Tax Accountants Guildford
Personal and Business Tax Expertise in Guildford
Tax has an effect on all of us and understanding what to pay, and when, might not be easy. Whittingtons tax accountants Guildford are right here to ensure you comprehend all of the points that can encompass tax and direct you through the procedure.
If you need expert advice or even an accountancy firm to handle and complete your tax returns in Guildford, then you should phone Whittingtons on 01483 456363
Specialist Tax Accountants
Paying less tax and maximising the wealth you might have created is very important when you work as hard as you do. Our tax accountants will help you in lessening your taxation financial obligations, increasing your wealth and reducing the administrative stress of taxation compliance.
Don't assume all accounting practices examine income tax matters from the business owner’s viewpoint, or think about how funds can be successfully obtained from that company to benefit you. We do things differently. Our tax assistance staff work together with you to comprehend your goals and supply comprehensive tax planning to fit these goals and maximise profits available for distribution.
Whittingtons tax accountants offer you sensible guidance you'll need, and this joined with our years of experience and knowledge means that you are in good hands. Our team has relationships with HM Revenue and Customs, so we will always be on top of our game and up to date with the newest changes and legal guidelines.
Let our skilled tax accountants help you with:
• Personal Taxation
• Corporate Tax
• Capital Gains Taxation
• Inheritance Tax
• Tax Investigations
• Share Schemes
This is more than filling out tax statements. Our usual annual individual tax compliance service features:
• The completion and submitting to HMRC of Self Assessment tax returns and supporting work schedules.
• Calculation of taxation financial obligations.
• Advising of tax payments and payment dates, which include balancing payments or obligations or any interim payments.
• Checking Self Assessment statements of accounts.
• Checking PAYE notices of coding.
• Dealing with minor queries arising throughout the period such as any discussion necessary with HMRC.
We handle other personal tax compliance as the need occurs, which includes managing national insurance contribution matters, inheritance taxes reporting and calculating capital gains tax liabilities.
Our annual service goes beyond filling in the forms, therefore we critically evaluate tax returns to see if they "look right" according to what we know of our clients. Maybe you have sent us all the information you delivered last year, or have you overlooked one current account? We can't take away from you the supreme obligation for getting ready a correct return, but by taking this extra care we might just assist to avoid that tax enquiry!
The accounts of the company typically need altering for taxation purposes to attain a taxable profit (or loss) as opposed to the accounts profit (or loss). These alterations are created on a tax computation at the time the financial records are prepared. The modified figures are used to put together personal, partnership or corporate tax returns.
We help companies with end-of-the-year PAYE returns which includes forms P35 (irrespective of whether in support of our payroll department or otherwise not) and forms P11D (which demand details of expenses and benefits to be reported to HMRC by 6 July each year).
Additionally, we supply corporations with VAT assistance. We can help you with the preparing of your respective "Value Added Tax" returns, or prepare them with the information you supply or recommend the VAT treatments for sales or costs.
Corporate And Business Tax
We aid our corporate clients in meeting their tax requirements in lots of ways:
• We put together tax calculations adjusting a company's accounts for tax applications.
• We put together business tax return form(s) CT600 for each and every accounting time period (NB a company's accounting period for taxation reasons will not be always identical to the time period for which it prepares accounts!)
• We monitor filing deadlines for business tax returns, assist our clients submit their returns on time, and make certain that making all acceptable tax claims in time.
• We advise customers of their corporation tax obligations, typically falling due 9 months following the end of an accounting time period (and three months ahead of the tax return needs to be filed).
• We keep tabs on and compute other company tax liabilities, for instance, liabilities to corporation tax resulting from making loans to participators (normally as overdrawn directors' loan accounts).
• For larger sized businesses, we advise on the settlement of quarterly instalments of corporation tax and in some cases assist them with their estimates of profits so they can make appropriate payments.
However, we don't just fill out forms; we continuously consider methods to assist our customers to pay a reduced amount of tax.
