We all accept paying taxes is unavoidable, but our knowledge and experience enables us to consider all available allowances, losses and opportunities when calculating your business and personal liabilities.
The UK Tax system is becoming ever more complex, with increasingly harsh penalties, but taxpayers and business owners have no option other than to contend with its rules and regulations.
It’s therefore essential to be sure that your unique position and decisions are considered carefully to make sure that you pay only as appropriate.
Regular pre-year-end Tax Planning is vital to ensure any liability is effectively minimised, or the opportunity can be lost forever.
Business Tax is a cornerstone of our services.
As standard, we’ll take care of the preparation of our company clients’ Corporation Tax Return when we prepare their accounts. We also ensure we consider their tax planning in advance of their year end, to highlight actions they may which to take to ensure they don’t miss out on opportunities to reduce any liability that will disappear as a year end passes.
We’ll also discuss the resulting liability during the accounts review meeting, take care of submission as appropriate, and remind again of the amounts, payment methods and references needed as any liability falls due. Life is busy but forgetting to make these payments can cause unnecessary issues; our prompts can remove the risk.
This process may include preparation and submission of a Research & Development Tax Credit claim.
Tax for Partnerships and Limited Liability Partnership (LLPs) also falls into this section, and our process here is very similar. Essentially, we take care of calculations and compliance, offer planning advice, and feed the business figures into the Partners’ Tax Returns.
Capital Gains Tax (CGT) is just as relevant for Companies as for individuals, and effective planning can ensure that funds are set aside throughout the year, rather than being frantically sought as the payment date arrives.
Personal Tax is a large part of our regular workload. This includes the preparation of the Self Assessment Tax Returns for the Directors, Partners and owners of our small business clients, as well as advising on the most tax efficient strategies for their finances.
As an intentionally small team, we have limited capacity in December and January to process tax return information and prepare Returns, so require clients to provide their details by 31st July each year. This ensures we’re able to give their affairs sufficient consideration, and as much warning as possible of any tax liability. Of course, if records are ready before then, we’re very pleased to receive them earlier!
With our secure Document Transfer system, as well as other technology and our well-proven system of checklists and prompts, we make the business and personal tax process as easy and pain free as possible.
As mentioned above, this includes chasers for responses and information in good time, and on several occasions, as well as detailed reminders before payment deadlines arrive; we know lives are busy and time can fly by!
If you’d like to have a chat about how we can relieve the pressure of Tax compliance for you, and give you the confidence that your affairs are structured as efficiently as possible, why not get in touch? We’re here to help!
Using our knowledge, commercial experience and innovative technology we can also provide a whole host of additional business growth advice and support.
An inevitable aspect of any tax system are reviews and checks. We include membership of our Fee Protection scheme for all clients for whom we submit Returns, at no extra cost.
For more details about other types of tax, key considerations and related information, visit our Info Centre Tax Hub.
Common Tax Questions…
Why might it be better to get your Personal Tax Return submitted soon after the 5th April year end?
We strongly believe it is in our clients’ best interests to get those Returns in as early as possible, as well as ours!
- It allows more time to reduce or plan for any liability.
- It ensures any refund is in their bank rather than HMRC’s far quicker.
- It gives an opportunity for any liability to be collected via a Notice of Coding rather than as a lump sum.
- It provides the chance to make any changes for the coming year in good time.
- It allows more time to consider the wide range of reliefs and make sure all are being claimed.
As an intentionally small firm, we have limited capacity during December and January. We can’t guarantee to hit the filing deadline of 31st January if records only arrive during this window, although we will of course do all that we can to ensure we do! Our clients benefit from the enhanced service levels and relationship from working with our small team throughout the year, and accept this ‘flip-side’!
What reference do I use to make my Corporation Tax payment?
This changes each year, so you’ll need to double check the reference to use before you set up your payment. The best place to find the correct reference is on the ‘Notice to Deliver a Corporation Tax Return’ that is sent to the company’s Registered office by HMRC at the end of the accounting year. This used to include a payslip on the bottom, and the required 17-digit reference. The format has now changed, and the reference now appears towards the top right of the page.
The reference changes as it includes the period to which the payment relates, although the company’s UTR does also form part of the reference.
If you use an old reference, the payment may be misallocated by HMRC. This can result in them continuing to chase for the misallocated amount, and the imposition of late payment interest.
If you’re unsure, or can’t find the Notice, just call and we can let you have the up to date reference to use.
Professional, proactive and accurate with very personable financial support, advice and help always provided. We changed our accountants to Baranov Associates, and it was a much easier transition than we thought.
They have helped us with so many things including R&D claims, and many things that we didn’t realise accountants did! A great company in so many ways.’
Mrs S Cressall, The Creation Station Limited
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