Tax Planning Services
The UK tax system is one of the most complex in the world and combined legislation has more pages than any other country on this planet. To understand the legislation and correctly interpretation requires good skill and practical knowledge. In broad tax planning terms two important concepts need to be considered.
Tax Avoidance &ndash avoiding or minimizing tax payments by utilizing constructive parts of the legislation and by implementing advance planning that delivers favorable tax positions. All planning is done within the permitted structure of law and perfectly legal. It needs to be mentioned that tax authorities may still challenge certain tax planning schemes and may overturn the arranged tax liability.
Tax Evasion &ndash evading payment of taxes by not paying them at all and/or submitting false or incorrect tax returns for the given tax period. The non payment of tax is illegal and carries criminal penalties and heavy fines. Although, in certain instances, where it is an oversight or genuine error, HMRC might waive the penalty notices. That is provided there is a reasonable excuse and appeal is lodged
Our highly technical tax software, used by top UK Accountancy firms, meets the required standards and industry compliant. Unlike other accountancy services, tax advice varies from firm to firm, mainly due to given knowledge and level of experience of the tax advisor and firms’ level of tolerable risk. Our tax specialists have completed Chartered Tax Advisor (CTA) program and have industry experience
The services that may be covered under tax planning description:
&bull Evaluating Company Short and Long Term Strategy
&bull Evaluating Existing Tax Position and Financial Objectives
&bull Evaluating Directors Payments and Benefits
&bull Evaluating Employee Payments and Benefits
&bull Evaluating Value Added Tax Related Strategies
&bull Advance Corporation Tax Planning
&bull Advance PAYE and NIC Planning
&bull Accrued and Deferred Income Workout
&bull Dividend Extraction Strategies
&bull Tangible and Intangible Asset Investment Strategies
&bull Implementation of Tax Favorable Schemes
&bull Capital Gains Tax Planning
&bull Inheritance Tax Planning
&bull Construction Industry Scheme (CIS) Payments
&bull Other Tax Schemes and Planning
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Corporation Tax Computation Services
Whether the company has done pre year end tax planning or requires straightforward corporation tax return, we are here to help. The majority of companies in UK are liable to pay corporation taxes on gains and trading profits. Here are some facts about corporation taxes.
&bull Payment of corporation tax need to be 9 months after the end of your company&prime s Corporation Tax accounting period
&bull Filing of corporation tax need to be 12 months after the end of your company&prime s Corporation Tax accounting period
&bull The company can appoint tax advisor to take care of all tax returns communications with HMRC
&bull In working out corporation taxes the depreciation for the year should be added back to profits
&bull In working out corporation taxes the capital allowances for the year should be deducted from the profits
&bull Tax losses can be carried forward and used against future taxable profits
&bull Tax losses can be carried back and used against past taxed profits
&bull Small companies tax rate for 2008 is 21% and for 2009 21%
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Income Tax Computation Services
Completing self assessment forms can be laborious and unimaginably detailed. Our tax experts are here to eliminate all the jargon and explain it in easy to understand form. We cover the following taxation related work:
&bull Income Tax and Computations
&bull Self Assessment Employment
&bull Self Assessment Self-Employment
&bull Inheritance Taxation
&bull Capital Gains Tax
&bull Employers and Employees National Insurance Contributions
&bull SSP, SMP and SPP Payments Calculations
&bull All work relating to Partnership entities
&bull Rates and Allowances and Other Tax Work
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Tax Back Services
We can help you to get back your overpaid taxes. Our dedicated taxback team will ask you to complete the HMRC forms and we will submit tax repayment claim on your behalf. The service is speedy and very straightforward. We offer the following taxback related services:
&bull Instantly tell you roughly how much tax you are likely to reclaim
&bull Workout exact amount of tax back you are likely to get from given information
&bull Find your local tax office and get all papers in one place
&bull Represent you as a tax agent and communicate with the tax office
&bull Contact your employer on your behalf if you require copy of your P45 or P60
&bull Complete all the necessary paperwork and submit it to the HMRC
&bull Receive the payment on your behalf and pay you either cash, cheque or bacs payment
&bull Employers and Employees National Insurance Contributions
&bull Very low charge rates, 5% of overall reclaimed tax
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Value Added Tax (VAT) Return Services
VAT returns are normally straightforward except for few minor rules that need to be followed correctly. Our indirect tax experts can help to do your company return. The VAT services include:
&bull Reconciling VAT transactions
&bull Calculating VAT liability
&bull Completing the form and making appropriate adjustments
&bull Submitting paper return to HMRC
&bull Online VAT account creation, registration and electronic submission
&bull Other VAT related work
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PAYE and NIC Return Services
Pay As You Earn and National Insurance Contributions need to be submitted to HMRC on a monthly basis. We can help you to calculate the liability and make all the necessary correct workings before submission. The PAYE services include:
&bull Reconciling PAYE transactions
&bull Reconciling NIC transactions
&bull Submitting amounts due to HMRC
&bull Sending P14 and P35 and Other Compliance Reports to HMRC
&bull Capital Gains Tax
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Capital Gains Tax (CGT)
The business may have capital gains tax if an asset is sold, given away, exchanged or otherwise disposed of. The business assets could be tangible or intangible assets, company shares and other assets. The Capital Gains Tax services include:
&bull Identifying CGT transactions
&bull Calculating CGT liability
&bull Making any required adjustments
&bull Submitting amounts due to HMRC
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Construction Industry Scheme (CIS)
The Construction Industry Scheme regulates payment for contractors and subcontractors in construction industry. There are number of obligations contractors and subcontractors required to do. The Construction Industry Scheme services include:
&bull Help with CIS registration and trading names
&bull CIS300 subcontractor monthly returns
&bull Acting as an agent for subcontractor
&bull All other CIS related services