self assessment

 Self Assessment Tax

Completing self assessment tax forms is a long task and something that fills many people with dread. However, whether you operate as a partnership, are a sole trader, company director, self-employed or a private client, producing a self-assessment every year is required by the HMRC to make sure that your taxes are calculated correctly. As an extensive and detailed report, it can often be difficult to complete and can take a considerable amount of time if you don’t have all the information to hand, and that’s where the professional team at The Accountancy Solutions can help.

Advice For Self Assessment Tax

With many self assessment tax returns filled out incorrectly, it is clear that most people are either rushing what they do or are just not 100% sure how to complete the form itself.  We will particularly pay attention to details and to your circumstances when filling self assessment tax return.

· Summarise income from all sources

· Treat losses correctly and efficiently

· Make the most use of allowable allowances

IMPORTANT POINTS FOR SELF ASSESSMENT TAX RETURNS

Self assessment can be a stressful task for anyone who is self employed or who runs a company. As deadlines approach it can be a worrying time, ensuring that everything is completed accurately and in a timely manner. So how can the process be less challenging?

Registering Early : Registering in good time with HMRC means that you’ll be issued with your UTR (Unique Taxpayer Reference) which is essential to submit your tax return. As it takes several days to receive your UTR once you have registered with HMRC this could be a problem if you leave it to close to the deadline. Registering late puts you at risk of being penalised for missing the date

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Have Essential Items Ready : There are a number of key documents that you will need to hand if you are intending to complete a self assessment tax return on your own, including:

· P45 or P60

· Pension contributions and receipts

· Income from rental properties

· Capital losses and gains

· Income from investments and savings

· Life insurance gains

· AVC refunds

· Other taxable income

· Charity donations

Self Assessment Tax Support

As Certified Accountants and Tax Advisers, we have lost count of the number of self assessment tax forms that we have completed for our clients in Birmingham and London over the years, so let us help reduce your year-end worries. Knowing what to include, how much detail to go into and how to calculate your finances can be a complex task and with the strict guidelines presented by the HMRC, there is a significant pressure to get your self-assessment tax form right. There are stringent deadlines in place that everyone must conform to and it is vital that your tax return is completed in full and submitted to the HMRC by these deadlines if you want to avoid late-payment penalties that can increase the longer you go without submitting the form.

Corporate Tax Liability

The requirement of corporation tax compliance and reporting obligations is constantly growing and the credentials of compliance are becoming more and more complex, rendering many business owners completely lost and surrendering a large amount of time that could be better spent elsewhere. Our corporation tax compliance service is designed to completely cover all of your requirements, whether they are a complete tax compliance service or a simple review. At The Accountancy Solutions we have a highly trained team of professionally certified tax accountants so we know how to complete your corporate tax returns with the exacting precision that the HMRC requires of all corporate forms.

Advice For Corporation Tax

We have worked with businesses of all sizes and can offer a reliable service that covers all bases, allowing you to feel confident that you are in the best hands, freeing up your time to concentrate on other areas of the business. 

Providing a service that you can trust, we will work with you at every stage to ensure that you pay the right corporation tax and analyse your profits and losses to create a full picture of your company’s financial standing, meeting the regulations of the HMRC. Contact us with your individual requirements and we can come up with a tailor made plan of action for your corporation tax requirements.

CORPORATION TAX : YOUR SIMPLE GUIDE

Limited companies must inform the HMRC about their business immediately after the completion of the incorporation process. This is essential to comply with the law and tax requirements.

Who Needs To Pay Corporation Tax?

All limited companies in the UK must pay corporation tax which is a percentage charged on the company’s annual profits. It is not payable by any sole trader or partnership as these businesses use the self assessment system. However, corporation tax is applicable to all the following organisations:

· Members’ associations, societies and clubs

· Trade associations

· Groups of people who are not a partnership but do run a business

· Housing associations

Why Hire An Accountant for Corporation Tax?

Appointing an accountant to deal with tax affairs of a limited company is very important as they will have the skills and experience necessary to ensure that all information is accurate, up to date and completed at the appropriate time to guarantee that your company complies with legal requirements. Handling the tax requirements of a limited company can be extremely complex and therefore using the services of a fully qualified team of accountants like The Accountancy Solution will ensure that your affairs are kept in order and you can have peace of mind. This is especially important since HMRC rules dictate that all tax records for limited companies must be kept for at least 6 years, and this is best left in the hands of professionals to ensure that all requirements are met.

Corporation Tax Support

At The Accountancy Solutions we have considerable experience minimising the amount of tax companies have to pay by providing an extensive examination of tax reports to find out where they may be eligible for tax reliefs and special allowances. Every company operates differently, and we have the knowledge to locate where tax reliefs may be applicable in your unique business, ensuring that you never overpay on your taxes when allowances can be found and declared.

