Tax Enquiries Guildford
Tax Enquiries Guildford
Taxation affects all of us and knowing what to pay and when may not be straight forward. Whittingtons tax accountants are here to ensure that you have an understanding of all of the issues that can surround tax and show you through the system. If you need help with Tax Enquiries Guildford then give us a call today.
Qualified Tax Accountants
Paying considerably less income tax and increasing the wealth you've developed is vital when you work as hard as you do. Our tax accountants will help you in reducing your duty financial obligations, increasing your wealth and easing the administrative responsibility of tax compliance.
Don't assume all accounting practices have a look at income tax issues from the business owner’s point of view or take into account how income can be correctly obtained from that company to benefit you. We do things differently. Our tax advice staff works together with you to be aware of your goals and supply comprehensive tax planning to fit these objectives and maximise profits readily available for distribution.
Whittingtons tax accountants provide you with the practical assistance you'll need, and this teamed with our experience and knowledge means you're in good hands. Our staff has relationships with HM Revenue and Customs, therefore we are always on top of our game and up to date with the most recent developments and legislation.
Let our specialist tax accountants assist you with:
• Personal Taxation
• Corporate Tax
• Capital Gains Tax
• Inheritance Tax
• Tax Inspections
• Share Schemes
This is more than filling out tax statements. Our typical annual individual tax compliance support includes:
• The completion and submitting to HMRC of Self Assessment tax returns and supporting activities.
• Calculation of taxation financial obligations.
• Advising of tax payments and due dates, including controlling payments or obligations and any interim instalment payments.
• Checking Self Assessment statements of account.
• Checking PAYE notices of coding.
• Dealing with minor queries coming up during the time period which includes any discussion essential with HMRC.
We deal with other personal tax compliance as the need arises, which includes dealing with national insurance contribution issues, inheritance tax reporting and working out capital gains tax liabilities.
Our yearly service surpasses filling in the forms and then we critically evaluate tax returns to ascertain if they " look right " depending on what we know of our clients. Have you sent us every piece of information you delivered a year ago, or have you overlooked one bank account? We can't take away from you the eventual obligation for preparing the correct return, but through taking this additional care we might just help to avoid that tax enquiry!
The accounts of the company ordinarily need adjusting for tax purposes to attain taxable profit (or loss) as opposed to the accounts profit (or loss). These adjustments are produced on a tax computation during the time the financial records are prepared. The adjusted figures will be used to prepare individual, partnership or corporate and business tax returns.
We support businesses with the end of year PAYE returns which includes forms P35 (whether in support of our payroll department or otherwise ) and forms P11D (which demand information on expenses and benefits to be documented to HMRC by 6 July annually ).
We also provide businesses with VAT help and support. We will help you with the preparation of your VAT returns, or prepare them from the information and facts you provide or recommend the VAT treatment of gross sales or costs.
Corporate And Business Tax
We support our corporate clients meet their tax responsibilities in numerous ways:
• We get ready tax computations adjusting a company's accounts for taxation applications.
• We put together business tax return form(s ) CT600 for each and every accounting period of time (NB a company's accounting period for tax purposes is not always identical to the time period for which it prepares company accounts !)
• We keep track of processing deadlines for corporation tax returns, support our clients distribute their returns on time, and ensure that making all appropriate tax claims on time.
• We advise clients of the corporation tax payments, ordinarily falling due9 months after the end of an accounting time period( and three months ahead of the tax return must be submitted ).
• We keep an eye on and calculate other corporation tax financial obligations, for example liabilities to corporation tax resulting from making loans to participators ( normally as overdrawn directors' loan accounts ).
• For larger sized companies, we advise on the payment of quarterly instalments of corporation tax and perhaps assist them in relation to their estimations of profits so that they can make accurate payments.
Nonetheless, we don't just fill in forms; we continuously think of strategies to assist our customers in paying out less tax.
For our many owner-managed businesses, we think about the optimum tax position of both the business along with its owners.
Tax planning is actually a core activity of the firm. Our team members are very mindful of the effect of the tax on business financial transactions. Our tax department gives expert support to our workforce and to customers the moment we are conscious there exists a taxation implication. The complexity of legislation now calls for specialist tax planning to allow our clients legally to reduce their exposure to all taxes.
The tax assistance we give is obviously tailored to our customers' situations and specifics. Clients are almost never identical, so " one size fits all " doesn't work!
Normal tax department planning consists of:
• Reducing personal tax or capital gains tax, including 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 team) as well as other reliefs that could be available.
• Tax planning for corporations, such as identifying and optimising claims for relief, as an example 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 owners and critical workers, including dividend or fees planning, tax efficient remuneration and share incentive schemes.
• Estate and inheritance tax preparation, which include advising for the framework and content of wills and inheritance tax efficient investment decisions.
• Trust planning, in conjunction with estate planning
• Planning for specific purchases, which include business mergers, acquisitions, disposals or reorganisations, share buy- backs, or the purchase or disposal of significant assets.
• Consideration of the VAT significance of purchases or VAT planning in general to improve the direct exposure of a company to VAT.
A tax enquiry generally is a nerve-racking time. We try to ease the anxiety for you in our dealings with the tax authorities. Of course, you continue to be liable for your own personal affairs, but we are able to take care of the conduct of the enquiry and help defend your rights as well as advise you of the responsibilities.
An HMRC tax enquiry normally takes numerous shapes. Perhaps it is:
• An arbitrary enquiry.
• An enquiry into a particular element of your ( or perhaps your business's) taxes, which may be addressed reasonably simply or which could be a lot more technical issue.
• A comprehensive enquiry into all of your taxation matters for several years including, in particular, an in-depth look at your books and documents of the firm.
• A PAYE routine visit or perhaps in- depth enquiry.
• A " serious " investigation, such as one with the Special Compliance Office which could be an enquiry into problems or into a significant specialised subject.
No matter the character of your tax enquiry it is essential that you are well advised. You can't, sad to say, rely on the tax authorities always to determine the " correct " amount of taxation that you could have to pay. Some points will not be clear- cut and therefore are open to interpretation – you must have your affairs negotiated and presented for you personally in the most beneficial light.
Some clients choose us with trusts that have been completely set up, other people have trusts which are built within our taxation planning assistance, which includes inheritance tax preparation. the annual conformity work with trusts
• dealing with any technical issues due to the operation of the trust
The yearly compliance work for a trust consists of the following, as most appropriate:
• Preparation of yearly company accounts.
• Preparation of annual income tax and capital gains tax data.
• Preparation of the trust's once-a-year self-assessment tax return.
• Advising the trustees of the 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 questions as a result of the submission of the tax return.
• Ensuring claims and elections are submitted by the appropriate due dates.
• Preparation of inheritance tax returns.
As well as the routine work completed as part of the standard yearly compliance cycle, we can if requested take into account the tax implications associated with financial transactions the trustees wish to apply as part of their responsibilities as trustees, for instance:
• appointing capital to beneficiaries;
• adding new beneficiaries;
• varying the terms of the trust; or
• varying the investment funds within the trust.
We can also advise a settlor in the trust who wants to add additional monies for the trust or new trusts or execute further tax planning which could impact on the trust.