Tax Accountants Woking
Business and personal Tax Professional Services in Woking
Taxes impacts everyone and understanding what to be charged and when might not be simple. Whittingtons tax accountants in Woking are here to ensure that you have an understanding of all the conditions that can encompass tax and show you through the process.
If you want expert advice or an accountancy firm to control and complete your taxes in Woking, Surrey, then make sure you get in touch with Whittingtons on 01483 456363
Experienced Tax Accountants
Paying less income tax and increasing the wealth you might have developed is essential when you work as hard as you do. Our tax accountants can help you in lessening your duty liabilities, maximising your wealth and reducing the administrative problem of taxation compliance.
Not all accountancy practices take a look at taxation factors from the company owner’s viewpoint, or think about how funds may be successfully obtained from that company to benefit you. We do things in a different way. Our tax assistance staff will work with you to be aware of your targets and provide comprehensive tax planning to fit these objectives and increase profits available for distribution.
Whittingtons tax accountants give you the realistic advice you need, and this joined using our years of experience and knowledge means you are in good hands. Our company has relationships with HM Revenue and Customs, so we will always be on top of our game and current with the most recent developments and legal guidelines.
Let our specialist tax accountants aid you with:
• Personal Tax
• Corporate Taxation
• Capital Gains Taxation
• Inheritance Tax
• Tax Investigations
• Share Schemes
This is certainly more than filling in tax statements. Our normal yearly personal tax compliance support features:
• The completion and submitting to HMRC of Self Assessment tax returns and supporting work schedules.
• Calculation of tax financial obligations.
• Advising of tax payments and payment dates, which include balancing payments or obligations as well as interim payments.
• Checking Self Assessment statements of account.
• Checking PAYE notices of coding.
• Dealing with small questions coming up during the period which includes any conversation essential with HMRC.
We handle other personal tax compliance as the need arises, which includes addressing national insurance contribution issues, inheritance taxes reporting and calculating capital gains tax financial obligations.
Our yearly service goes beyond filling out the forms, therefore we critically evaluate tax returns to determine if they "look right" based on what we know of our clients. Have you delivered us every piece of information you provided a year ago, or have you missed one current account? We can't take away from you the supreme responsibility for preparing a correct return, but by taking this additional care we may just assist to avoid that tax enquiry!
The company accounts of your business usually need modifying for tax purposes to arrive at a taxable profit (or loss) as opposed to the company accounts profit (or loss). These changes are produced on a tax computation during the time the reports are prepared. The fine-tuned figures are then used to prepare personal, partnership or corporate and business tax returns.
We aid companies with 'end of year' PAYE returns including forms P35 (whether in support of our payroll department or otherwise) and forms P11D (which require details of expenditures and benefits to be documented to HMRC by 6 July each year).
In addition, we provide companies with VAT support. We can help you with the preparing of one's "Value Added Tax" returns, or ready them from the details you provide, or advise on the VAT treatments for sales or costs.
We assist our corporate and business clients meet their taxation requirements in numerous ways:
• We prepare tax calculations altering a company's accounts for tax purposes.
• We get ready corporation tax return form(s) CT600 for each accounting period (a company's accounting period for tax purposes is not necessarily the same as the period for which it prepares accounts)!
• We keep track of processing deadlines for corporation tax returns, support our clients publish their returns on time, and ensure that making all acceptable tax claims are on time.
• We advise clients of their corporation tax obligations, typically falling due 9 months after the end of an accounting period (and 3 months ahead of the tax return has to be submitted).
• We monitor and calculate other corporation tax liabilities, as an example liabilities to corporation tax on account of making loans to participators (normally as overdrawn directors' loan accounts).
• For larger businesses, we recommend the payment of quarterly instalments of corporation tax and in some cases assist them with regards to their reports of profits so that they will make exact payments.
Nevertheless, we do not just fill out forms; we constantly think about strategies to support our customers pay a reduced amount of tax.
For our several owner-managed companies, we look at the ideal tax position of both the company and it is owners.
Tax planning is actually a core activity of the business. Our team are very mindful of the result of taxation on business oriented transactions. Our tax department provides specialist support to our workforce and also to clients the moment we are conscious there exists a taxation implication. The complexness of guidelines now requires expert tax planning to allow our customers legally, to significantly lower their exposure to all taxation.
The taxation information we give is obviously tailored to our clients' situations and specifics. Clients are rarely identical, so a "one size fits all" rule isn't followed!
Regular tax department planning includes:
• Reducing individual income tax or capital gains taxes, such as consideration of tax- efficient investments (which includes pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services team) as well as other reliefs which might be available.
• Tax preparing for companies, which include identifying and optimising claims for relief, for instance, identifying items eligible for capital allowances and enhanced capital allowances for energy or water efficient plant.
• Corporation tax planning by optimising firms' tax relief claims, such as planning for groups of companies.
• Remuneration planning for proprietors and crucial staff members, including dividend or fees planning, tax efficient compensation and share incentive schemes.
• Estate and inheritance tax preparation, including counselling around the construction and content of wills and inheritance tax efficient investment decisions.
• Trust planning, along with estate planning
• Planning for specific purchases, which include corporation mergers, acquisitions, disposals or reorganisations, share buy- backs, or perhaps the purchase or disposal of significant property and assets.
• Consideration of the VAT ramifications of transactions or VAT planning in general to optimise the direct exposure of a company to Value Added Tax.
A tax enquiry can be quite a difficult time. We try to relieve the tension for you personally in your dealings with the tax Government bodies. Obviously, you remain liable for your own personal affairs, but we can manage the conduct of the enquiry and help safeguard your rights and counsel you of your respective responsibilities.
An HMRC tax enquiry can take numerous shapes. It may possibly be:
• An arbitrary enquiry.
• An enquiry into a selected aspect of your ( or your business's) taxes, that could be taken care of reasonably simply or which could be a more specialised issue.
• An extensive enquiry into your entire tax matters for several years which includes, in particular, an in-depth look at your books and reports of your firm.
• A PAYE routine visit or an in-depth enquiry.
• A "serious" investigation, such as one from the Special Compliance Office which could be an enquiry into issues or into a significant technical topic.
Whatever the character with the tax enquiry it is essential that you are well advised. You can't, sadly, depend on upon the tax respective authorities always to ascertain the "correct" level of taxation that you may have to pay. A few points aren't clear-cut and are generally exposed to interpretation – you need to have your issues negotiated and presented for you in the most constructive light.
Some customers choose us with trusts that are actually established, others have trusts which might be built within our taxation preparation assistance, which includes inheritance tax planning. The yearly conformity works for trusts dealing with any technical issues arising from the operation of the trust.
The annual compliance work for a trust incorporates the following, as most appropriate:
• Preparation of annual company accounts.
• Preparation of yearly income tax and capital gains tax data.
• Preparation of the trust's annual 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 computations and the tax return to HM Revenue and Customs.
• Dealing with regular queries on account of the submission of the tax return.
• Ensuring claims and elections are submitted by the applicable deadlines.
• Preparation of inheritance tax returns.
In addition to the routine work completed as part of the normal yearly compliance cycle, we can if requested look at the tax effects of any transactions the trustees need to implement as part of their responsibilities as trustees, as an example:
• appointing capital to beneficiaries;
• adding new beneficiaries;
• varying the terms of the trust; or
• varying the investments inside the trust.
We could also advise a settlor of the trust who wants to incorporate additional funds to the trust or new trusts or carry out additional tax planning which might impact on the trust.
To learn more about our accounting tax services in Woking, Surrey please telephone on 01483 456363