Accounting Firms Woking
Accounting Firms Woking
Taxation affects most of us and being aware of what to pay and when isn't necessarily self-explanatory. Whittingtons tax accountants Woking are here to make sure you have an understanding of all of the points that can encompass taxes and guide you through the procedure. If you are looking for Accounting Firms Woking then you have come to the right place.
Expert Tax Accountants
Paying considerably less tax and maximising the wealth you might have created is very important if you work as hard as you do. Our tax accountants will help you in reducing your tax financial obligations, maximising your wealth and eliminating the administrative burden of tax compliance.
Not all accounting practices examine tax matters from the company owner’s point of view or take into account how income could be correctly obtained from that business to benefit you. We do things in a different way. Our tax advice team works together with you to be aware of your objectives and offer comprehensive tax planning to fit these goals and maximise profits readily available for distribution.
Whittingtons tax accountants offer you useful guidance you'll need, and this teamed using our experience and knowledge means you're in good hands. Our staff has close ties with HM Revenue and Customs, therefore we are always on top of our game and up to date with the newest changes and legislation.
Let our professional tax accountants support you with:
• Personal Tax
• Corporate Taxation
• Capital Gains Taxation
• Inheritance Tax
• Tax Investigations
• Share Schemes
This really is a lot more than filling in tax statements. Our typical yearly personal tax compliance support involves:
• The completion and submitting to HMRC of Self Assessment tax returns and supporting schedules.
• Calculation of taxation financial obligations.
• Advising of tax payments and due dates, including managing payments or repayments and then any interim instalments.
• Checking Self Assessment statements of accounts.
• Checking PAYE notices of coding.
• Dealing with small concerns arising throughout the time period including any conversation required with HMRC.
We take care of other personal tax compliance as the need arises, including dealing with national insurance contribution matters, inheritance tax reporting and calculating capital gains tax liabilities.
Our yearly service goes beyond filling in the forms, therefore, we critically evaluate tax returns to see if they " look correct " based on what we know of our customers. Perhaps you have sent us all the details you sent a year ago, or have you overlooked one particular banking account? We cannot take away from you the supreme obligation for preparing the correct return, but through taking this extra care we might just help to avoid that tax enquiry!
The accounts of your company ordinarily require fine-tuning for taxation purposes to reach a taxable profit (or loss) as opposed to the accounts profit (or loss ). These modifications are made on a tax computation at the time the financial records are prepared. The fine-tuned figures are used to get ready individual, partnership or corporate and business tax returns.
We aid businesses with the end of year PAYE returns including forms P35 (whether in support of our payroll office or otherwise not ) and forms P11D (which need information on expenses and benefits to be noted to HMRC by 6 July annually ).
We offer businesses with VAT support. We may help you with the preparing of one's Value Added Tax returns, or ready them for the information and facts you supply or advise on the VAT treatment of gross sales or expenses.
Corporate And Business Tax
We aid our corporate clients in meeting their tax requirements in many ways:
• We put together tax calculations adjusting a company's accounts for tax applications.
• We put together company tax return form(s ) CT600 for each accounting period (NB a company's accounting time period for tax reasons isn't always identical to the period for which it prepares accounts !)
• We monitor processing due dates for corporation tax returns, help our customers distribute their returns on time, and ensure that making all applicable tax claims on time.
• We inform clients of the corporation tax payments, typically falling due9 months after the end of an accounting time period( and 3 months before the tax return should be submitted ).
• We keep track of and compute other company tax financial obligations, by way of example liabilities to corporation tax resulting from making financial loans to participators ( most often as overdrawn directors' loan accounts ).
• For much larger corporations, we advise on the settlement of quarterly instalments of corporation tax and perhaps assist them in relation to their reports of profits in order that they will make exact payments.
However, we don't just fill in forms; we continually think about ways to assist our customers in paying a reduced amount of tax.
For our many owners-managed businesses, we look at the best possible tax position of both the business as well as its proprietors.
Tax planning is actually a primary activity of the firm. Our people are very mindful of the impact of taxation on commercial dealings. Our taxation office gives professional support to our workforce and to clients as soon as we are informed there is a tax implication. The complexity of guidelines now requires professional taxation planning to permit our customers legally to minimise their exposure to all taxes.
The tax guidance we give is always tailor-made to the clients' circumstances and facts. Clients are almost never similar, so "one size fits all" can not work!
Common tax department planning consists of:
• Reducing personal tax or capital gains taxes, such as reflection on tax- efficient investment decisions( which includes pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services division) as well as other reliefs which might be available.
• Tax planning for corporations, including identifying and optimising claims for relief, as an example pinpointing items qualified to receive capital allowances and enhanced capital allowances for power or water efficient plant.
• Corporation income tax planning by optimising companies' tax relief claims, which includes planning for groups of companies.
• Remuneration planning for proprietors and key staff members, which includes dividend or fees planning, tax efficient compensation and share incentive schemes.
• Estate and inheritance tax preparation, including counseling around the structure and content of wills and inheritance tax efficient investment decisions.
• Trust planning, along with estate planning
• Planning for distinct purchases, including business mergers, acquisitions, disposals or reorganisations, share buy- backs, or perhaps the purchase or disposal of important financial assets.
• Consideration of the VAT ramifications of purchases or Value Added Tax planning in general to optimise the direct exposure of a business enterprise to VAT.
A tax enquiry can be a stressful time. We try to relieve the anxiety for you in our dealings with the tax authorities. Needless to say, you continue being liable for your own affairs, but we can take care of the conduct with the enquiry and help protect your legal rights, in addition, to advising you of the responsibilities.
An HMRC tax enquiry can take a number of shapes. It may be:
• An arbitrary enquiry.
• An enquiry into a selected component of your ( or perhaps your businesses) tax return, which could be taken care of relatively simply or which might be a more specialised matter.
• A full enquiry into your entire taxation matters for several years such as in particular, a detailed look at your books and reports of your business.
• A PAYE routine visit or an in- depth enquiry.
• A " serious " investigation, such as one with the Special Compliance Office which could be an enquiry into irregularities or into a significant specialised issue.
No matter the characteristics of the tax enquiry it is crucial that that you are well advised. You cannot, unfortunately, count on the tax authorities necessarily to establish the " correct " level of tax that you could owe. Some points will not be clear- cut and are generally open to interpretation – you'll want to have your matters negotiated and presented for you in the most favourable light.
Some customers come to us with trusts that are actually set up, other people have trusts which might be developed within our tax preparation assistance, which include inheritance tax scheduling. the yearly conformity work with trusts
• dealing with any technical issues arising from the whole process of the trust
The annual compliance work for a trust incorporates the following, as appropriate:
• Preparation of annual company accounts.
• Preparation of yearly income tax and capital gains tax computations.
• Preparation of the trust's annual self-assessment tax return.
• Advising the trustees of the taxation liability and due 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 routine enquiries on account of the submission of the tax return.
• Ensuring statements and elections are submitted by the applicable due dates.
• Preparation of inheritance tax returns.
Besides the regular work carried out as part of the typical annual compliance cycle, we can if requested look at the tax effects associated with transactions the trustees need to apply as part of their duties as trustees, for instance:
• appointing capital to beneficiaries;
• adding new beneficiaries;
• varying the terms of the trust; or
• varying the investment funds in the trust.
We are able to also advise a settlor of the trust who wishes to add additional funds for the trust or new trusts or perform further tax planning which could impact on the trust.