If your company has triggered a check from the HMRC and they are investigating into your finances, it is crucial that you seek assistance from a trained tax accountant who can deal with the HMRC on your behalf, proving them with the information that they need quickly to avoid penalty. There are a number of reasons why a HMRC check may be triggered and they may choose to investigate further if you can’t prove that your finances are in check and further prove that the cause for inquiry was not due to tax avoidance or tax fraud. 

VALUE ADDED TAX

One of the most essential parts of owning a business is understanding what value added tax (VAT) is, and how it works. In the UK, VAT is charged on the supply of services or goods where the supply, and individual providing the supply, are taxable. Once a business has a turnover that exceeds VAT threshold, it is required to become VAT registered.  

Being registered for VAT allows the VAT from the purchase of services or goods, made through a company, to be claimed for. There are many benefits and conditions associated with VAT registration, that make it an important move for businesses in the UK.

Advice For Value Added Tax

If you need advice for VAT , but don’t know where to start, the team at The Accountancy Solutions can advice you. Providing a full service, we will help you with all areas of your VAT registration and returns, ensuring that your company VAT procedures meet HMRC regulations and that you follow the responsibilities required of VAT registration.

Calculating your VAT payment can be a difficult and long-winded task if you don’t have experience with the procedures and particular requirements. A certified accountant can simplify the process, offering friendly advice to better equip you when going forward with your business.

COMPLIANCE FOR VAT

The Accountancy Solutions team offers free advice to business customers. Some of the important points and practices which need to be in place for VAT compliance are mentioned below. 

Compiling Sales & Purchase Ledgers for UK, EU and EC : As well as with supplies that are traded within the UK; for businesses that are VAT-registered and trade with other European countries, it is essential that the HMRC is informed as to the nature of the business and what supplies are being traded. Compiling sales and completing the EC sales list is vital here to ensure that the HMRC is kept informed as to your company’s operations. A professionally managed purchase ledger will help your company to keep a complete record of your company’s expenses and purchases, showing the correct amount that you may have outstanding.

VAT Moss Registrations and Returns : VAT MOSS procedure can be complex but it is essential for those companies who operate partially or full online. VAT MOSS covers the digital market and the services provided online, when a company sells online services within the EU they must be registered for VAT MOSS and provide annual VAT MOSS returns. At The Accountancy Solutions we can explain the procedure and ensure that you know the right steps to take in order to align to VAT MOSS payments to HMRC regulations.

Calculating VAT, Output & Input Tax

For every service performed or product sold it is vital that the VAT is calculated and recorded correctly so that you have all the needed information for your returns. This includes both VAT inclusive and exclusive prices for standard and reduced rates where applicable. Output tax and input tax are also important calculations that have to be made with output tax relating to your sales to customers and businesses, and input tax needing to be calculated on those products and services that your company purchases. Our team of accountants can provide advice drawing on their years of experience calculating VAT payments and can assist in all areas if you are unsure of your company’s VAT requirements.

Value Added Tax Support

Managing your VAT correctly is a very important part of running a business. With expert assistance, you can be sure that your returns and assessments are completed to the required level, giving you assurance that your VAT affairs are always in order. Our team of VAT accountants can help in all areas of self-assessments, the summary of gains and losses, and the correct claiming of allowances. 

Whether you are considering voluntary VAT registration, or you expect to reach the threshold for compulsory VAT registration, our team of expert accountants can help. From initial aid with the VAT registration, to ongoing assistance with your VAT calculations, your business VAT requirements are safe in our hands.

CAPITAL GAINS TAX

The experts at The Accountancy Solutions have a wealth of experience in the sector of capital gains tax planning and know exactly what to do when somebody is intending to dispose of a capital asset. Often, dealing with capital gains tax payment and expectations can be difficult, the knowledgeable that our certified team can offer will help you to get a better understanding of the requirements of capital gains tax.

It is important to understand where you are required to pay capital gains tax and in which situations it is not required, this can ensure that you don’t face a penalty or instigate an investigation for unpaid CGT. Certain gifts, some profits and winnings can all be made exempt from capital gains tax, knowing where you stand with capital gains tax can save you considerable time and money.

Advice For Capital Gains Tax

Individuals should always seek advice when disposing of a capital asset as failure to do so could mean they lose out on available tax relief as well as exemptions and allowances. We work to calculate the potential capital gains tax that would payable upon the disposal, as well as offer advice on whether a form of relief would be available, as well as exemptions or the transferring of assets. If disposal is the only option, we will advise clients on the best time do so.

Once all avenues have been explored, it is sometimes possible to defer the liability of tax on capital gain and we will do what we can to deliver the outcome that you are looking for. With our extensive experience dealing with CGT, we can assist you with every step of the process, ensuring that you retain as much profit from the sale of an asset as possible.

