The UK tax system is complex and multi-faceted.
As a result it can be a source of anxiety. How do I know I've paid enough tax? Have I paid too much? What if I forget to declare something? How do I find the information needed for my tax returns? What do I need to tell HMRC and when and how?
Keeping abreast of the latest regulations and understanding the implications on your individual circumstances simply adds to the complexity.
Because we establish a one-to-one relationship with each client, we are able to offer timely, individual advice on your specific tax situation. We can make sure you pay the right amount of tax - but not a penny more.
We have developed innovative client-focused services that provide not only all the reliable background support you would expect from a professional firm but also forward-thinking advice on how to improve your situation.
As a ProActivTax member, our internal processes include spotting the latest tax saving opportunities for your circumstances. We will bring these to your attention and give you access to a wide range of tax specialists, who can help you, your family and your business.
Every pound of income tax you save means more income at your disposal, every well-planned disposal of an assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.
Personal Tax Planning
With the tax regime becoming more complex and more emphasis being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.
We are tax specialists. We can provide you with year-round tax advice on:
- Income tax
- Capital Gains tax
- Inheritance tax
- Non-domiciliary tax issues
Every pound of income tax you save means more income at your disposal, every well-planned disposal of an assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.
Make sure you take full advantage of the tax saving opportunities open to you - Contact Us today for a personal tax planning review.
Residency & domicile
Liability to UK taxation depends on an individual's residence, ordinary residence and domicile.
HM Revenue and Customs have extensive powers to charge interest and penalties for the avoidance or incorrect declaration of income for tax purposes. Understanding the difference between where you are resident and domiciled can be a major factor in your liability to UK tax.
For those who have a base or extensive interests outside of the UK, or are coming to the UK, the implications for tax can be significantly affected by your declared status.
We offer a comprehensive service using our expertise to review your specific circumstance. We will provide advice to ensure that you pay only the minimum amount of tax required whatever your circumstances.
Retirement strategies
What do you plan to do with your free time when you retire?
These days, with increasing life expectancy and advances in healthcare it is not uncommon for people to live for twenty to thirty years after they retire. Many spend more time retired than they spent working!
Ensuring adequate income for life in these circumstances requires careful planning across a wide area. When you choose to retire and what provision you need for your pension, life assurance and long-term care need taking into account. If you choose to supplement your pension with other income such as savings, investments or property there are tax implications which need consideration.
Our professional team can help you draw up and implement a comprehensive retirement strategy - giving you peace of mind to enjoy life to the full now and into the future.
Self assessment
The term 'self assessment' is proving to be one of the great misnomers of all time. Many taxpayers struggle to understand the complex tax returns and complete them correctly. The constant stream of changes to tax legislation means that the returns are becoming even more difficult to understand. Taxpayers are under constant risk of incurring penalties through failing to complete their returns on time or correctly.
We can save you a lot of time, worry, and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability. Our service includes:
- Liaising with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns
- Calculating your tax liability
- Completing and filing your tax return on your behalf
- Advising you when various payments are due and how much to pay
- Advising on appropriate record retention
- Introducing you to any relevant tax saving ideas
- Representing you in the event of your being selected for investigation by HMRC
Corporate tax planning
The tax you pay as a business differs depending on your legal entity: sole-trader, limited company, partnership, LLP... How do you know which is the best model for you?
We can conduct a full tax review of your business and determine the most efficient tax structure for you. Frequently these reviews result in considerable tax savings, which show up as real improvements in your bottom line.
As with any other area of taxation, it is essential to be proactive and plan ahead when dealing with corporation tax.
In this way you can:
- Minimise your corporation tax liabilities
- Make the most of any available reliefs, tax losses and deferment opportunities
- Ensure you meet all your CTSA deadlines and file your returns correctly, thereby avoiding any potential penalties
In addition to helping you with your corporate tax planning we can also represent you in any communication with the tax authorities.
Why take up valuable time and resources dealing with corporation tax when we can do it for you?
VAT
VAT can be the bane of everyone affected by it. The complex regime of regulations imposes a tremendous administrative burden on businesses. With the rate being so high, mistakes in calculating VAT can be costly - and the rigid system of penalties and interest charges for mistakes and the late submission of returns adds to that burden.
Our cost-effective VAT compliance and planning services can relieve you of this burden.
Our team of VAT professionals will help to keep your VAT affairs in order, make sure you are collecting the right amounts for each transaction, and ensure that you make payments and file returns correctly and on time.
In addition to providing a comprehensive bookkeeping and VAT accounting service, we can also advise on and help with:
- The pros and cons of voluntary registration
- The timing of compulsory registration
- Extracting maximum benefit from the rules on de-registration
- Partial exemption
- Timing and delaying VAT payments
- Flat rate VAT schemes
Capital allowances review
When a business buys large assets such as plant and machinery or buildings they can claim against tax in the form of Capital Allowances if the purchases are solely for business use.
Capital allowances may be available for up to 100% of your investment in plant and machinery. Commercial buildings, however, can be more complex, as Integral Features need to be valued as well as the building.
In order not to miss out on valuable capital allowance claims, contact us and we can arrange for a specialist to come and see you. We will conduct a detailed review of your expenditure and identify potential capital allowance claims.