Tax & Payroll
We’ll take care of the tax and payroll so you can focus on taking care of your clients.
There are strict deadlines for registering for Self Assessment, and filing tax returns, and two key dates for paying tax. In addition to the main tax return, you may also need to complete supplementary pages for other types of income including:
- Partnership income
- UK property income
- Foreign income or gains
- Capital gains
Not only do you have to complete your tax return correctly but you also have to self-assess which means calculating your tax liability. If you get it wrong you will have to pay a penalty plus interest. You also get a penalty if your tax return is late, or if you pay your tax bill late.
Our Personal Tax Return service takes all this hassle away. We know which supplementary pages to complete, what to put in the boxes, how to calculate any tax due and the filing deadlines. Don’t waste time or worry about getting things wrong, we’ll do it all for you.
We can help ensure you only pay the tax you have to. We don’t believe in, or advise on, complex offshore tax stunts, but there are many perfectly legitimate ways to plan your tax affairs to reduce your tax bills, and be able to sleep at night.
Each year we will carry out detailed and comprehensive tax planning reviews well before the tax year-end to ensure that you are tax efficient. These include:
- Knowing how and when to extract profits from your business
- Explaining tax reliefs that are available to you and how to use them
- Reviewing the structure of your business
- Transferring assets to reduce the combined tax liability where applicable
- Planning asset disposals to minimise Capital Gains Tax
Effective and proactive tax planning can save you thousands of pounds. To find out if we can help you reduce your tax bills please call or email us to arrange a free, no-obligation review of your tax affairs.
Every company must calculate its Corporation Tax liability and submit a return every year. There are penalties for getting this wrong and for filing the return late.
We can deal with all of this so you know you have paid the right amount of tax and everything is dealt with within deadlines.
It’s important to pay your staff the right amount and on time. It’s equally important to make sure that the tax deducted is correct and that submissions and payments to HMRC are accurate and on time.
We can provide a full Payroll service whether there is a sole director or hundreds of employees. We will ensure that your payroll is operated in line with regulations and that your staff salaries, pensions and tax deductions are calculated correctly. Our comprehensive payroll service includes:
- Monthly Payslips for all directors and employees
- Processing of monthly and year-end RTI returns
- Notification of how much to pay to HMRC each month and when to pay it
- P45s for leavers
- P60s for all employees at the end of the tax year
- Dealing with benefits in kind
- Calculating student loan deductions
- Calculating and recovering Statutory Maternity/Paternity pay
- Calculating sick pay
- P11Ds for all employees at the end of the tax year
We also offer a full Auto Enrolment pension solution, from initial set up to ongoing monthly compliance. We will calculate pension contributions, report contributions to the pension provider and prepare all the letters you need to give to your staff to comply with The Pensions Regulator guidelines.
Accurate VAT returns are vital and they can also be complicated. HMRC tend to scrutinise VAT more than any other tax and the penalties for getting it wrong can be substantial.
We can prepare your VAT returns for you accurately and on time giving you peace of mind and saving you time.
As well as preparing VAT returns we can help with:
- Advising whether you need to register for VAT or not
- Reviewing whether you could benefit from a voluntary VAT registration
- Ensuring you are using the best VAT scheme for your circumstances – there is more than one way to calculate your VAT liability and we can make sure you use the method that gives the lowest VAT bills