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Taxation

Taxation may not be everybody favourite subject but it is important whether you are in business or not. As your tax advisers, our objective is to work closely with you to ensure you pay the minimum tax required by law. We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way. We can advise you on the most appropriate and cost-effective method of structuring your business: sole trader, partnership or limited company or a combination of these.

Corporation Tax Services
Corporation tax applies to limited companies. Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and notify you when the tax is due. Effective corporate tax planning can also result in significant improvements in your bottom line.

Personal Tax (including sole-traders and partnerships)
In 1996/97 self assessment was introduced to help ease the burden for non-incorporated businesses. If anything, it has actually added to their burden. We can help to relieve you of this by preparing your annual self assessment tax return.

Self Assessment
We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

Personal tax planning
Today more and more emphasis is being put on taxpayers' individual responsibilities and everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet their compliance requirements. We can provide you with year-round advice on all aspects of personal taxation.

Capital gains and inheritance tax
Capital gains tax can apply not only to businesses but also to individuals with investment properties and other capital assets. It is vital that expert advice is obtained in this complex area. Careful planning and use of various reliefs available can help to reduce or eliminate any potential liabilities. Recent increases in property values can mean that inheritance tax no longer only affects wealthy families therefore it is vital to make sure you take advantages of all reliefs available. We can advise on options available to you and can assist with proactive planning to ensure tax liabilities are kept to the legal minimum.

National Insurance
The rules on NICs are at least as complicated as those for taxation and for some businesses can involve large amounts of money, particularly if you employ a reasonable number of people. There are also different classes of contributions for the self-employed (sole traders or partnerships) and other regulations to contend with. We can explain to you how these contributions affect your business and can advise you to make sure you are making the right contributions.

VAT
Ever changing regulations and the growing demands of Customs & Excise mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:

• Registering your business for VAT
• Advice on VAT planning and administration
• Use of the most appropriate scheme ie flat rate, cash and annual accounting
• Completion of VAT returns, control and reconciliation

HMRC Investigations
Being the subject of a tax investigation by the HMRC can be a stressful and worrying experience. With the onset of personal and corporate self-assessment, Revenue staff can now review cases on a 'sample basis'; consequently, tax investigations have become more frequent. We have experience in dealing with HMRC investigations, whether they are enquiries into an individual's Tax Return under the Self Assessment regime, more detailed enquiries or employer-related investigations into PAYE and P11d compliance. If you are about to be the subject of an investigation, we can provide expert help and support.

Tax Protection
With the increased risk of such investigations it may be worth considering taking out our annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.