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Every year the Budget brings in significant tax changes affecting
all taxpayers. Tax is such an important issue in virtually
all financial decisions and should be made with cross reference
to the tax consequences.
Both VAT
and Tax Inspectors increasingly conduct in-depth investigations
and examinations of business and private records to ascertain
for themselves that all is in order.
We can
advise on a wide range of tax matters, and several areas have
proved especially important in recent years, some of which
we have set out below;
Tax
returns and administration
The Inland
Revenue can charge severe penalties for failure to submit
correct tax returns. We can assist in the preparation of your
tax return and deal with any questions the Inland Revenue
may raise.
Corporation
Tax
We review
each company's tax position before its year end, to look at
the opportunities for tax planning. Particular areas for attention
may include: purchase or disposal of fixed assets, directors'
bonuses, pensions and dividend policy.
VAT
planning and advice
Under
the strict regulations, businesses can be subject to heavy
penalties if they submit VAT returns late or delay payments,
and in some instances make innocent mistakes. We can assist
in setting up your records to enable you to render prompt
and accurate VAT returns. We can also assist in actual completion
of the VAT returns based on clients' records.
PAYE
investigations and compliance
The Inland
revenue now has special teams which systematically visit employers
to review their PAYE systems. We can assist taxpayers in resisting
excessive claims by the Inland Revenue, but more importantly
we can assist employers by reviewing their remuneration methods
and alerting them to potential difficulties such as directors'
loans, casual labour and benefit in kind compliance. We also
run a computerised payroll service for clients at a realistic
cost.
Tax
and investment strategy
A clients'
tax position and his or her overall objectives affect the
choice of suitable investments. We can advise in this area
and, where necessary, can recommend specialists to devise
the appropriate investment strategy.
Accurate
recording and computation of capital gains are essential to
avoid paying too much tax on investments.
We are
registered and regulated for a range of investment business
activities by the Institute of Chartered Accountants in England
and Wales.
Taxation
of property
The tax
consequences of buying, developing, financing, selling and
letting, can have a significant effect on the investor's return.
To maximise this it is essential to take advice.
Estate
planning
There
is a need for careful planning in order to prevent the family's
wealth passing to the Inland Revenue. Such planning often
involves the use of Trusts. We can advise on the establishment
of Trusts and subsequently deal with trust administration.
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