Tax Accountants in Godalming
Business and Personal Tax Services in Godalming
Taxation impacts everyone and being aware of what to pay out and when isn't necessarily self-explanatory. Whittingtons tax accountants Godalming are right here to ensure you have an understanding of all of the issues that can surround taxes and guide you through the procedure.
When you need expert consultancy or even an accountancy firm to handle and complete your tax returns in Godalming, then you should call Whittingtons on 01483 456363
Experienced Tax Accountants
Paying significantly less income tax and maximising the wealth you've created is essential when you work as hard as you do. Our tax accountants can assist you in lessening your duty financial obligations, maximising your wealth and reducing the administrative responsibility of taxation compliance.
Not all accountancy practices examine taxation issues from the business owner’s mindset or consider how revenue can be proficiently extracted from that business to benefit you. We do things in a different way. Our tax advice team works with you to comprehend your targets and supply extensive tax planning to fit these goals and optimise profits intended for distribution.
Whittingtons tax accountants provide you with useful advice you need, and this teamed with our experience and knowledge means you're in good hands. Our team has relationships with HM Revenue and Customs, therefore we are always on top of our game and up-to-date with the latest developments and legal guidelines.
Let our qualified tax accountants help you with:
• Personal Tax
• Corporate Tax
• Capital Gains Tax
• Inheritance Tax
• Tax Investigations
• Share Schemes
Tax Compliance Services
This is more than filling out tax statements. Our usual yearly individual tax compliance service involves:
• The completion and submitting to HMRC of Self Assessment tax returns and supporting work schedules.
• Calculation of tax liabilities.
• Advising of tax payments and due dates, such as balancing payments or your repayments and then any interim installments.
• Checking Self Assessment statements of account.
• Checking PAYE notices of coding.
• Dealing with minor queries arising during the time period such as any dialogue required with HMRC.
We handle other personal tax compliance as the need occurs, such as managing national insurance contribution concerns, inheritance taxes reporting and calculating capital gains tax liabilities.
Our yearly service surpasses filling out the forms, therefore we critically evaluate tax returns to determine if they "look correct" according to what we know of our customers. Maybe you have delivered us all the information you delivered last year, or have you overlooked one current account? We cannot take away from you the ultimate obligation for setting up a correct return, but by taking this extra care we might just help to avoid that tax enquiry!
The company accounts of your business typically need fine-tuning for taxation purposes to arrive at a taxable profit (or loss) as opposed to the company accounts profit (or loss). These modifications are produced on a tax computation during the time the reports are prepared. The modified figures are then used to get ready personal, partnership or corporate and business tax returns.
We aid companies with an end of the year PAYE returns such as forms P35 (whether in support of our payroll office or otherwise) and forms P11D (which need information on expenses and benefits to be described to HMRC by 6 July each year).
We offer companies with VAT help and support. We can help you with the preparing of your "Value Added Tax" returns, or prepare them with the information you supply or recommend the VAT treatments for sales or expenses.
We support our corporate clients meet their taxation responsibilities in lots of ways:
• We put together tax calculations modifying a company's accounts for taxation applications.
• We put together company tax return form(s) CT600 for every accounting period of time (Note: a company's accounting time period for taxation applications will not be always identical to the period for which it prepares accounts!)
• We keep track of filing due dates for corporation tax returns, support our customers submit their returns on time, and make sure that making all appropriate tax claims on time.
• We inform customers of their business tax obligations, commonly falling due 9 months following the end of an accounting period (and three months prior to the tax return has to be sent in).
• We keep an eye on and compute other corporation tax liabilities, as an example liabilities to corporation tax on account of making financial loans to participators (normally as overdrawn directors' loan accounts).
• For larger sized corporations, we advise on the payment of quarterly instalments of corporation tax and even assist them in relation to their estimations of profits so they will make appropriate payments.
Nevertheless, we do not just fill out forms; we constantly think about solutions to enable our customers to pay out a lesser amount of tax.
For our several proprietor-managed companies, we consider the optimum tax position of both the business along with its owners.
Tax planning is actually a core activity of the company. Our workforce is all aware of the result of taxation on business oriented transactions. Our tax division supplies specialist support to our workforce and also to customers the moment we are informed there exists a taxation implication. The complexness of guidelines now calls for expert taxation planning to enable our customers legally, to significantly lower their exposure to all taxes.
The taxation advice we give is obviously customised to our customers' situations and specifics. Customers are almost never identical, so "one size fits all" can not work!
Normal taxation department planning consists of:
• Reducing individual income tax or capital gains taxation, which includes deliberation over tax-efficient investment strategies (which includes pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services department) as well as other reliefs that could be readily available.
• Tax planning businesses, including identifying and optimising claims for relief, for example pinpointing items entitled to capital allowances and enhanced capital allowances for electricity 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 employees, which includes dividend or fees planning, tax efficient payment and share incentive schemes.
• Estate and inheritance tax preparation, including counselling on the framework and content of wills and inheritance tax efficient investment opportunities.
• Trust planning, along with estate planning
• Planning for particular purchases, such as business mergers, acquisitions, disposals or reorganisations, share buy- backs, or even the acquisition or disposal of significant financial assets.
• Consideration of the VAT significance of transactions or "Value Added Tax" planning in general to optimise the direct exposure of a business enterprise to VAT.
A tax enquiry is usually a nerve-racking time. We try to ease the stress for you in our dealings with the tax government bodies. Obviously, you continue to be accountable for your own matters, but we are able to handle the conduct within the enquiry and help defend your protection under the law, in addition, to counsel you of your obligations.
An HMRC tax enquiry may take a variety of shapes. It could be:
• An arbitrary enquiry.
• An enquiry into a particular element of your (or maybe your business') tax return, that could be taken care of reasonably simply or which might be a more technical issue.
• A complete enquiry into all your taxation affairs for one or more years including, in particular, an in-depth review of your books and reports of the company.
• A PAYE routine visit or perhaps an in-depth enquiry.
• A "serious" investigation, including one by way of the Special Compliance Office which could be an enquiry into irregularities or into a significant industry matter.
No matter what the character of the tax enquiry it is essential that you are well advised. You are unable to, unfortunately, rely on the taxation regulators always to ascertain the "correct" level of taxation that you might owe. A few points are not clear-cut and they are open to interpretation – you'll want to have your matters negotiated and presented for you personally in the most constructive light.
Some clients choose us with trusts that have been established, others have trusts which are built as part of our tax preparation assistance, such as inheritance tax preparation. The yearly conformity works for trusts
• Dealing with any technical issues arising from the entire process of the trust
The annual compliance work for a trust consists of the following, as appropriate:
• Preparation of annual 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 accounts, income tax computations and the tax return to HM Revenue and Customs.
• Dealing with regular inquiries arising from the submission of the tax return.
• Ensuring claims and elections are submitted by the pertinent due dates.
• Preparation of inheritance tax returns.
As well as the regular work executed included in the typical annual compliance cycle, we are able to if requested take into account the tax implications associated with financial transactions the trustees would like 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 investment strategies within the trust.
We can also recommend a settlor of the trust wishing to add further monies for the trust or new trusts, or carry out further tax planning that might impact on the trust.
To learn more about our accountant's taxation services in Godalming make sure you phone on 01483 456363