WHAT YOU NEED TO KNOW ABOUT CGT

Capital assets include company shares, stocks, shares in property etc. We are here to help you:

Capital Gains Tax i.e., influencing time of sale : There are many benefits to proficient planning when it comes to capital gains tax and being prepared can save you considerable money, especially on high value items. Advanced preparation and experienced knowledge on CGT can better situate you to sell your asset at the right time. At The Accountancy Solutions, we will ensure you have all the knowledge you need going forward, From helping you to understand the different CGT rates to the use of genuine gifts.

Claim all valid deductions against capital gains : Claiming all the valid deductions available to you can help you to reduce your capital gains tax. From professional fees and indexed allowance to enhancement expenditure, our certified accountants can work with you to find where you are eligible for valid tax reductions, taking the worry away from expensive capital gains tax bills. 

Entrepreneur’s Relief & Letting Relief : you could be eligible for entrepreneur’s relief which comes with a substantially lower capital gains tax rate when you look at selling a proportion of the company and qualified assets. Letting relief allows you to benefit from a lower capital gains tax rate when you are considering selling a property you own. There are many strict guidelines to both entrepreneur’s relief and letting relief, if you are unsure how to claim for a relief and receive the maximum benefits, our skilled relief accountants and advisers can help you to reduce your capital gains tax bills.

Rollover Relief, Holdover Relief, EIS deferral Relief : By reinvesting sold assets into a new business asset that is approved, you can defer your CGT through the rollover relief. If you bestow a business asset, holdover relief can be used, which after a set amount of time can be used to holdover the gains that have arisen on the asset. EIS deferral comes into effect when you choose to defer asset gains into approved EIS shares, this form of capital gains tax relief can be unlimited. Minimising your capital gains tax can be achieved easily through the use of relief processes; a professional accountant will get a thorough understanding of your business or your assets in order to find where you could be eligible for relief.

Capital Gains Tax Support

If you regularly purchase and sell assets at a profit, then keeping track of your CGT requirements can be a very time-consuming process. To ensure that you are paying the right amount of CGT on your gains, and can prove your accounts, the help of a professional qualified accountant can be invaluable.

When you dispose of any asset, it is vital to keep detailed records so that you can prove the disposal to HMRC. With the help of a trained CGT accountant, you can ensure that your records are an accurate reflection of your assets, whether they are personal assets or business assets. At The Accountancy Solutions, we provide a confidential service that you can trust to take care of your records and your requirements for CGT. For more information about CGT and how we can help with business and personal CGT, don’t delay in contacting our expert team. 

For those who have assets to leave behind to loved ones when they pass away, inheritance tax rulings can mean that those hard-earned assets could be whittled away. There are ways and means of eliminating yourself from the IHT bracket and our experts can give you clear advice on ways to avoid this taxation on your family’s assets, once you have passed.

Those who are looking to organise their affairs properly will benefit from our inheritance tax service, as it will leave you safe in the knowledge that your loved ones will receive the assets that you intend only for them. We deal with each customer discretely and professionally, as we understand that many of our clients find it difficult to talk about what will happen to their property when they are no longer here.

Advice For Inheritance Tax

At every stage, we will provide experienced support and assistance, knowing the heightened importance of ensuring everything is prepared and correct during the will creation process. To make the situation easier on families, we will look at your finances and assets with an objective viewpoint, providing an extensive plan for your belongings and helping you to minimise the impact of inheritance tax.

Disclosing the full extent of your assets and estate is a long task, but one we will support you through our friendly team always ready to provide help and guidance where needed. Many strategies that we can help you to implement include creating trust funds, will creation and will amendments and accounting for lifetime gifts.

BEST INHERITANCE TAX ADVICE FROM PROFESSIONALS

At The Accountancy Solutions, we are always on hand to provide expert help, guidance, and advice when it comes to the complex matters surrounding inheritance tax. Our professional tax accountants can help you understand and consider the implications inheritance tax when writing your will. We also provide assistance to those that have recently inherited an estate and are facing the challenges of calculating and paying inheritance tax on it.
The professionally trained team of accountants at The Accountancy Solutions, can help with all areas of inheritance tax pertaining to Reliefs and Exemptions, such as Estate Planning, Property and Asset Exemptions, Tax-free Allowances, Estates and Wills, such as Will and Estate Planning, Trust Advice, Exemptions, Double Taxation Treaties, such as Exemptions, Reliefs, and Deductions, Trusts

Inheritance Tax Support

We understand just how sensitive a matter inheritance tax can be, whether you’re writing your will or executing the will of a loved one. Our friendly and confidential services will ensure that you have a full understanding of the exemptions and reliefs available, as well as how to organise your estate in the most efficient way for taxation.
For help and advice through the sensitive but important area of inheritance tax, don’t hesitate to contact our team, who will be by your side every step of the way, ensuring you have thorough advice on all areas of inheritance tax.