Self Employed Tax Accountants Guildford
Self Employed Tax Accountants Guildford
Tax impacts everyone and knowing what to pay and when isn't necessarily easy. Whittingtons tax accountants Guildford are here to ensure that you understand all of the conditions that can surround taxes and guide you through the process.
Expert Tax Accountants
Paying considerably less tax and increasing the wealth you have developed is important if you work as hard as you do. Our tax accountants will help you in reducing your income tax financial obligations, maximising your wealth and getting rid of the administrative stress of tax compliance.
Not every accounting practices look at taxation challenges from the business owner’s point of view or think about how money may be efficiently obtained from that company to benefit you. We do things different. Our tax guidance team will work with you to understand your objectives and provide extensive tax planning to match these goals and increase profits available for distribution.
Whittingtons tax accountants give you the realistic assistance you would like, which joined with our years of experience and knowledge means you're 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 professional tax accountants assist you with:
• Personal Tax
• Corporate Taxation
• Capital Gains Taxation
• Inheritance Tax
• Tax Investigations
• Share Schemes
This is more than completing tax returns. Our normal annual personal tax compliance service involves:
• The completion and submission to HMRC of Self Assessment tax returns and supporting schedules.
• Calculation of tax financial obligations.
• Advising of tax payments and due dates, which includes balancing payments or obligations as well as interim payments.
• Checking Self Assessment statements of account.
• Checking PAYE notices of coding.
• Dealing with minimal concerns coming up during the period including any discussion needed with HMRC.
We take care of other personal tax compliance as the need occurs, which includes handling national insurance contribution issues, inheritance taxes reporting and calculating capital gains tax financial obligations.
Our annual service goes beyond filling in the forms and then we critically evaluate tax returns to see if they " look right " according to what we know of our customers. Have you delivered us all the information you sent a year ago, or have you forgotten one particular bank account? We can't take away from you the eventual obligation for preparing the correct return, but by taking this additional care we might just assist to prevent that tax enquiry!
The accounts of your company ordinarily need fine-tuning for tax purposes to reach a taxable profit (or loss) rather than the accounts profit (or loss ). These alterations are made on a tax computation at the time the company accounts are prepared. The modified figures will be used to get ready individual, partnership or company tax returns.
We support businesses with an end of year PAYE returns which includes forms P35 ( regardless of whether in support of our payroll team or otherwise not ) and forms P11D (which demand information on expenses and benefits to be documented to HMRC by 6 July every year ).
We offer companies with VAT support. We will help you with the preparation of your Value Added Tax returns, or ready them with the information and facts you supply or advise on the VAT treatments for revenue or costs.
Corporate And Business Tax
We help our corporate and business clients meet their taxation requirements in numerous ways:
• We put together tax information modifying a company's accounts for taxation applications.
• We put together business tax return form(s ) CT600 for each and every accounting time period (NB a company's accounting period for tax reasons isn't necessarily identical to the period that it prepares accounts!)
• We monitor filing deadlines for business tax returns, assist our clients distribute their returns on time, and ensure that making all acceptable tax claims on time.
• We inform customers of their business tax obligations, typically falling due 9 months following the end of an accounting time period( and 3 months ahead of the tax return needs to be sent in ).
• We keep tabs on and calculate other corporation tax liabilities, for example, liabilities to corporation tax on account of making loans to participators (normally as overdrawn directors' loan accounts ).
• For more substantial businesses, we recommend the payment of quarterly instalments of corporation tax and perhaps assist them with regards to their estimations of profits so they will make precise payments.
However, we don't just fill out forms; we continually think about approaches to aid our clients to pay a reduced amount of tax.
For our many owner-managed businesses, we consider the optimum tax position of both the company as well as proprietors.
Tax planning is actually a primary activity of the firm. Our employees are all aware of the effect of the tax on commercial transactions. Our tax team gives professional support to our workforce and also to customers as soon as we're informed there's a tax implication. The complexity of legal guidelines now demands professional tax planning to permit our clients legally to reduce their exposure to all taxes.
The tax assistance we give is definitely personalised to our clients' situations and specifics. Customers are hardly ever the exact same, so " one size fits all " doesn't work!
Regular taxation department planning includes:
• Reducing individual tax or capital gains tax, such as reflection on tax- efficient investment decisions( which include pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services unit) or other reliefs that may be readily available.
• Tax planning companies, including determining and optimising claims for relief, for example identifying items entitled to capital allowances and enhanced capital allowances for energy or water efficient plant.
• Corporation income tax planning by optimising firms' tax relief claims, which includes planning for groups of companies.
• Remuneration planning for owners and key workers, which includes dividend or fees planning, tax efficient payment and share incentive schemes.
• Estate and inheritance tax planning, including guidance for the construction and content of wills and inheritance tax efficient opportunities.
• Trust planning, along with estate planning
• Planning for unique purchases, which includes company mergers, acquisitions, disposals or reorganisations, share buy- backs, or even the acquisition or disposal of important property and assets.
• Consideration of the VAT implications of purchases or VAT planning in general to improve the exposure of a business enterprise to VAT.
A tax enquiry is usually a traumatic time. We try to alleviate the tension for you in our dealings with the tax authorities. Needless to say, you continue being accountable for your own matters, but we are able to deal with the conduct with the enquiry and help defend your protection under the law as well as counsel you of your responsibilities.
An HMRC tax enquiry may take many different forms. It might be:
• A random enquiry.
• An enquiry into a selected component of your ( or perhaps your business's) taxes, that could be dealt with reasonably simply or which might be a lot more complex issue.
• A comprehensive enquiry into all your tax affairs for a number of years which includes, particularly, a detailed look at your books and documents of your business.
• A PAYE routine visit or perhaps in-depth enquiry.
• A " serious " investigation, such as one by the Special Compliance Office which could be an enquiry into issues or into a significant technical subject.
No matter the aspect of the tax enquiry it is essential you are well advised. You cannot, unfortunately, depend on the tax respective authorities always to establish the " correct " amount of taxation that you may have to pay. Some points are not clear- cut and therefore are open to interpretation – you need to have your affairs negotiated and presented for you in the most favourable light.
Some clients come to us with trusts that have been completely established, other people have trusts which might be built as an element of our tax preparation assistance, including inheritance tax planning. the annual compliance work with trusts
• dealing with any technical issues as a result of the entire process of the trust
The annual compliance work for a trust involves the following, as appropriate:
• Preparation of annual company accounts.
• Preparation of annual income tax and capital gains tax information.
• Preparation of the trust's annual self-assessment tax return.
• Advising the trustees of the tax 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 accounts, income tax calculations and the tax return to HM Revenue and Customs.
• Dealing with routine queries on account of the submission of the tax return.
• Ensuring claims and elections are submitted by the appropriate due dates.
• Preparation of inheritance tax returns.
Besides the routine work executed included in the normal annual compliance cycle, we are able to if requested consider the tax ramifications associated with financial transactions the trustees wish to implement as part of their responsibilities as trustees, for example:
• appointing capital to beneficiaries;
• adding new beneficiaries;
• varying the terms of the trust; or
• varying the investments inside the trust.
We could also suggest a settlor of the trust who wishes to add additional monies to the trust or new trusts or execute further tax planning that might impact on the trust.