Tax Investigation Surrey
Tax Investigation Surrey
Taxes has an effect on all of us and being aware of what to pay out and when is not always simple. Whittingtons tax accountants are here to ensure you comprehend all the points that can encompass taxes and direct you through the procedure. If you need help with Tax Investigation Surrey then enquire with us today.
If you want expert advice or even an accountant to handle and complete your taxes in Surrey, then you should get in touch with Whittingtons on 01483 456363
Professional Tax Accountants
Paying much less tax and maximising the wealth you might have created is essential if you work as hard as you do. Our tax accountants can assist you in lessening your tax financial obligations, maximising your wealth and easing the administrative problem of tax compliance.
Don't assume all accounting practices examine income tax issues from the business owner’s perspective or consider how revenue could be efficiently obtained from that company to aid you. We do things in a different way. Our tax assistance staff works with you to comprehend your goals and offer extensive tax planning to match these goals and increase profits intended for distribution.
Whittingtons tax accountants provide you with useful advice you need, which joined using our years of experience and knowledge will mean you're in good hands. Our staff has relationships with HM Revenue and Customs, so we are always on top of our game and up to date with the most recent changes and legal guidelines.
Let our expert tax accountants assist you with:
• Personal Taxation
• Corporate Taxation
• Capital Gains Tax
• Inheritance Tax
• Tax Inspections
• Share Schemes
• Trusts compliance
This is more than completing tax returns. Our normal annual personal tax compliance support features:
• The completion and submission to HMRC of Self Assessment tax returns and supporting work schedules.
• Calculation of tax liabilities.
• Advising of tax payments and payment dates, such as balancing payments or obligations as well as interim instalment payments.
• Checking Self Assessment statements of account.
• Checking PAYE notices of coding.
• Dealing with minor queries arising throughout the period including any conversation necessary with HMRC.
We take care of other personal tax compliance as the need arises, which includes managing national insurance contribution issues, inheritance tax reporting and figuring out capital gains tax liabilities.
Our yearly service surpasses filling out the forms and then we critically evaluate tax returns to determine if they " look correct " depending on what we know of our clients. Perhaps you have delivered us all the details you delivered a year ago, or have you overlooked one particular current account? We can't take away from you the supreme responsibility for getting ready the correct return, but through taking this extra care we may just assist to prevent that tax enquiry!
The company accounts of a company usually need adjusting for tax purposes to arrive at a taxable profit (or loss) as opposed to the accounts profit (or loss ). These modifications are produced on a tax computation during the time the reports are prepared. The adjusted figures are then used to put together personal, partnership or corporate tax returns.
We help corporations with the end of the year PAYE returns such as forms P35 (regardless of whether in support of our payroll department or otherwise not) and forms P11D (which demand details of expenditures and benefits to be reported to HMRC by 6 July annually ).
We supply companies with VAT support. We will help you with the preparation of one's VAT returns, or prepare them from the information you supply or advise on the VAT treatment of sales or expenses.
We help our corporate clients meet their taxation responsibilities in many ways:
• We get ready tax computations adjusting a company's accounts for tax requirements.
• We prepare business tax return form(s ) CT600 for every accounting period (NB a company's accounting period for tax purposes isn't always the same as the time period for which it prepares company accounts !)
• We keep track of filing due dates for company tax returns, help our clients submit their returns on time, and ensure that making all acceptable tax claims in time.
• We inform customers of the corporation tax obligations, generally falling due9 months following the end of an accounting period( and three months ahead of the tax return should be filed ).
• We keep track of and calculate other business tax financial obligations, for instance, liabilities to corporation tax resulting from making financial loans to participators ( normally as overdrawn directors' loan accounts ).
• For much larger companies, we recommend the settlement of quarterly instalments of corporation tax and in many cases assist them with regards to their estimations of profits so they may make precise payments.
Nevertheless, we do not just fill in forms; we continuously think about strategies to aid our customers to pay less tax.
For our several operators- managed companies, we look at the best possible tax position of both the business as well as its owners.
Tax planning is actually a primary activity of the organisation. Our people are all aware of the effect of taxation on business dealings. Our taxation team provides expert assistance to our workforce and to clients as soon as we're conscious there is a tax implication. The complexity of regulation now demands professional tax planning to permit our clients legitimately to reduce their exposure to all taxation.
The taxation advice we give is always customised to our customers' circumstances and facts. Clients are rarely the exact same, so " one size fits all " rule isn't followed!
Normal tax department planning involves:
• Reducing personal taxation or capital gains tax, which includes reflection on tax- efficient investment strategies( including pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services unit) or any other reliefs which might be out there.
• Tax preparing for companies, such as diagnosing and optimising claims for relief, for instance pinpointing items eligible for capital allowances and enhanced capital allowances for energy or water efficient plant.
• Corporation tax planning by optimising firms' tax relief claims, including planning for groups of companies.
• Remuneration planning for owners and critical employees, which includes dividend or fees planning, tax efficient payment and share incentive schemes.
• Estate and inheritance tax planning, such as counselling on the framework and content of wills and inheritance tax efficient investments.
• Trust planning, in conjunction with estate planning
• Planning for unique dealings, including corporation mergers, acquisitions, disposals or reorganisations, share buy- backs, or the acquisition or disposal of important property and assets.
• Consideration of the VAT implications of transactions or VAT planning in general to optimise the direct exposure of a business to VAT.
A tax enquiry can be a difficult time. We attempt to ease the anxiety for you in our dealings with the tax authorities. Of course, you remain responsible for your own matters, but we are able to deal with the conduct of the enquiry and help guard your protection under the law as well as counsel you of your obligations.
An HMRC tax enquiry might take numerous shapes. It may possibly be:
• An arbitrary enquiry.
• An enquiry into a particular component of your ( or maybe your business's) taxes, which could be managed fairly simply or which could be a more technical situation.
• A comprehensive enquiry into your entire taxation affairs for a number of years which includes, in particular, an in-depth overview of your books and documents of your business.
• A PAYE routine visit or perhaps 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 technical issue.
Whatever the aspect of the tax enquiry it is crucial that you are well advised. You can not, regrettably, count on the taxation respective authorities always to establish the " correct " level of tax that you might need to pay. A few points will not be clear- cut and so are exposed to interpretation – you must have your issues negotiated and presented for you in the most favourable light.
Some customers choose us with trusts that have been set up, others have trusts which are built as part of our tax planning assistance, such as inheritance tax preparation. the yearly compliance work for trusts
• dealing with any technical issues due to the entire process of the trust
The yearly compliance work for a trust involves the following, as appropriate:
• Preparation of yearly accounts.
• Preparation of yearly income tax and capital gains tax calculations.
• Preparation of the trust's annual self-assessment tax return.
• Advising the trustees of any taxation 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 computations and the tax return to HM Revenue and Customs.
• Dealing with routine enquiries arising from the submission of the tax return.
• Ensuring statements and elections are submitted by the pertinent deadlines.
• Preparation of inheritance tax returns.
In addition to the regular work completed contained in the typical annual compliance cycle, we can if requested look at the tax implications of any financial transactions the trustees would like to put into action 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 investment strategies within the trust.
We can also suggest a settlor of the trust wishing to incorporate additional funds for the trust or new trusts or execute additional tax planning which can impact on the trust.