Taxation advice
Self Assessment
If you are self employed, in partnership or a director of a limited company you will need to file a self assessment return each year to inform HM Revenue & Customs of your taxable income. We will prepare your return each year and advise you of your taxation liabilities as and when they fall due.
Personal Tax
We can advise you on many personal tax planning issues, including advice on how best to remunerate yourself from your limited company – whether it is best to pay a salary, a dividend or a combination of the two. Perhaps you want to exit your business or retire – we can advise on all the taxation implications. Perhaps you invest in property – we can complete lettings accounts. Through a joint venture with HFS Milbourne Financial Services Limited, we can refer our clients to a wealth of practical independent financial advice on such matters as pension planning and investment advice.
Company Tax
Each year, a limited company has to file a Corporation Tax Return within 12 months of its financial year end. Corporation tax has to be paid 9 months after the year end. We will prepare the annual return for your company and advise you of any taxation due. It is always useful to anticipate corporation tax liabilities before the company year end each year because many tax planning tools need to be put into place before the year end – by asking us to complete regular management accounts for you, we can carry out regular corporation tax reviews and ensure that tax is minimised.
Capital Gains Tax
This is an area that can significantly benefit from tax planning. Capital Gains Tax arises when you sell a chargeable asset. One of the most common chargeable events is when an owner winds up a personal limited company or sells the shares. There are a number of reliefs available – each person has an annual exemption (see Rates guide for latest figures) and taper relief can play an extremely important part in reducing liabilities. Timing of gains can be crucial too. Perhaps you invest in property – we can advise on capital gains aspects.
Inheritance Tax
With the increase in housing prices many people are now finding themselves caught by the Inheritance Tax regime. There is, however, much planning that can be performed during lifetime to minimise the effects of inheritance tax and ensure that your loved ones inherit as much of your wealth as possible. The main tax planning tool is the Will – but it must be drawn up in a way that is tax efficient. Just including the correct clause in the Will can save over £100,000 in inheritance tax. We can prepare a tax planning report for you and refer you to a qualified Will Writer to execute our recommendations.
HM Revenue & Customs Investigations
It is very likely that at some point the Revenue will raise some form of enquiry into your affairs. This normally should not be a cause for concern – it is often just a routine enquiry. However, it is a process that can be stressful for you. With your authorisation, we can receive and reply to all enquiries by HM Revenue & Customs, thus minimising the inconvenience and stress caused.
Value Added Tax
Businesses with a turnover of more than the current VAT threshold (see Rates) must register for VAT. We can complete the VAT registration forms for your business, advise on whether to voluntarily register, and complete VAT returns on your behalf (usually a quarterly requirement). We can also assist with VAT queries and planning and help prepare for inspection visits.
PAYE and National Insurance Compliance
Maintaining a payroll for staff can be time consuming and complicated. We can prepare your weekly or monthly payroll for you, send you payslips, and advise you on how much PAYE and national insurance must be paid to HM Revenue & Customs. We can also complete all the annual payroll requirements like P60s and P11Ds for you. We can advise you on the best level of salary to pay yourself if you have your own Company.
