Tax

Personal Tax

Need help with your Tax Return or would like to optimise your tax position?

Personal tax services are available both for business owners and private individuals including…

• All aspects of Self Assessment and communication with HMRC.
• Tax Enquiries.
• Computation of Liabilities.
• Inheritance Tax Planning.
• Tax Investigation Fees Protection.

Inheritance Tax Planning

Avoid paying tax again on wealth you’ve accumulated and been taxed on already.

Tailored wealth succession planning enables a smooth transition to the next generation as well as minimising tax liabilities.

We can advise…

• Individuals whose estate planning is close to the nil rate band or many times larger.
• Techniques to mitigate inheritance tax on family homes, family businesses and investment portfolios.
• On both lifetime transfers and wills.

Tax Returns and Self Assessment

Tax Returns can be completed for…

• Individuals and sole traders.
• Partnerships.
• Limited Companies.

The self assessment regime is full of penalties and HMRC enquiry powers are extensive. It’s important that…

• Returns are correctly completed.
• They are filed on time.
• All backup records are retained for the appropriate period of time.

As well as the completion of your return we can assist with…

• Advice on your tax liabilities.
• Negotiating with HMRC if necessary.
• Identifying suitable tax planning opportunities.
• Completing all the necessary tax computations.
• Dealing with all correspondence from HMRC, taking the worry away from you.

Tax Planning

You are entitled to arrange your affairs to pay the legal minimum amount of tax.

The completion of tax returns and statutory tax obligations are important jobs, all accountants should be capable of completing them and advising you of your tax position and liabilities.

We try to do more than just this and are interested in maximising your tax planning opportunities.

We can help with tax planning in relation to…

• Personal taxes.
• Business taxes.
• Tax efficient employee remuneration strategies.
• Inheritance Tax strategies.
• Capital Gains.
• Profit extraction strategies.
• Exit strategies.
• Employment status.

Apart from extensive experience in this area, we have invested heavily in reference materials and specialist software and have access to the Tax Legislation, Tax Cases, 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 save tax.

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

Tax Disputes

It’s an unfortunate fact of business life that from time to time there will be disagreement between the taxpayer and HMRC.

Disputes can arise in all sorts of areas outside of full enquiries and investigations including…

• Employment status disputes.
• 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.
• Is it a trading activity?
• VAT segregation of businesses to avoid registration.
• Employee benefit disputes.

We have specialist tax knowledge to assist with a wide range of tax disputes.

Tax Enquiries and Investigations

In the lifetime of your business life, you may well come under enquiry by HMRC through no fault of your own or of your accountant. HMRC now investigates businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. Without expert advice, it is possible to be overpowered by the weight of the Revenue and their resources

If you are selected at random, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We will talk you through the enquiry process and what to expect and will support you throughout.

The Penalties

There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find them seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement – not a pleasant experience. We can help you minimise these penalties.

Tax Investigation Fee Protection

Worried about the accountancy fees of a tax investigation?

HMRC has powers to investigate income tax and corporation tax payers at RANDOM.

With the ever-increasing risks of full tax enquiries and investigations, it’s worth considering protecting yourself from the accountancy costs of dealing with it as the amount of work involved is often substantial.

You can get cover for the following…

• Self assessment enquiries.
• VAT enquiries.
• PAYE and benefits enquiries.
• IR35 enquiries.

Even if HMRC finds nothing as a result of any investigation, you will still have unexpected professional fees to pay.

We cannot prevent you from being investigated by the Taxman, but we can help to ensure that you get the best possible support and advice without having to worry about the cost.