Our experts will ensure that you are always compliant, ensuring that you are not penalised for late or incorrect filing. We will also minimise both your personal and business tax burden by putting in place an effective tax planning strategy.
Corporation Tax
For businesses with annual profits of less than £300,000 per year, Corporation Tax is currently 19%. Companies that make profits of more than £300,000 per year are subject to Corporation Tax at 30%.
We recommend that all business owners implement a bookkeeping package that enables real-time information on profits so that we can accurately predict the upcoming Corporation Tax liability ahead of your company’s financial year end.
We can make timely suggestions on ways to mitigate your Corporation Tax liability and ensure there are no nasty surprises.
Income Tax
Our experts will help ensure that your personal tax returns are dealt with on time, ensuring that you are not liable for late penalties.
We will check that you are also claiming the correct reliefs and help you plan your remuneration package so that you do not pay more tax than is necessary.
MTD for business income tax
In addition to new digital reporting requirements for VAT, the Government has announced that from April 2023, businesses, including sole traders and landlords with business income over £10,000 per year MUST file their business income tax returns with HMRC using MTD digital reporting software.
For more information on MTD and how we can help your business become compliant, get in touch with us now.
Property Tax
Property tax in the UK is constantly changing, so it is important to seek advice to ensure you are making the most of the tax savings and reliefs available.
We can help you plan your property investments, whether you are purchasing a buy-to-let property, a second home or building an investment portfolio.
We can assist with:
- Capital allowances, e.g. during refurbishment and development
- Property ownership structure advice
- Revenue tax relief and tax efficient funding
- Land remediation tax relief
- Stamp duty tax relief
- Property inheritance tax planning advice and capital gains
- Maximising recoverable VAT
- Property tax related negotiations with HMRC
- Non domicile property tax issues
VAT
Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process.
We can help to ensure that you comply with the regulations and that overpayments are avoided.
International VAT
If you supply goods or services overseas, you need to be up to speed with international VAT rules and, following Brexit, this includes EU customers too.
The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading.
Let us guide and support you with International VAT registrations and compliance.
New reverse charge VAT rules
More than 150,000 businesses connected to the construction industry now need to fundamentally change the way they manage their VAT processes.
The reverse charge applies to business-to-business supplies where both businesses are registered for VAT, there is an onward supply of construction and the parties are subject to the Construction Industry Scheme (CIS).
We can provide you with the latest advice on reverse charge VAT and ensure that your accounting systems and software can deal with the reverse charge.
Making Tax Digital for VAT
VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow HMRC’s Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.
If you are below the VAT threshold, currently you can voluntarily join the Making Tax Digital service now.
However, from April 2022, VAT-registered businesses with a taxable turnover below £85,000 will be required to follow Making Tax Digital rules for their first return starting on or after April 2022.
Tax enquiries and investigations
It is an unfortunate fact of business life that at some point you could come under scrutiny from HMRC.
HMRC now investigate businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. Without expert defence, the results can be time consuming and costly.
Our experts understand the triggers that often give rise to HMRC enquiries to help you minimise the chances of you being on the wrong end of an enquiry. Our expertise also ensures that you do not pay HMRC more than necessary.
Additionally, we are able to offer fee protection to help cover the significant financial costs associated with defending a full HMRC tax investigation.
Find out more about our cost effective tax investigation fee protection service.
