Compliance

Every business must prepare tax computations based on their annual accounts; these must be filed with the tax authorities when Tax Returns are submitted.

These computations can reduce your business' corporation tax liability by including tax relief for all relevant expenses and capital expenditure. They also ensure that your business pays the correct amount of tax by excluding any spending which is disallowed by the tax regulations.

A variety of additional Tax returns must be completed and filed with the Inland Revenue and Customs & Excise each year in connection with PAYE, National Insurance and VAT.

To avoid increasingly heavy fines and penalties, it is essential that your Returns are accurately prepared and filed on time. Associates can assist your business by:

• completing and filing business Tax Returns
• preparing and submitting end-of-year payroll Tax Returns
• intermediating in any disputes with the tax authorities

Planning & Advice

Tax bills can be minimised through forward planning which takes maximum advantage of tax breaks and by organising your business affairs in the most tax-efficient manner.

Compliance Reviews can be undertaken to ensure that penalties are avoided for technical breaches of PAYE and VAT regulations.

If the tax authorities investigate your business, intervention by tax professionals generally results in a favourable settlement.

Associates can assist your business by:

• tax planning and negotiation with the tax authorities
• PAYE and VAT Compliance Reviews
• investigations into tax and duties paid in the past

Capital Gains Tax

Capital Gains Tax is payable to the Inland Revenue when an individual or a company sells or transfers an asset to someone else.

You only have to pay Capital Gains Tax on disposing of an asset if you have made a chargeable gain. Typically, you make a gain if the asset is worth more than it was when you acquired it.

Certain kinds of asset do not give rise to a chargeable gain when you dispose of them. For example, you will not normally have to pay Capital Gains Tax if you sell your home.

The rate of Capital Gains Tax depends on your circumstances. In general terms, you pay tax at whatever your highest rate of tax is.

Complicated and detailed calculations are required in order to conclude how much Capital Gains Tax is payable on a disposal.

In addition there are many reliefs and exemptions available, which can reduce or completely wipe out your tax bill.