Tax
- Tax returns
- Tax savings
- Corporation tax
- Tax investigations
- Capital gains tax
Tax Returns
Preparing for your tax return well in advance is fundamental. Organisation is key to meet the various deadlines you are given for even the most straightforward tax returns. The staff at HM Revenue & Customs do not advise you how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the correct amount of tax, you should consult a professional.
Tax Savings
Minimising the amount of tax you pay is possible by certain allowances and reliefs. However problems arise as to which of these you are entitled to. Here at Harans & Co we will advise you on the best possible ways to reduce tax according to legal regulations and HM Revenue and Customs. We also can discuss with you employment of your spouse within your business and the possibility of your company paying an employee a sum of money with no tax implications (which will mean the employee can purchase a company car to avoid benefits in kind tax charges for example).
Corporation Tax
Every limited company based in the UK is subject to corporation tax on their profits. You must register your company with HM Revenue & Customs using their official forms, letting them know you are liable for corporation tax. If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HM Revenue & Customs on a corporation tax return form and accounts and tax computations must be submitted to HM Revenue & Customs in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company’s annual accounting date, are adhered to. Harans & Co will aid you in all these matters to take the weight of your shoulders.
Tax Investigations
To avoid an investigation you should employ an accountant. Using an accountant should ensure that your return is accurate and complies with the UK tax regime. HM Revenue & Customs do, however, carry out a number of random investigations which are, unfortunately, unavoidable. Despite no unusual entries in your accounts or on your tax returns, you could still be investigated.
Capital Gains Tax
Capital gains tax is charged when profits are made from selling, transferring or depositing assets. However, it is possible to reduce this tax by reliefs and exemptions which we can advise you in.