Personal Financial Planning

If you are a taxpayer you should always look to ensure that your assets and earnings are maintained in the most tax efficient manner.

We can provide year round advice on:

  • Income Tax
  • Capital Gains Tax
  • Inheritance Tax and the use of tax efficient wills
  • Trusts and Estates
Tax Services

Self Assessment

When self assessment was introduced its aim was to simplify the taxation regime for individuals, making it easier for them to produce and submit their own tax returns. In reality, many people find the returns more difficult to understand and are at risk of incurring penalties if they are not correct.

We can take this administrative burden off your shoulders by:

  • Preparing your self assessment tax return along with any necessary supplements, and submitting it to HM Revenue & Customs on your behalf
  • Calculating and advising you of any tax payable well in advance and of future payments on account to be made
  • Making claims to reduce your payments on account where necessary
  • Checking HM Revenue & Customs notices of tax coding to ensure your employment income is being taxed correctly
  • Dealing with HM Revenue & Customs on your behalf if they enquire into your tax return

Corporation Tax

When corporation tax for companies was introduced the onus was placed on the business, rather than HM Revenue & Customs, to ensure it complied with the corporate tax regime. In reality, the majority of companies do not have the knowledge to do this and are at risk of incurring penalties if their returns are not correct.

We can take this administrative burden from the company by:

  • Preparing the corporation tax computation from the statutory accounts
  • Preparing the corporation tax return (form CT600) and submitting it to HM Revenue & Customs
  • Informing the company of the corporation tax due, well in advance of the deadline for payment
  • Dealing with HM Revenue & Customs if they enquire into the company’s return

As with individuals, it is important to ensure that the company has taken advantage of all available reliefs and expenditure available to it.

Therefore, we also offer a corporate tax planning service, which may include:

  • Use of a company pension scheme to purchase commercial property
  • Tax efficient employee benefit schemes
  • Company re-organisation and restructures

Construction Industry Scheme

If you are self employed and work in the construction trade then you can be registered as a CIS sub-contractor or CIS contractor if you use the work of other contractors.

We can offer the following services if you are going to be a sub-contractor:

  • Help register you as a verified CIS subcontractor on either the gross (30%) or net (20%) scheme
  • Ensure after completing your accounts that the CIS tax deducted from your income is included on your Tax Return
  • Register you with HM Revenue & Customs as a verified CIS contractor
  • Supply invoices/templates that you will require to complete to your sub-contractors
  • Submission of your CIS300 return to HM Revenue & Customs for each tax month
  • Informing you of CIS tax liabilities, well in advance of the payment due dates

Payroll Bureau

Understanding the operation and calculation of your employees’ pay can often be a complex and confusing process especially with the introduced of Real Time Information (RTI) and Auto-enrolment pensions in the past 5 years. We can offer a payroll service that meets your needs.

Our service includes:

  • Setting up new payroll schemes with all necessary paperwork being sent to us directly from HM Revenue & Customs.  This will enable you to concentrate on running your business rather than being drowned by paperwork
  • Help with setting up an auto-enrolment pension scheme. We are not able to advise which one to use but can give you the facts or recommend you to a Financial planner who can.
  • Dealing with paperwork associated with leavers and new starters
  • Weekly / Fortnightly / Four Weekly / Monthly processing of your payroll, including provision of payslips and setting up payments online.
  • Submission of the Employer Payment Submission (EPS) and Full Payment Submissions (FPS), where applicable, to HM Revenue & Customs
  • Submission to your auto-enrolment pension scheme
  • Informing you of PAYE and NI liabilities, well in advance of the payment due dates
  • Preparing the year end documents needed by both your employees and HM Revenue & Customs
  • Professional advice on payroll issues via telephone, email or face to face

VAT

VAT legislation is highly detailed and can often be difficult to understand.  As a result, some businesses can often come unstuck and over or under pay VAT.

In fact, many do not realise that every transaction a registered business makes will have a VAT consequence.

With the introduction of Making Tax Digital (MTD) by HMRC from 1st April 2019 onwards it is extremely important that businesses ensure that their accounting records are in the correct format to work with HM Revenue & Customs. Our team have a vast amount of knowledge on a range of different software’s that are compliant with MTD.

We can provide a service that includes:

  • Help with VAT registration and de-registration
  • Advice on which scheme is the best for your business
  • Preparation of VAT returns from your accounting records
  • Informing you of the VAT due/ repayable, well in advance of the due dates
  • Dealing with HM Revenue & Customs enquiries and compliance visits
  • VAT planning for particular situations (e.g. upon the sale or purchase of a business)
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