Taxation

Working closely with you to make sure you minimise your tax payments as much as possible by tax planning.

As tax advisers, our objective is to work closely with you to ensure you pay the minimum tax required by law.

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.

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 also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments due.

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

Personal tax services (including sole-traders and partnerships)

We are specialists in 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 compliance aspect of Self Assessment. We can provide practical advice on personal tax and the planning opportunities available to you. Over recent years HMRC have increased the penalties for failing to file a return on time and for errors. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

Personal tax planning

Everyone who is subject to taxation needs professional advice and support if they are to enhance their tax position and ensure they meet the compliance requirements. Our specialist tax team can provide you with year-round advice on all aspects of personal taxation.

Estate planning

Some of us like to think about the future and dying; however the appropriate legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the sooner arrangements are made, the better the chance of taking full benefit of our complicated tax system.

It is important when planning to transfer an estate that acceptable provision is made and getting the right balance requires substantial skill and foresight – along with a detailed knowledge of the current tax regime.  We provide a discreet wide-ranging 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
  • arranging adequate life assurance to cover potential inheritance tax liabilities.

Trusts

We also have knowledge in dealing with trusts; a very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can recommend on the most suitable type of trust to achieve your wishes, assist in setting up the trust and provide the full range of accounting services essential for trust management.

VAT

Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a problematic administrative process.  We can help to ensure that you comply with the regulations and that overpayments are not made. 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 scheme
  • VAT control and reconciliation
  • help with completing VAT returns
  • planning to minimise future problems with HMRC
  • negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.

HMRC Investigations and Enquiries

Being the subject of a tax investigation or enquiry by HMRC can be a demanding and distressing experience. We have a great deal of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return, more detailed enquiries into a company’s affairs or employer-related investigations into PAYE and P11d compliance. If you are the subject of an investigation, we can provide professional help and support.Tax protection

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

Require more information?

If you would like more information or would like to speak to us direct then call us on 0121 767 1815. Or if you would prefer, ask us a question online.

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The Hughes Partnership Accountants and Business Advisers Limited, Vienna House, International Square, Birmingham International Park, Solihull B37 7GN