Taxation

As tax advisers based in Islington, North London, our objective is to work closely with you to assist you with tax compliance, pay the right amount of tax at the right time and avoid penalties for non-compliance.

We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.

Personal Tax (including sole-traders and partnerships)

We can assist you with all aspects of Income Tax, Capital Gains Tax and Inheritance Tax.

Self Assessment

We have the expertise and software to take the headache out of the form filling and the compliance aspects of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you.  We can assist you to complete Tax Returns, calculate any tax liability or refund and advise you exactly when and how to make payments and how to obtain a refund of tax overpaid.

If you have fallen behind with your tax compliance we understand how stressful that can be. You may be a few or many years behind with your tax. Perhaps you know you should get your tax affairs up to date but you do not know how to go about this. Perhaps you are feeling afraid and do not know where to start or what the consequences might be. Do not worry. Help is at hand. We can assist you to bring your tax affairs up to date whether you are one tax year behind or whether you are 20 years behind. We will guide and assist you to bring your tax affairs up to date and then keep you that way.

Personal tax planning

Today, more and more emphasis is being put on taxpayers' individual responsibilities and everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our dedicated tax team can provide you with year-round advice on all aspects of personal taxation.

Capital Gains Tax and planning

Buying, selling or gifting residential property can result in an unexpected Capital Gains Tax liability if you are not familiar with the tax implications of the property transactions you are considering. We can assist you with your plans by explaining the CGT implications to you. We can prepare CGT computations and help you to reduce your possible CGT liability by claiming the tax reliefs that may be available to you.

If you know your potential CGT liability this will give you a window into the future so that you will be properly informed – and in advance – of the tax consequences of the property transactions you may be contemplating. If you are planning to buy property, the ownership of that property should be appropriately held from the outset to reduce or eliminate CGT or potential Inheritance Tax implications further down the road. We can guide you to make the right choices from the outset.

Inheritance Tax and estate planning

Few of us like to think about dying, however the relevant legislation requires us to plan well in advance to manage, maintain and maximise family wealth. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight – along with a detailed knowledge of the current tax regime.  We provide a discreet comprehensive estate planning service that includes:

• help with planning and reviewing a Will;
• making full use of exemptions and lower tax rates on lifetime transfers;
• optimising lifetime transfers between family members;
• transferring agricultural or business property;
• transferring assets into trust; and
• arranging adequate life assurance to cover potential inheritance tax liabilities.

We also have expertise in dealing with trusts; a tax efficient way to set aside assets for future beneficiaries outside the Inheritance Tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.

Corporation Tax services

Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the Corporation Tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare Tax Returns in a timely and efficient manner.  We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments.

The reporting obligations and investigation policies on the part of HM Revenue & Customs, together with penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise the administrative burden of compliance with current tax legislation.  Effective corporate tax planning can also result in significant improvements to your bottom line.

VAT

VAT is one of the most complex taxes imposed on business and one that many businesses inadvertently overpay or underpay.  Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations, avoid penalties and ensure that the correct VAT liability or refund is calculated. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:

• assistance with VAT registration;
• advice on VAT planning and administration;
• use of the most appropriate VAT scheme;
• VAT control and reconciliation;
• help with completing VAT Returns;
• planning to minimise future problems with HMRC; and
• negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.

HMRC Investigations

Being the subject of a tax investigation by HMRC can be a stressful and worrying experience.  We can assist you to manage and resolve HMRC investigations, whether they are enquiries into an individual’s Tax Return under the Self Assessment regime, enquiries under Corporation Tax Self Assessment or employer-related investigations into PAYE, National Insurance and P11D compliance. If you are the subject of an investigation, we can provide expert help and support.

Tax protection

With the increased risk of such investigations it may be worth considering taking out an insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.