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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