Taxes has an effect on many of us and understanding what to pay out and when might not be self-explanatory. Whittingtons tax accountants Woking are here to ensure that you comprehend all the conditions that can encompass tax and direct you through the process. If you are trying to find Accountants Woking then you have come to the right place.
If you need expert consultancy or even an accountancy firm to handle and finish your taxes in Woking, then please simply call Whittingtons on 01483 456363 or take a look at our informative page on Accountants Woking
Professional Tax Accountants
Paying significantly less tax and maximising the wealth you have developed is vital if you work as hard as you do. Our tax accountants can assist you in reducing your tax financial obligations, maximising your wealth and getting rid of the administrative problem of taxation compliance.
Not all accountancy practices examine income tax factors from the company owner’s perspective or take into account how income could be correctly obtained from that company to benefit you. We do things in a different way. Our tax advice team works together with you to be aware of your targets and provide extensive tax planning to suit these objectives and increase profits available for distribution.
Whittingtons tax accountants offer you the useful advice you'll need, and this joined using our experience and knowledge means that you are in good hands. Our staff has close ties with HM Revenue and Customs, so we will always be on top of our game and up-to-date with the newest 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 really is a lot more than filling in tax statements. Our typical annual individual tax compliance support features:
• The completion and submission to HMRC of Self Assessment tax returns and supporting activities.
• Calculation of taxation liabilities.
• Advising of tax payments and due dates, including balancing payments or obligations and then any interim instalment payments.
• Checking Self Assessment statements of accounts.
• Checking PAYE notices of coding.
• Dealing with minor inquiries coming up throughout the period including any conversation essential with HMRC.
We handle other personal tax compliance as the need arises, including dealing with national insurance contribution concerns, inheritance tax reporting and determining capital gains tax financial obligations.
Our yearly service goes beyond filling in the forms and we critically review tax returns to determine if they " look right " according to what we know of our customers. Perhaps you have sent us all the details you provided last year, or have you forgotten one savings account? We cannot take away from you the ultimate responsibility for preparing a correct return, but by taking this extra care we may just assist to avoid that tax enquiry!
The accounts of the business typically need adjusting for taxation purposes to reach a taxable profit (or loss) rather than the accounts profit (or loss ). These adjustments are created on a tax computation during the time the accounts are prepared. The adjusted figures are then used to put together personal, partnership or corporate tax returns.
We help corporations with the end of year PAYE returns such as forms P35 ( irrespective of whether in support of our payroll department or otherwise not ) and forms P11D (which require details of expenditures and benefits to be documented to HMRC by 6 July each year ).
Additionally, we supply companies with VAT assistance. We can assist you with the preparation of your respective VAT returns, or prepare them from the information and facts you supply or recommend the VAT treatment of revenue or expenses.
We assist our corporate clients in meeting their taxation commitments in many ways:
• We prepare tax information altering a company's accounts for tax purposes.
• We prepare business tax return form(s ) CT600 for each accounting period (NB a company's accounting period for taxation reasons will not be always the same as the period that it prepares company accounts !)
• We keep an eye on filing deadlines for business tax returns, help our customers submit their returns on time, and ensure that making all appropriate tax claims on time.
• We advise customers of the company tax obligations, normally falling due9 months following the end of an accounting time period( and 3 months prior to the tax return must be sent in ).
• We keep track of and compute other corporation 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 larger sized companies, we advise on the settlement of quarterly instalments of corporation tax and even assist them with regards to their reports of profits so that they can make accurate payments.
Nonetheless, we don't just complete forms; we continuously think of approaches to enable our clients to pay less tax.
For our many operators- managed companies, we consider the best possible tax position of both the business as well as proprietors.
Tax planning is actually a primary activity of the company. Our team members are very mindful of the impact of taxation on business oriented dealings. Our tax department gives specialist assistance to our staff and also to customers as soon as we are conscious there is a tax implication. The complexness of guidelines now demands professional taxation planning to enable our clients lawfully to significantly lower their exposure to all taxation.
The taxation information we give is definitely customised to our clients' circumstances and specifics. Customers are rarely similar, so " one size fits all " doesn't work!
Typical taxation department planning features:
• Reducing personal income tax or capital gains taxation, including reflection on tax- efficient investment opportunities( including pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services team) or other reliefs which may be available.
• Tax planning companies, including diagnosing and optimising claims for relief, for instance, pinpointing 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 owners and crucial workers, such as dividend or fees planning, tax efficient compensation and share incentive schemes.
• Estate and inheritance tax planning, which includes counselling around the framework and content of wills and inheritance tax efficient investment strategies.
• Trust planning, together with estate planning
• Planning for unique transactions, which include company mergers, acquisitions, disposals or reorganisations, share buy- backs, or the purchase or disposal of important properties and assets.
• Consideration of the VAT benefits of purchases or VAT planning in general to optimise the exposure of a company to Value Added Tax.
A tax enquiry can be quite a nerve-racking time. We attempt to relieve the anxiety for you personally in your dealings with the tax regulators. Of course, you remain liable for your own personal affairs, but we can deal with the conduct of the enquiry and help defend your rights, in addition, to counselling you of your responsibilities.
An HMRC tax enquiry normally takes numerous forms. It could be:
• A random enquiry.
• An enquiry into a distinct element of your ( or your companies) tax return, which could be addressed relatively simply or which could be a more technical situation.
• An extensive enquiry into your entire taxation affairs for several years such as in particular, an in-depth look at your books and reports of your firm.
• A PAYE routine visit or perhaps in- depth enquiry.
• A " serious " investigation, such as one by way of the Special Compliance Office which could be an enquiry into irregularities or into a significant specialised matter.
Whatever the aspect of the tax enquiry it is important that you are well advised. You can't, sadly, depend upon the tax respective authorities always to ascertain the " correct " level of taxation that you may owe. A few points are not clear- cut and so are exposed to interpretation – you need to have your issues negotiated and presented for you personally in the most beneficial light.
Some clients choose us with trusts that are actually established, other people have trusts that are created as an element of our taxation planning assistance, which include 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 most appropriate:
• Preparation of annual accounts.
• Preparation of yearly income tax and capital gains tax calculations.
• Preparation of the trust's once-a-year self-assessment tax return.
• Advising the trustees of any tax obligation 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 arising from the submission of the tax return.
• Ensuring statements and elections are presented by the applicable deadlines.
• Preparation of inheritance tax returns.
In addition to the routine work executed contained in the regular annual compliance cycle, we can if requested consider the tax ramifications associated with financial transactions the trustees need to apply as part of their obligations as trustees, for example:
• 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 recommend a settlor of the trust who wants to add further monies to the trust or new trusts or conduct additional tax planning which can impact on the trust.