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 - 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 - 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:
Evaluating Company Short and Long Term Strategy
Evaluating Existing Tax Position and Financial Objectives
Evaluating Directors Payments and Benefits
Evaluating Employee Payments and Benefits
Evaluating Value Added Tax Related Strategies
Advance Corporation Tax Planning
Advance PAYE and NIC Planning
Accrued and Deferred Income Workout
Dividend Extraction Strategies
Tangible and Intangible Asset Investment Strategies
Implementation of Tax Favorable Schemes
Capital Gains Tax Planning
Inheritance Tax Planning
Construction Industry Scheme (CIS) Payments
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.
Payment of corporation tax need to be 9 months after the end of your company&prime s Corporation Tax accounting period
Filing of corporation tax need to be 12 months after the end of your company&prime s Corporation Tax accounting period
The company can appoint tax advisor to take care of all tax returns communications with HMRC
In working out corporation taxes the depreciation for the year should be added back to profits
In working out corporation taxes the capital allowances for the year should be deducted from the profits
Tax losses can be carried forward and used against future taxable profits
Tax losses can be carried back and used against past taxed profits
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:
Income Tax and Computations
Self Assessment Employment
Self Assessment Self-Employment
Inheritance Taxation
Capital Gains Tax
Employers and Employees National Insurance Contributions
SSP, SMP and SPP Payments Calculations
All work relating to Partnership entities
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:
Instantly tell you roughly how much tax you are likely to reclaim
Workout exact amount of tax back you are likely to get from given information
Find your local tax office and get all papers in one place
Represent you as a tax agent and communicate with the tax office
Contact your employer on your behalf if you require copy of your P45 or P60
Complete all the necessary paperwork and submit it to the HMRC
Receive the payment on your behalf and pay you either cash, cheque or bacs payment
Employers and Employees National Insurance Contributions
Very low charge rates, only £20 per return
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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:
Reconciling VAT transactions
Calculating VAT liability
Completing the form and making appropriate adjustments
Submitting paper return to HMRC
Online VAT account creation, registration and electronic submission
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:
Reconciling PAYE transactions
Reconciling NIC transactions
Submitting amounts due to HMRC
Sending P14 and P35 and Other Compliance Reports to HMRC
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:
Identifying CGT transactions
Calculating CGT liability
Making any required adjustments
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:
Help with CIS registration and trading names
CIS300 subcontractor monthly returns
Acting as an agent for subcontractor
All other CIS related services including CIS Return at only £20 per return