Accounts & Tax
Accounts
When interacting with HMRC or other businesses, being able to provide a copy of your last accounts is a fundamental part of business life. Have you ever visited Companies House to look at your competitors accounts? Also, the tax system could not operate without accounts. However, your accounts are much more than a statutory irritation. They tell you two fundamental truths namely:
- Have you been making profits – you can usually work this out by looking at whether you are accumulating cash or alternatively have cash flow issues, but the accounts provide a more accurate picture.
- Is your business solvent – looking at the balance sheet is a good starting point to see if you have net assets or net liabilities.
We prepare accounts for:
- Sole traders
- Partnerships and LLPs
- Companies
- Charities
- Clubs, associations and other not for profit organisations.
Self-Assessment Tax Returns
No two tax returns are ever the same. Every taxpayer has their own personal circumstances and this is reflected in their annual self-assessment tax return, It is important that we take the time to understand these so that your tax return properly reflects your tax position, detailing all your taxable income and claiming all the expenses and making all the claims and elections to which you are entitled.
Personal taxes can be complex and constantly changing and you rely on us to keep you right when it comes to paying the right amount of tax.
We can assist you across all the key issues that impact your personal taxes including capital tax planning, tax compliance and succession planning.
We can handle all tax investigation enquiries on your behalf including personal returns through to detailed investigations into business accounts and VAT records and you will automatically be included in our fee protection arrangements.
The tax system never gets any simpler and with the advent of Making Tax Digital it is more important than ever that we keep you on track and that everything is filed correctly and on time.
Corporation Tax
Corporation Tax, at its most basic, is quite simple but like all taxes can quickly become complex.
Parent subsidiary and group relationships provide opportunities to save significant amounts of tax but the rules are complex and ever changing. Charities with trading subsidiaries can, when done correctly, result in significant tax savings with trading profits in the subsidiary effectively being sheltered from tax by the charity parent.
We can deliver the right support whether you are launching your business, planning for additional growth or involved in a sale, acquisition or reorganisation.
We can also advise on and make appropriate claims for R&D tax relief and retaining and incentivising staff.
This complex area of tax is continually open to further change in response to political developments in Scotland, the UK, Europe and beyond, and we are able to advise on suitable strategies and also to make the right submissions to get the most efficient tax result for you and your company.
