Tax Planning

Tax Planning and Compliance

We are able to assist our Clients in completing their tax returns, including:

  • Individuals and sole traders;
  • Partnerships;
  • Limited companies;
  • Trusts.

As well as completing your Tax Return we will be able to calculate your tax liability, advise you on the tax payment and due dates as well as continually reviewing your tax position with a view to minimising any potential liability.

It is essential that the Tax Return to be submitted to HMRC is submitted in the correct format, with any necessary attachments, by the due date.

Personal Tax (including sole traders and partnerships)

You may/will have to complete a Tax Return if any of the following apply to you:

  • You are self-employed and earning over £1,000 per year;
  • You are a partner in a partnership;
  • You have income from renting out a property;
  • You receive dividends or interest income;
  • You receive foreign income.

In addition to the above, you may also choose to complete a Self-Assessment Tax Return in order to claim certain tax reliefs.

We will be able to advise you of any deadlines in relation to your Self-Assessment Tax Return, and give you an oversight of the process as a whole. We will deal with any correspondence received from HMRC on your behalf, taking away the bother and worry of corresponding with HMRC.

We are able to provide you with information regarding Capital Gains Tax, and ways to minimise your tax liability. We can also assist you when planning for Inheritance Tax and Estate Planning.

Corporation Tax

As part of our process of preparing your annual financial statements, we will also calculate your company’s liability to Corporation Tax. As part of this process we will prepare the Form CT600 to be submitted to HMRC as well as preparing your accounts in the correct format to be submitted to HMRC. We will also submit your Tax Return to HMRC on your behalf.

We will advise you of any tax payable and remind you of the payment deadline; we can also review your company’s trade patterns and identify ways that you could reduce your exposure to Corporation Tax.

Trusts Tax

Trusts can be a used as part of a wealth protection strategy, protecting assets and shielding them from tax, particularly when used as part of Inheritance Tax Planning.

We are happy to assist you in setting up and running a trust including preparation of the annual tax return for a wide range of trusts.

Tax Investigations (Within Taxation)

In addition to meeting regular filing requirements, we are also able to assist in any tax enquiries brought about by HMRC. In addition to investigating businesses where they believe there is a cause for concern, HMRC will also audit companies at random, through no fault of the individual/business in question. Without guidance from a professional, it is easy to find yourself out of your depth.

If you find that you are chosen for a tax investigation, we will be happy to act as your point of contact with HMRC, as well as advise you of your responsibilities. We are aware of how the HMRC Investigation process operates, and will ensure throughout that the investigation remains within the internal HMRC guidelines. We will be able to support you throughout the investigation process, answering any queries you may have.

There are a variety of penalties that HMRC may seek to issue as a result of their investigation and their findings. These penalties could be up to an additional 100% of the tax due, plus any interest due in respect of the tax in the first place. We will be able to assist you in minimising any such penalties.

Please get in touch to find out more about our accountancy services and discuss your specific requirements with a member of our team

ICAEW Chartered Accountants
ICAEW Accredited Chartered Accountant
ICAEW Authorised Training Employer
Expert Witness Institute
The Academy of Experts
NEWA 2019