Taxation Services
In this section:
- Self Assessment Returns
- Tax Repayments
- Sundry Tax Services
- Tax Planning
- Company Car Tax Planning
- Company Dissolution
- Tax Investigations
Self Assessment Returns
(better known as a Tax Return)
Tax. Return. Neither of these words is particularly offensive in isolation, but together they make a nasty combination. If you're self-employed, a company director, a landlord, receiving untaxed income, a higher rate tax payer, or part of a partnership or Trust, you'll need to submit a Return. And submitting it can mean hours of painstaking work.
But it doesn't have to be like this. To help you cope with the nightmare of self-assessment, Jones Harris offer a comprehensive service whereby we'll complete your Self-Assessment Return for you. As well as identifying which sources of income need to be declared, we'll make sure you claim all available allowances (thus reducing your tax liability) and make the most of any tax savings opportunities. All the information will be entered correctly, ensuring that the tax man will be kept happy.
After we've calculated the tax liability which arises from your accounts, we'll give you as much notice as possible as to when it's due, and pester you to file your return in time. Late payment of taxes will land you a fine, not to mention interest charges, and there's an automatic £100 penalty for a late return, so you'll have to pay attention. We'll be reminding you for your own good.
With Jones Harris as your accountants, you'll enjoy total peace of mind: knowing that your tax affairs are kept up to date allows you to get on with running your business, safe in the knowledge that you won't be getting any unnecessary attention from the Inland Revenue. We'll provide you with a copy of your Return, a summary of your entries, and a copy of the tax calculations, so you can see exactly what we've done, and why. Our investment in computerised systems allow us to file Returns electronically - an efficient, safe way to stay ahead of the game - and a large proportion of our staff are ex-Inland Revenue, so they know the tax system from the inside. Our excellent reputation with the Inland Revenue, meanwhile, minimises the risk of you being subject to a tax inve stigation. Our factsheet tells you more about self assessment, and what you can expect throughout the financial year..
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Tax Repayments
Paying tax is unpleasant, but it may turn out that, for a variety of reasons, you've paid too much, and so you could be due for a rebate. This is good news in itself, but what's even better is that you won't need to do a thing - we'll calculate the amount you've overpaid, submit the claim, and give you the good news!
In most cases, tax repayment relates to pensioners who have been taxed on pensions or investment income, or employees who haven't claimed their correct allowances in their tax codes. If you're not a client of Jones Harris, we might find that you haven't claimed all the allowances and reliefs due to you. Wherever possible, we file the forms electronically; this speeds up the process, allowing you to enjoy your unexpected windfall sooner rather than later. See? Paying tax isn't all bad!
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Sundry Tax Services
Jones Harris carry out a wide variety of other tax services, all designed to make your life easier. From Student Grant forms, through Child Tax Credit and Housing Benefit paperwork, all the way to Mortgage References, we'll offer help and advice on completing your paperwork. While we can't fill in the forms ourselves, we'll give you all the information you need, and the appropriate figures to use on the forms. If you're in the process of setting up a new business, we'll take care of the forms you need in order to register with the Inland Revenue and Contributions Agency - you'll have enough on your mind.
Our more general tax services include advice on the correct type and amount of National Insurance you need to pay. We can also obtain pension forecasts for our clients; these enable us to check your eligibility for a state pension, and "top up" your contribution if you don't qualify.
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Tax Planning
Our Tax Planning service encompasses both corporate (i.e. limited companies) and personal accounts; it covers Corporation Tax (for limited companies only), Capital Gains Tax, Income Tax, and Inheritance Tax. There isn't nearly enough room to list all our tax advice services here, and you wouldn't want to read about them anyway, but here's a small selection to give you an insight:
- The best structure for a new start-up (do you want to be a sole trader, part of a partnership, or a limited company?);
- The most tax-efficient way for Directors and shareholders to get their money out of a limited company;
- The structure of purchasing a new business (a merger, or an outright purchase?);
- General tax planning advice, so your tax liability is minimised;
- Selling or closing a business;
- Organising investments and savings in the most tax-efficient way.
