Taxation

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Our objective as your tax advisor 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 the most tax efficient way.

Corporation tax services

Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments.

The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.

We submit your Corporation tax returns and supporting paperwork to HM Revenue and Customs using the mandatory iXBRL format.

Personal Tax (including sole-traders and partnerships)

We can help you to prepare your Self Assessment tax return, which will be required if you have income that is not taxed at source or if you are running a business through a sole trade structure or partnership.

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. We will project your income forward to ensure that we can give you appropriate advice on any payments on account that you might be required to make and where appropriate help you to reduce these to help your cash flow.

Included within this service is capital gains tax and inheritance tax compliance and planning advice.

Tax return checklist 2016/17

Click here to view/download the Tax return checklist 2016/17


Inheritance tax and estate planning

This is an area of tax that often gets overlooked and action is not taken until it is too late.  It is also a tax that is described by many as a voluntary tax as there are lots of steps that can be taken to plan for the tax payable on your death. We provide a discreet comprehensive estate planning service that includes:

  • help with planning and reviewing a will
  • making full use of exemptions and lower tax rates on lifetime transfers
  • optimising lifetime transfers between family members
  • transferring agricultural or business property
  • transferring assets into trust
  • arranging adequate life assurance to cover potential inheritance tax liabilities.

VAT

VAT compliance can be a difficult administrative process, particularly with the regular changes in the rules. We can help to ensure that you comply with the regulations. Our efficient, cost-effective VAT service includes:

  • assistance with VAT registration
  • advice on VAT planning and administration
  • use of the most appropriate scheme
  • help with completing VAT returns

With effect from 1 January 2015, new rules start for businesses supplying e- services within the EU. This will give rise to additional reporting requirements under the Mini One Stop Shop (MOSS) system. If you would like to understand more about this, please read our attached interpretation.

HMRC Investigations and tax protection

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.

With the increased risk of investigations it may be worth considering taking out an 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. Please ask for further details of our fee protection scheme and click on the below links:

Fee Protection What does the taxman know about you, your finances and your lifestyle?

HOW TO PAY YOUR TAX

PERSONAL TAX

Personal Self-Assessment tax is payable by 31 January, 10 months after the tax year end.  You may also be required to make payments on account in the following July.

There are a number of ways to make this payment, HMRC tend to prefer online payments and we recommend this too as it means you have proof of payment on your statement too.

When making online payments, your bill should tell you which account to pay into but if you are not sure use Cumbernauld

Sort code

08 32 10

08 32 10

Account number

12001039

12001020

Account name

HMRC Cumbernauld

HMRC Shipley


You will need your 11-character payment reference. This is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’.

You’ll find it on the payslip HMRC sent you.  If we have prepared your return, this reference can be found in the top left hand corner of the return.

If you would like to pay by debit or credit card, at the bank or by post etc, please refer to:

HMRC’s guidance

Note that HMRC will not accept personal credit card payments from 13 January 2018

CORPORATION TAX

Corporation tax is normally due 9 months and 1 day after the year end. If you have a long period of trade (in particular in the first year), please check as there may be an additional payment due and large companies may have to make payments on account.

Payment methods are similar to personal tax but note that you cannot pay corporation tax by post.   

The back of your payslip, sent to you by HMRC, will tell you which account to use. If you’re not sure, use Cumbernauld.

Sort code

08 32 10

08 32 10

Account number

12001039

12001020

Account name

HMRC Cumbernauld

HMRC Shipley


Use your 17-character Corporation Tax payment reference number for the accounting period you’re paying.  If you are making online payments, you will need to update the reference each year or the payment will be allocated to the wrong year.

If you would like to pay by debit or credit card or at the bank etc, please refer to:

HMRC’s guidance 

HAVING DIFFICULTIES PAYING YOUR TAX

Whilst we encourage clients to save sufficient during the year to make their tax payments, there are occasions when cash flow calculations have not gone to plan and you are unable to meet the tax demand immediately.  If this happens communication with HMRC is extremely important.  

Before you call HMRC you will need to know:

  • your reference number (eg 10-digit unique taxpayer reference, VAT reference number etc)
  • the amount of the tax bill you’re finding it difficult to pay and the reasons why
  • what you’ve done to try to get the money to pay the bill
  • how much you can pay immediately and how long you may need to pay the rest.  Don’t just look at historical bills when trying to plan what you can afford, make sure that your cash flow predictions deal with paying the future bills on time too. .  With VAT in particular, the penalty regime focuses on how many times you are late with returns and payments.  If you can keep the current bills paid on time, you reduce the amount of penalties that will be charged.

Once you have agreed an arrangement, make sure you comply with it and make sure that you have improved your systems to enable you to make the subsequent payments on time.

HMRC can be contacted on the HMRC Business Payment Support Service Telephone: 0300 200 3835 which is open Monday to Friday, 8am to 8pm and Saturday and Sunday, 8am to 4pm

For further information please look at www.gov.uk/difficulties-paying-hmrc/overview

Require more information?

If you would like more information or would like to speak to us direct then call us on +44 (0) 1323 416500. Or if you would prefer, ask us a question online.