
Corporation Tax
We deal with a large number of owner managed businesses and empathise and understand the day to day commercial issues facing owner-managed businesses. We can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist if appropriate with the calculation of any quarterly corporation tax instalment payments.
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.
Capital Allowances
Clients often overlook the availability of tax allowances on capital expenditure when preparing and filing their tax returns. We are fully conversant with all aspects of capital allowances from the purchase of a computer or office desk to the purchase of a new office block, hotel or industrial unit etc. Very often there are large capital allowances claims that can be made that can defray a large part of the purchase consideration.
We also work with closely with lawyers to ensure consistency of treatment between purchaser and seller.
Inheritance Tax
Inheritance tax can be a very large cost on the estates of deceased relatives and friends. The current rate is 40% on joint estates in excess of £650,000. Further allowances are available if the family home is included in the estate. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of the tax opportunities available.
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 van 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.
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.
VAT
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 such as flat rate, annual accounting, cash accounting etc.
- VAT control and reconciliation;
- preparing, completing and online filing of VAT returns;
- dealing with VAT on things like buying and selling goods and services overseas, opting to tax exempt buildings, claiming VAT on self-build homes etc.
- planning to minimise future problems with HM Revenue & Customs; and
- negotiating with HM Revenue & Customs in disputes and representing you at VAT tribunals if necessary.
PAYE / NIC / CIS & Pensions Auto Enrolment
These taxes have undergone huge changes in recent years with the introduction of payroll real time processing, online filing, abolition of old style CIS vouchers, verification of sub-contractors and pensions auto enrolment.
We can process your weekly / fortnightly / 4 weekly or monthly (or any combination thereof) based on hourly / weekly / monthly / annual rates taking into account overtime rates and allowing for all forms of deductions such as child care vouchers and other salary sacrifice schemes etc. We can provide paper or electronic payslips and file all returns electronically with HMRC so as to ensure full compliance with all HMRC requirements.
We can also process your monthly CIS returns and claim back overpaid CIS from HMRC on your behalf.
We can deal with your pension's auto enrolment requirements on your behalf, set up a scheme with NEST (National Employment Savings Trust) or a provider of your choice and ensure all online submissions are made on your behalf.
We can also prepare and file forms P11d in connection with staff benefits on your behalf.
Research & Development Tax Credit Claims
There are generous tax credits available to businesses who are involved in qualifying research and development activities. Curiously this is one area of tax where the government and HMRC are keen to encourage taxpayers to make claims for. The idea is to ensure the UK economy keeps up to date with the latest technological advances and remains competitive with other technology based countries and economies so that the UK continues to attract foreign inward direct investment.
Businesses are often surprised what they can claim for and often overlook that their activities might qualify. We outsource this activity to one of our external partner firms ‘R and D Tax’. Their contact details are: info@randdtax.co.uk
HMRC Investigations
Being the subject of a tax investigation by the HMRC can be a stressful and worrying experience. HMRC have far reaching powers of enquiry and in recent years have been exercising their rights to issue ‘discovery assessments’ long after the normal 12 month enquiry has elapsed.
We have the expertise to guide you through the whole process and where possible make it as painless as possible.
If you have any questions please call Aidan Smyth on 01892 515 733
Or email reception@peterhodgson.co.uk