Our aim is to provide our clients with a general understanding of the UK tax system and their responsibilities both as a business and individual to ensure compliance with tax legislation and to mitigate tax liabilities through efficient tax planning.
We offer advice in the following areas of taxation:
Corporate tax (CTSA) corporate tax self assessment:
We take away the burden of calculating the corporation tax liability for businesses together with the completion of the company tax return. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner, also advising how and when tax needs to be paid.
Personal tax (including sole traders and partnerships)
We take on the responsibility of completing the self assessment tax return alongside computing the Income tax liabilities for businesses and individuals; this would ordinarily take place at the same time of producing the annual accounts of our business clients.
We have the expertise and software to take the headache out of the form filling and compliance aspect of Self-Assessment. We can provide our clients with the practical advice on personal tax and the planning opportunities available. Over recent years HMRC have increased the penalties for failing to file a return on time and for reported errors, we feel it is our duty therefore to ensure wherever possible tax returns are filed in a timely and efficient manner.
Capital gains tax
Capital gains tax rules can be complicated, and this is where we have the expertise to help mitigate any potential capital gains and the tax thereon.
In summary, Capital gains tax (CGT) applies to any gains you make when you sell assets such as land or investments. The assets could be business or personal, although some personal assets are exempt (including your main home). If you make gains on some assets and losses on others, CGT applies to the net overall gain made.
The Annual Exempt Amount is the tax-free allowance for capital gains. You only pay CGT on the amount by which your gains exceed this allowance (if at all). The capital gains tax allowance is £12,300.
The capital gains tax rate that UK individuals pay depends on their total income and is usually 10% or 20% (18% and 28% for residential property).
HMRC Investigations and Enquiries
Being the subject of a tax investigation or enquiry by HMRC can be a stressful and worrying experience. We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return, more detailed enquiries into a company’s affairs or employer-related investigations into PAYE and P11d compliance. If you are the subject of an investigation, we can provide expert help and support.