Tax in business is now so important that no financial decision of any consequence can be made without detailed and objective consideration of the tax implications. Each year brings fresh tax changes.
Both Customs & Excise and the Inland Revenue conduct detailed investigations and have set up many in-depth tax investigation teams. Better equipped than ever before, these teams are also armed with greater powers. Penalties for non-compliance are now both more frequent and more severe. The risk of detection cannot be ignored since it can pose a major threat to the continuance of a business.
We have extensive experience of a wide range of tax matters and aim to provide our clients with advice that is timely, accurate and cost-effective. We can also assist in negotiations with Customs & Excise and the Inland Revenue where difficulties arise, or obtain preliminary clearances for certain courses of action where alternative strategies with different tax consequences are being considered.
We can review client company’s tax positions well in advance of year ends, advising on the planning opportunities to minimise corporation tax liabilities and the relative merits of different strategies.
Particular areas for attention include:
Financing the purchase of plant and machinery
Directors’ remuneration and pension planning
Deadline dates for making returns and obtaining reliefs.
Value Added Tax
Taxpayers can be heavily penalised if they are late with VAT returns and payments, or make even innocent mistakes. In many cases, the penalty may be out of all proportion to the offence committed.
We can design financial systems that will provide accurate information for VAT returns, thus avoiding the danger of VAT penalties.
As the VAT system increases in complexity, our experience can be of assistance to clients in negotiating the most favourable treatment or interpretation available under current legislation.
The PAYE system is now so complex that the potential for unintentional non-compliance is very high. Special Inland Revenue teams regularly investigate employers’ PAYE systems and can impose severe penalties where persistent or deliberate errors are identified.
We can help clients review their remuneration practices, alerting them to such danger areas as: casual labour, loans to directors, P11D compliance and National Insurance.
We can provide a payroll preparation service and advice on PAYE and NI matters from our dedicated department based in Sussex. We really are your payroll department run by experts at a fraction of the cost of running your own payroll section.
The tax implications of the timing and methods of buying, selling, letting and financing business property can make a substantial difference to the outcome of the transactions. We can supplement the services offered by a client’s specialist property adviser by providing taxation advice and help in raising finance.
We can also advise on alternative methods of property acquisition and their tax consequences.
The tax environment for business changes rapidly and frequently. We aim to anticipate the tax implications of the development of a client’s business and recommend that clients seek our advice in advance about major business decisions; otherwise tax planning opportunities could be overlooked.