Taxation Services

Providing taxation services involves much more than just having expertise from a technical point of view. We believe that our unique approach to our clients sets us apart. Our team enjoy their work and the building of strong relationships with our clients. The key to this approach is our ability to listen to our clients, understand the issues and communicate practical and commercial tax efficient solutions in easy non-technical language.

Our proactive approach based on the expert knowledge and experience of our team ensures we deliver a consistent service and build solid relationships which stand the test of time.

Income Tax

Although the majority of Self Assessment Tax Returns are submitted for those in self-employment, there are several other circumstances which might result in you being sent a tax return for completion. These include:

You may be in receipt of income not taxed at source, such as income from Land and Property or casual earnings. You may be a Director of a Limited Company. The level of your total income may result in you becoming a Higher Rate taxpayer. You might have sold an asset giving rise to a Capital Gain.

Our experienced and helpful staff can not only ensure that your annual Tax Return is filed within the statutory time limit and advise as to when tax payments need to be made to avoid penalties, surcharges and interest, but are also able to deal with any questions you have and offer advice to help keep your liabilities to a minimum.

Corporation Tax

As a natural progression from the preparation of a Limited Company's accounts, we also prepare the company's Corporation Tax Computations and Returns, deal with their submission to HM Revenue & Customs within the statutory time limits and advise as to the correct tax payable and the due dates of payment to keep penalties and interest charges to a minimum.

Advising Directors and Shareholders regarding the mitigation of their Corporation Tax liabilities and the most tax efficient method of extracting profits from their company is another of the important services we offer.

As ever, timely discussion and planning often pays substantial dividends.

Capital Gains Tax

Individuals can encounter capital gains tax (CGT) at all stages of their life and at all levels of wealth. This tax is payable whenever an individual or company sells or transfers property to another person or entity, for example in the sale of a company, land or property like a second home. Even if you have a standard share portfolio you may be subject to Capital gains tax.

Recent changes in the legislation surrounding capital gains tax have been aimed at simplifying the rules associated with the tax.

Under the new rules, which commence on 6th April 2008 indexation and taper relief will be withdrawn and a single rate of 18% will be applied to all gains in excess of the annual exemption.

However a new Entrepreneur's relief has been introduced. Entrepreneur's relief will in some instances/disposals give an effective tax rate of 10%; the relief is available on qualifying disposals on lifetime gross gains of £1 million.

The timings of the transactions can directly affect the amount of relief that you have available. Small changes to the date of a transaction can have a big impact on the tax payable.

You should seek advice before a transaction takes place for maximum effect. However, we can still help you if you seek advice soon after a transaction. The secret is careful planning and the appropriate use of elections to keep your CGT bill to a minimum.

We can assist you in the tax planning process with appropriate and timely advice, whether you are, for example, an individual or a business owner involved in a capital transfer of shares.

Inheritance Tax

Recent years have seen considerable increases in asset values, (not only in property, but also in stocks and shares and often in the value of an individual's pension fund) but they have also seen a substantial increase in the profile of Inheritance Tax.

At one time this tax was considered by many to be a problem for the rich only, but more and more people are realising that it is likely to affect them and their families. The Nil Rate band, over which tax becomes payable on death, has barely increased above the rate of inflation in recent years, whilst at the same time property prices have soared and in very many cases just the value of one's home exceeds the Inheritance Tax threshold.

With IHT payable at the rate of 40% on the full value of all chargeable estates in excess of the Nil Rate band, the potential tax liability for many families will be substantial. The March 2008 Budget has alleviated the potential liability in many cases, but we recommend that you contact us to see what impact the changes will have on your own position.

For further information or advice on any taxation matter please phone Jean Ainsley or Jamie Smith, alternatively you can email [email protected] or [email protected].