Usually prepared alongside your annual accounts, we prepare your tax return using the latest state of the art tax software. Email communication and online filing smooth the whole process and your quarterly email will ensure you always know your forthcoming tax liabilities.
As with many accountants, we are keen that you should pay the minimum tax legally allowable. All expenses and reliefs are claimed promptly and accurately ensuring you are never left with items to claim at a later date.
We are also keen that you should have as little tax risk as possible. Our idea is to help ensure your chances of queries or a compliance review from HMRC are minimised. Also, if there is a question raised, we will have done everything possible to avoid any problems being found.
Any tax issues that are subjective or involve any degree of choice will be outlined to you. There are often various ways of presenting information, making claims or keeping records. All of our advice is aimed at ensuring your tax risk is minimised.
As with year end accounts, we will prepare your personal tax return within one month of having your information. Please contact us to discuss your personal tax situation and how we can help you minimise tax liabilities and minimise tax risk.
Earnings from employment are taxed through PAYE schemes. The range of expenses that can be claimed is much more restricted than for business expenses. The additional rule that reduces the range of deductible expenses is that the expenses must be ‘necessarily’ incurred. Expenses that can be claimed include business travel and some professional subscriptions. Areas that we are typically asked about include termination payments, salary sacrifice schemes and benefits in kind.
Capital gains tax
Capital gains tax arises when a person disposes of a chargeable asset. A disposal could be a sale, gift, loss, destruction or surrender. A chargeable asset is almost anything with value; the most common exceptions are cars and cash. Capital gains tax most often arises as part of share transactions in limited companies, the sale of a business or goodwill and when incorporating a business. Individuals will require capital gains tax computations if they sell any stocks or shares.
Individuals entering or leaving the UK, whether permanently or temporarily, will require analysis of their residence, ordinary residence and domicile status. These attributes can then be applied to each income source and capital gain to determine the tax treatment. Additional issues arising may include travel and subsistence expenses and double taxation relief. Trading abroad must be distinguished from exporting.
We can assist with these issues from a UK tax perspective. We do not advise on any aspect of taxation or laws of other countries.
We have experience and are qualified to advise on many of the tax issues you may face involving VAT, national insurance, stamp duty and inheritance tax. We do not advise on tax planning involving the use of overseas trusts.
Tax enquiries and penalties
Since the introduction of self assessment in 1996 HM Revenue and Customs have carried out random enquiries in addition to those arising from tip offs, anomalies and errors. There is no longer a stigma attached to tax enquiries, they are now part of business just as VAT inspections are.
We can assist with all aspects of tax enquiries including the procedures, how to respond to requests and questions from HM Inspector of Taxes and the technical aspects of tax and negotiations.