Tax returns

Tax

Tax returns are a pain to complete each year – we agree! Unfortunately they have to be done for various reasons.

Contact us and let us do it for you in a process that is as pain free as possible!

Personal Tax

There are various instances when an individual has to prepare a tax return. Under self assessment, it is the individual’s responsibility to determine whether they need to prepare and submit a tax return. If you are unsure contact us and we will advise you accordingly.

We know from experience that tax and completing a tax return is by no means simple and should not be underestimated. The law stipulates you not only have to complete it, but complete it correctly. Failure to submit a return or submitting an incorrect one can result in penalties of up to 100% of any tax underpaid.

Partnership Tax

All business partnerships have to complete a partnership tax return, details of which go on the partners' personal tax returns.

Business Tax

Businesses have to initially prepare accounts or a profit and loss statement. However, these require further work to identify transactions with special tax treatments to ensure tax returns are correct.

There are many areas where a business can get its tax calculation wrong. They may claim for expenses that are not allowable, they may pay tax on non taxable items, they may use the wrong VAT treatment or get their PAYE and benefits wrong. These generally involve underpaying tax which can lead to fines and penalties from the Revenue.

We can help you calculate your tax correctly and also give you advice in advance of expenditure so you know the tax issues involved.

Corporation Tax

Company taxation broadly follows personal and business tax principles. All but dormant companies have to prepare tax returns.

Companies also have some extra forms to complete such as reporting overdrawn director’s accounts and tax deducted from interest payments.

Trusts and Estates Tax

Most trusts and some deceased estates have to complete tax returns. In most cases accounts should also be completed because trust and tax law can be complex and require knowledge of how much income, as opposed to capital, is within the trust or estate.

Trust tax law has also changed radically over the last few years and many trusts need to be reviewed to see if restructuring would be tax beneficial.

We have the expertise to help you understand the tax issues and restructure as well as being able to complete the annual tax returns.

Inheritance Tax

If you have paid tax on your earnings during your life time do you really want to see the government take up to 40% of your wealth when it passes to the next generation? Inheritance tax planning can mitigate some, if not all of this tax.

Inheritance tax planning is only something to be considered if your entire wealth of assets (and debts) comes to more than £325,000 for the 2013/14 tax year. Also you need to have wealth to spare – if you need all the money you have to live on then planning options may be limited.

Capital Gains Tax

Capital taxes such as capital gains tax and inheritance tax are often charged on wealth you have already paid tax on, therefore why should you pay more tax than you have to? Thankfully they are also the taxes with the most exemptions and reliefs which mean planning can make a big difference.

With so many years of expertise we can offer you advice on many different tax planning opportunities depending on what you are doing. With our free half hour consultation we will be able to tell you if we can help.

VAT

VAT returns are often time pressured – there never seems to be enough time before the filing deadline Continued failure to submit returns on time can lead to penalties being applied which just adds to the stress.

Not only is there the pressure of completing a return on time but it requires you to know the VAT treatment of every single purchase or sales invoice. With cross border transactions becoming more common it is harder to know if you are doing everything correctly.

We can help you identify the correct VAT treatment and make sure you do not end up owing Customs back taxes and interest!

Remember it is not only those of you that are already VAT registered, but also those of you that have gone over the VAT registration limits. If you accidently go over the limits Customs will automatically treat all income as having already included VAT at 20%. That is quite a sizable amount of income to lose.