Taxation
Tax services need to be clear and
concise and with the ever-changing tax environment it is important
that you are made aware of new tax legislation and how it may affect
you. We work very hard at keeping totally up-to-date will all
developments and, where necessary, have direct access to specialist
advice on any tax matter.
How can we help?
In addition to providing tax advice internally to the Audit,
Accountancy and Insolvency Departments, the department covers the entire
spectrum of tax including:
Income Tax | Corporation Tax | Tax
Investigations | VAT | PAYE | Capital Gains Tax | Trusts |
Estates | Inheritance Tax | CIS
Income Tax
During April of each year most of you will probably receive a tax
return from HMRC. This form should be completed to include
all of your income for the tax year for forwarding to the tax office by
the following 31 January if filed by computer and 31 October if filed by paper.
However, the completion of the form
may in many cases not be straightforward and it may prove worthwhile to
seek professional assistance especially if the tax return is under
investigation at a later date. Our staff are experienced in the
completion of such returns and if you need any help remember we are only
a phone call away.
We can help with the following:
•
Preparation and completion of tax returns
• Preparation of
income tax and capital allowances computation
•Advising of
tax payable
•Calculation of
capital gains tax
•Statements of
rental income
Corporation Tax
Naturally all companies wish to ensure that they keep their payments
of corporation tax to a minimum. We can help by maximising the
expenditure which will qualify for tax allowances.
In addition we can assist with the
following:
• Advice on
capital gains
• Advice on
group structures
• Advice on
transfer pricing and CFC's
• Preparation
and completion of corporation tax returns
• Dealing with
HMRC enquiries and investigations
• Research & Development claims
• Co purchase of own shares
HMRC District and
Special Civil Investigations Enquiries
What do you do if you receive a letter from the HMRC
indicating an enquiry? Panic? This can be a stressful time if you
receive such a notification from the tax office. Here at Cavanagh Kelly,
we have wide experiences in dealing with such queries and we can take
control of all matters for you. The first step is to contact us and we
will assist you and deal with HMRC from the initial
investigation to its completion.
In recent years we have had significant success in negotiating
favourable settlements for our clients in regard to enquiries by HMRC Special Civil Investigation Branch (SCI)
Remember we are here to help.
Employee remuneration and National
Insurance Contributions
Some businesses prefer to avoid the tedious calculation of wages and
salaries.
We have a dedicated computerised
payroll service, which will process the payroll on your behalf and
advise of the necessary payments to be made to HMRC and to
employees. In addition, we will review your wages, calculations and
assist with the preparation of forms P35 and P60. These have to be
completed and submitted within strict deadlines.
Forms P11D must be prepared for
employees and directors who earn £8,500 or more per year and who receive
benefits from the company. We can assist in the preparation of these and
advise of Class 1A NIC payable.
Capital
Gains Tax
Many people do not think of the opportunities available to reduce
the tax due when they sell something, whether it be a business, a
property, or some other asset. Even more unfortunately, some people make
gifts to their children and do not realise that Capital Gains Tax can be
due.
Planning beforehand can pay big
dividends and save a lot of money.
Inheritance Tax
How and where would you like your wealth to be distributed? Do
you actually know your Net Worth? It is essential that early thought and
planning be given to this to ensure that any tax payable is kept to a
minimum. With the increase in house values, more and more people who
live a modest lifestyle are potentially liable to Inheritance Tax.
Basic steps in IHT planning include:
• Preparation of
statement of assets and liabilities
• Making a will
and having this annually checked by a professional advisor
• The making of
gifts to use your annual IHT exemption
• Understanding
the importance of the 7-year rule for certain gifts.
• The creation
of trusts
• The division
of your family home and assets
For more detailed advice why not
arrange an appointment with us?
Employee Share Option Schemes
Companies are increasingly looking at ways of attracting and
rewarding key staff in a tax efficient manner - we can advise on tax
benefits both for the employee and also for the company. We can advise
on how to maximise employee remuneration and also on the ever-changing
tax. |
