Tax and VAT

Self Assessment 

Self Assessment can be a complicated and laborious administrative task, but it’s a necessary one.  So, to ensure you don’t incur any penalties, there are three straightforward rules to follow:*** UPDATE ***

  • They are submitted on time
  • Returns are completed correctly
  • All backup records are retained for the required amount of time

HMRC enquiries and penalty regimes are growing and increasing every year, We can help you stay ahead of the self-assessment game.  We can also provide advice on your tax position and forward planning opportunities available.

Contact us

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Our service

We complete all necessary tax calculations, tax returns, calculate tax liability and we’ll advise when and how much tax you need to pay, and complete all relevant documentation on your behalf to give you peace of mind its taken care of.

Corporation tax self-assessment

As with self-assessment, corporation tax self-assessment also has be completed correctly, logged within the timescale and that all appropriate records are retained for the required amount of time. *** UPDATE ***

As well as completing your corporation tax return, we can provide advice on your tax position, planning opportunities available to you including tax efficient profit extraction strategies for owner managers.

We complete all necessary tax forms for you, including tax return, calculate corporation tax liability and advise when and how much tax you need to pay. If your business is large enough, we can also advise on payment in quarterly instalments.

Tax planning

Whilst completion of tax returns and statutory tax obligations are important jobs, all accountants should be capable of completing them. We try to do more than just this and are more interested in maximising your tax planning opportunities. *** UPDATE ***

We all have to pay our taxes but within the legal framework there are numerous ways of saving tax and making sure you do not pay a penny more than is absolutely necessary. We have extensive experience in this area of work and always fight as hard as we can for our clients.

Apart from extensive experience in this arena, we have invested heavily in reference materials and specialist software and have access to all the Tax Legislation, Tax Cases going back over 100 years, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect. This allows us to research any tax topic at all and provide many ways of helping you legally save tax.

New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. We enjoy this work!

It is important that this work is done in advance and you should contact us as soon as possible.

All of our Tax Planning makes legitimate use of the Tax Legislation and Case Law, so that you are not put at additional risk from a full HM Revenue & Customs Enquiry.

As well as the day to day revenue and employee taxes it is important to plan for those taxes further down the line such as Capital Gains Tax or Inheritance Tax.

Tax disputes

Unfortunately, a substantial proportion of business owners will have a disagreement with HMRC about how much tax they have to pay, so these disputes have to be resolved quickly and efficiently.  Its often the facts of the case that are questioned, or the legislation itself.  We can deal with disputes on your behalf, to gain the best outcome possible. *** UPDATE ***

Disputes can arise in all sorts of extents outside of full enquiries and investigations:

  • Is it a trading activity?
  • Repairs v capital disputes
  • Private usage adjustments
  • Capital allowances – is it plant or property?
  • Settlements legislation – the classic husband and wife company scenario
  • IR35
  • Valuations for tax purposes
  • VAT segregation of businesses to avoid registration.
  • Employee benefit disputes.
  • Employment status disputes.

Whatever the nature of the tax dispute we have the expertise and knowledge to help.

Tax enquiries and investigations

It is unfortunate that you may at some point fall under investigation by HM Revenue and Customs through no fault of your own or of your accountant. HMRC can also randomly investigate businesses, so it’s likely you will experience either at some point.  A full investigation can be daunting, and you’ll need expert defense to get through the arduous process. *** UPDATE ***

If you happen to be selected, you’ll most certainly need an accountant who knows how HMRC to expertly fight your case. We ensure Inland Revenue keep to their own internal guidelines and don’t step outside of these guidelines. We support you throughout and clearly explain and guide you through the enquiry process with complete transparency, so you know your position all the way.

The Penalties

There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as seeking for you to pay extra tax, they may seek penalties up to an amount equal to the tax, therefore doubling your tax bill. They also incur Interest on the overdue payment of the tax, something no business owner wants to be stung by.. an enormous tax bill. We can help you keep these penalties to a minimum.

Anti-investigation scanning checks

Whilst anyone can fall under investigation, we can help minimise the chance of being selected with our anti-investigation scanning checks.  We understand the triggers that can lead to investigations, and if certain points are not comprehensively explained when submitting tax returns. Every return or set of accounts we submit goes through an anti-investigation scanning check to identify any areas that may lead to an enquiry.

VAT planning and disputes

Compliance with VAT is becoming ever more complex. The VAT man in recent years has increased the level of intensity of their investigations – all the more important that you have an accountant who is successful in negotiations with them. *** UPDATE ***

We take best advantage of the reliefs available and the interpretation of the regulations. This is an extremely important feature of the service provided as it ensures peace of mind for all our clients.

We can help you with VAT in the following ways…

  • Applying for VAT registration
  • Advice on the VAT schemes suitable to your business
  • Completion of VAT returns – either from your books or we can do the bookkeeping for you. By letting us complete your VAT returns it ensures that it will be an accurate VAT return on your behalf.
  • It also stops any worry about a VAT control visit which are usually conducted within the first few years of trading and then once every few years..
  • VAT planning
  • Dealing with any contentious disputes that arise with Customs.
  • Representation at VAT tribunals.

VAT Registration

You can’t issue sales invoices with VAT on until you’ve successfully registered.

In addition, there are significant penalties for not registering for VAT on time. When you do register there are then a whole host of different schemes you could take advantage of. Some you have to notify HMRC you are using and some you don’t.

We can register you for VAT and advise on the schemes to use. There are then strict rules on when you can reclaim VAT on expenses that we can advise on to help you maximize VAT reclaims. We can also provide training in completion of VAT returns or we can complete them for you.

In addition we can assist with…

  • VAT planning
  • Dealing with any contentious disputes that arise with Customs.
  • Attendance at VAT inspections.
  • Representation at VAT tribunals.