The constant stream of changes to tax legislation means not only that tax returns are becoming more difficult to understand but also that taxpayers risk incurring more penalties through failure to complete their returns on time or correctly.
We can save you a lot of time and worry and money by handling your self-assessment for you. Our tax team will do all of the necessary computations, complete your tax return, calculate any tax liability and advise you on exactly when to make payments.
We can act as your agent, dealing directly with HM Revenue & Customs on your behalf and should you be selected for a self-assessment enquiry we can deal with the whole issue for you.
Ever changing regulations and growing demands of HMRC mean that VAT compliance can be a difficult administrative process. We can assist you to ensure that you comply with the regulations. To help you manage this complex area, we provide an efficient, cost effective VAT service which includes:
- Vat registration.
- Advice on Vat planning and administration.
- Completing and submitting VAT returns online.
- Advice on use of the most tax efficient VAT scheme for your business.
Every business, large or small, must produce annual accounts for the tax authorities. All limited companies must also file accounts at Companies House which comply in form and substance with the Companies Act provisions. If we prepare your annual accounts for you, we view this as an opportunity to discuss performance and future prospects for your business. It is usual that we meet to discuss your performance ensuring that you remain tax efficient and have opportunity to discuss any future opportunities or risks within the business.
With legislation becoming ever more complicated, accounts preparation work requires expert handling to ensure that final accounts meet current disclosure rules, and more importantly, provide you with an accurate statement of your profitability and financial net. Annual accounts are a measure of the current financial health of your business and are a powerful tool for management. In the case of many small to medium size enterprises (SMEs), the annual accounts are the only piece of verified financial data they receive each year. They also form the basis on which the business’ tax position is established.
Our aim is to provide more than just the preparation of annual accounts. We use the annual accounts as a tool to assist in a proactive approach to advising the direction of your organisation. With the help of one of our skilled advisers, your accounts can pin point positive and negative trends in the business. These areas can be focused on, and by working closely with you, we can help you to add value to ensure that your business’ potential is fully realised. During the course of our work, if associated problems are identified (for example VAT, PAYE or National Insurance) we will make you aware of these issues and assist you in resolving them.
We are keen to work with you on a fixed fee basis that suits your business and are happy to agree fees long before work commences. As part of our fixed fee arrangement you can expect access to proactive advice throughout the year ensuring our relationship goes beyond accounts preparation and helps your business succeed. In addition, we will work with you to ensure that you receive information in a timely manner – avoiding unnecessary fines and penalties. Good quality, timely information will enable your business to continue making good quality decisions and plan for the future.
Research and Development
R & D tax relief and credits are applicable to companies that are creating new or improved products, developing new processes or duplicating existing products and processes in an appreciably improved way. Companies which meet the definition of a small or medium sized enterprise (SME) are entitled to a deduction from taxable profits of 225% of the qualifying costs incurred after 1 April 2012 (200% for costs incurred after 1 April 2011), while large companies are entitled to a 130% deduction.
SME’s can also reclaim cash from HM Revenue & Customs where they have made a loss for tax purposes. This R & D tax credit can be worth up to 24.75p per £1 of qualifying expenditure and therefore can be very valuable to the loss making company. The definition of R & D is contained in the guidelines issued by the Department for Business, Innovation and Skills and there are no restrictions on the type of company that can qualify for the relief.
If we can demonstrate that a company has overcome technical or scientific difficulties or it seeks to make a technological advance then a claim could potentially be made. Ensure your business is entitled to claim R & D tax relief and credits and contact Wynniatt-Husey Limited today to arrange a meeting with a member of our team.
We also provide services for the following:-
- Stamp Duty
- Inheritance Tax
- Capital Gains Tax
- National Insurance