Corporation tax – the tax payable on company profits – is a complex issue. A company’s structure and its business plans play a significant role in the tax payable, and because corporation tax is carried out under a self assessment regime, with harsh penalties for non-compliance, seeking professional, expert advice is a wise move for any business.
We offer a range of services to help you comply with corporate tax legislation and minimise the tax payable through use of appropriate allowances and reliefs. We can assist in preparing your corporation tax self assessment returns, calculating liabilities, corresponding with HM Revenue & Customs and agreeing computations.
We will also work with you on comprehensive forward planning to take the maximum advantage of tax allowances and reliefs and organise your business affairs in the most tax-efficient manner.
And because we take time to get to know your business, we can also advise on all aspects of your business’s activities, from improving the efficiency of its day-to-day operations to achieving the maximum value when it’s time to sell.
Personal tax services
If you are one of the nine million plus people who complete a self-assessment tax return each year, you’ll know that you must meet HM Revenue & Customs (HMRC) deadlines to avoid penalties and interest payments for incorrect or late returns. You’ll also know that the form is lengthy and complex.
We offer an efficient and comprehensive tax return service for individuals, whether you are resident in the UK or not. From the start, you will have a dedicated member of our tax team to advise you and help you organise your return information.
We’ll also assist with any necessary calculations, correspond with HMRC and deal with any enquiries.
Our personal tax services also include a full range of integrated tax planning, including:
- advice on tax-efficient remuneration
- inheritance tax planning
- pension planning
- Accelerated Payment Notice
You have worked hard for what you have achieved, so it is natural that you want to protect your wealth now and for the future – and that includes arranging your business and personal affairs in the most tax-efficient manner.
But taxation is traditionally a complex area, so it makes sense to seek expert, professional advice, to achieve the best possible tax outcome.
Here at Watson Buckle, we can draw on and integrate our business planning, corporate and personal tax and wealth management expertise to help you achieve financial security through your commercial and personal decisions.
Your business goals and personal financial planning targets will play key roles in our tax planning service. Our listening approach also means that we’ll get to know and understand where you are now, and where you want to be in the future, so that we can advise you on the best way to get there.
Capital gains tax
If you are considering selling your business or other business assets – including shares, machinery and even goodwill – capital gains tax (CGT) is likely to be an important consideration, particularly if you are planning to put the proceeds towards funding your retirement.
Our specialist tax team can advise you on CGT implications of a transaction before it takes place and advise you on the most appropriate way forward to minimise your liabilities.
We can also advise you on the timing of your deal, which is particularly important with CGT, to take full advantage of the various exemptions and reliefs available.
Inheritance Tax (IHT) has been much in the news as a result of rising house prices forcing more and more families, in quite modest homes, into the IHT bracket.
Along with increasing the thresholds, the measures have been introduced particularly for married couples (and those in civil partnerships) that help to mitigate this and to try and take households out of IHT. However, inheritance tax remains a complex area and seeking professional advice would be wise.
That’s where our expert team can help. When you have worked hard for your money, we understand that you want to protect as much of it as possible for the future security of your family.
Where estates are vulnerable to inheritance tax, we recommend a detailed planning strategy, involving options including trusts, potentially exempt transfers and gifts, including lifetime gifts.
HM Revenue & Customs (HMRC) investigations range from simple enquiries on an individual aspect of a tax return to full examination of every facet of your business and private finances. HMRC also regularly conduct random visits to check on financial record keeping and PAYE compliance.
Although the prospect of a full enquiry – which can result in a criminal prosecution in serious cases – may seem daunting, these can often be avoided with timely intervention from your accountant.
If an investigation cannot be avoided, our expert team will draw on their experience of HMRC training at staff and partner level to represent you in the most effective way and mitigate the final settlement.
We also operate an insurance scheme to cover the additional fees triggered by HMRC investigations.
Have you acquired, built, fitted-out or refurbished a property for your business? If so you could be eligible to reduce your after tax cost using capital allowances. The percentage of relief varies but many businesses do not claim all of the capital allowances to which they are entitled. Our team of tax experts will investigate whether you have a claim.