As you can see, here at Jones Harris we offer comprehensive tax advice, no matter what life throws at you or what situation you might be in.
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Company Car Tax Planning
Arranging a company car can be a time-consuming, expensive worry, so we'll do everything we can to minimise the stress that often accompanies it. The first step is detailed tax planning, which ensures that the car is operated in the most tax-efficient way: you shouldn't be paying over the odds for a company car. You need to know the after-tax cost of supplying a company car for your employee, as well as the personal tax that the employee will suffer. Mileage allowance is also a key consideration - if an employee is using a personal car for work travel, you need to be aware of cost implications on your part.
This may all sound daunting, but we'll explain everything in practical terms, so you'll know just what a company car will mean to your company, and to your employee. You'll get a complete breakdown of the facts and figures, as well as definitive recommendations and information about just how much you're saving. Even if you already have experience wth arranging company cars, it's well worth talking to us about your plans, as we might be able to save you more than you expect. You can also use factsheet and company car benefit calculator to get a better idea of what to expect.
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Company Dissolution
When a limited company ceases to trade, for whatever reason, the company needs to be dissolved. At this often pressured time, it's important to know where you stand as a Director. Any assets and funds in the company go to the shareholders, but if certain criteria are met, these can be distributed in a more tax-effective manner. Jones Harris can identify circumstances that qualify for favourable tax treatment - it can be the difference between 10% and 40% tax.
As well as identifying the company's tax circumstances and making the necessary calculations, we can correspond with the Inland Revenue to make sure they agree with the figures, inform you of how much tax you need to pay (and when), and arrange the formal dissolution of the company with Companies House. All this is, of course, based on the assumption that the company is solvent and able to meet all its financial obligations; if this isn't the case, we can refer you to licensed Insolvency Praticioners, who specialise in this area and can offer further advice.
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Tax Investigations
Tax investigations are where the Inland Revenue select a business or individual tax payer for an in-depth investigation. You might be selected at random: a set number of people are picked every year, like a less exciting lottery. Alternatively, you may be chosen for specific reasons: the Revenue may be tagreting certain businesses, or the information on your Tax Return might not correspond to their records. There are many different reasons for being selected.
The enquiry itself can take two forms. The first is an Aspect Enquiry, which is restricted to specific points that the Revenue wish to clarify. The other is a Full Enquiry, where all your business and personal finances are examined.
Obviously, we can't do much to avoid random selection, by virtue of the fact that it's random. However, by preparing your accounts and completing your Tax Return professionally (not to mention using our experience to obtain explanations), we can minimise the odds of your being actively chosen. This is another hidden benefit of using Jones Harris as your accountants: we have an excellent reputation with the Revenue, which means that a lower than average number of our clients are chosen for enquiry.
If an enquiry does commence, we will ensure that you receive best advice at all times. You'll be kept up to date on the enquiry's progress, too, as enquiries can take between 6 and 18 months to complete. As well as making sure you know where the enquiry's up to, we'll offer support and reassurance through what can be an uncomfortable time. It isn't pleasant to have a beaureaucrat rifling through your accounts, so it's important to keep your chin up. Your enquiry will be dealt with by our specialist tax staff, who are also ex-Inland Revenue staff - they know the system inside out, and use this knowledge to your advantage. Jones Harris will defend you at all stages of the enquiry.
In the rare circumstances that, as a consequence of the enquiry, an increase in tax payable becomes necessary, we will do everything we can to minimise this. In addition, our Fee Protection Insurance scheme ensures that any costs we incur defending you are met by our insurers. This extra peace of mind takes some of the anxiety out of an Inland Revenue enquiry, as it means that even in differences of opinion, where the cost of pursuing a point could outweigh the tax in question, we can continue to argue your case for as long as we like (within reason).
In all cases, we ensure that any penalties arising from the enquiry are minimised. We're working in your interests, remember, so we'll go the extra mile to reduce any expenditure on your part.
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