For our numerous proprietor-managed companies, we look at the optimum tax position of both the company as well as its owners.
Tax planning is a core activity of the organisation. Our staff are all aware of the result of tax on business dealings. Our taxation division supplies specialist assistance to our staff and also to customers the moment we are conscious there is a taxation implication. The complexity of legal guidelines now requires professional taxation planning to enable our clients lawfully to minimise their exposure to all taxes.
The tax information we give is definitely tailored to our clients' circumstances and facts. Customers are seldom the exact same, so "one size fits all" does not work!
Common tax department planning consists of:
• Reducing personal taxes or capital gains taxation, such as consideration of tax-efficient investments (including pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services department) or other reliefs that may be out there.
• Tax planning companies, which include determining and optimising claims for relief, as an example determining items qualified to receive capital allowances and enhanced capital allowances for energy or water efficient plant.
• Corporation income tax planning by optimising companies' tax relief claims, such as planning for groups of companies.
• Remuneration planning for proprietors and critical employees, such as dividend or fees planning, tax efficient payment and share incentive schemes.
• Estate and inheritance tax planning, such as guidance on the structure and content of wills and inheritance tax efficient strategy of investment.
• Trust planning, along with estate planning
• Planning for unique dealings, including business mergers, acquisitions, disposals or reorganisations, share buy-backs, or even the acquisition or disposal of important properties and assets.
• Consideration of the VAT significance of transactions or "Value Added Tax" planning in general to optimise the exposure of a business to VAT.
A tax enquiry is usually a traumatic time. We attempt to relieve the strain for you personally in your dealings with the tax government bodies. Naturally, you continue to be accountable for your own matters, but we are able to deal with the conduct with the enquiry and help guard your legal rights along with advising you of your responsibilities.
An HMRC tax enquiry can take a number of forms. It can be:
• An arbitrary enquiry.
• An enquiry into a specific aspect of your (or perhaps your business') tax return, which could be addressed fairly simply or which might be a more specialised situation.
• An extensive enquiry into your entire tax matters for one or more years which includes, in particular, a detailed review of your books and documents of your business.
• A PAYE routine visit or perhaps in-depth enquiry.
• A "serious" investigation, which includes one by way of the Special Compliance Office which could be an enquiry into irregularities or into a significant specialised topic.
No matter the characteristics of your tax enquiry it is essential you are well advised. You can't, sadly, rely on the tax regulators necessarily to establish the "correct" level of taxation that you may owe. A few points are not clear-cut and are generally exposed to interpretation – you need to have your matters negotiated and presented for you personally in the most favourable light.
Some customers choose us with trusts that are actually established, others have trusts that happen to be created as an element of our taxation planning advice, such as inheritance tax planning. The annual compliance work for trusts:
• Dealing with any technical issues as a result of the process of the trust
The yearly compliance work for a trust includes the following, as suitable:
• Preparation of yearly accounts.
• Preparation of yearly income tax and capital gains tax computations.
• Preparation of the trust's once-a-year self-assessment tax return.
• Advising the trustees of any taxation liability and dates of payment.
• Preparation of forms R185 (statements of income from trusts or estates, or certificates of deduction of income tax).
• Submission of the financial records, income tax calculations and the tax return to HM Revenue and Customs.
• Dealing with routine questions on account of the submission of the tax return.
• Ensuring claims and elections are presented by the relevant deadlines.
• Preparation of inheritance tax returns.
As well as the regular work carried out contained in the normal yearly compliance period, we can if requested take into account the tax effects of any transactions the trustees wish to implement as part of their obligations as trustees, for instance:
• appointing capital to beneficiaries
• adding new beneficiaries
• varying the terms of the trust or
• varying the investment strategies in the trust
We could also suggest a settlor of the trust who wishes to add further funds for the trust or new trusts, or conduct additional tax planning which might impact on the trust.
For more information on our accountant taxation products and services in Guildford be sure to call on 01483 456363