tax management

In 1996/97, self assess­ment was intro­duced to help ease the bur­den for unin­cor­po­rat­ed busi­ness­es. If any­thing, it has actu­al­ly added to their bur­den. We can help to relieve you of this by prepar­ing your annu­al self assess­ment tax return.

We are also able to pre­pare cap­i­tal gains tax com­pu­ta­tions and inher­i­tance tax com­pu­ta­tions for you.

A key ser­vice we offer to clients is in the area of tax­a­tion plan­ning, aimed at min­imis­ing your future tax lia­bil­i­ties.

The onus is now on every indi­vid­ual to ensure that they pay the cor­rect amount of tax and Nation­al Insur­ance Con­tri­bu­tions. Under Self Assess­ment, it falls on the indi­vid­ual to ensure that their Tax Return is com­plete and cor­rect, and sub­mit­ted to H.M. Rev­enue & Cus­toms (HMRC) by the statu­to­ry fil­ing dead­line.

Where there are any errors or omis­sions in the Tax Return sub­mit­ted to HMRC, this leaves the tax­pay­er open to penal­ties, as HMRC regards this as neg­li­gence or in some cas­es where the omis­sion is delib­er­ate, it is con­strued as tax eva­sion.

Where tax is payable, again, it is the respon­si­bil­i­ty of the indi­vid­ual to ensure that they pay on time; oth­er­wise, HMRC will charge auto­mat­ic penal­ties and sur­charges.

We can help you by com­plet­ing your Tax Return for you and sub­mit­ting them to HMRC and advis­ing you of the cor­rect amount of tax to pay, if any. If you have over­paid your tax, we would cal­cu­late this for you and make a claim to HMRC for a refund for you.

This will give you the peace of mind that your tax affairs are cor­rect and that you are com­ply­ing with the fil­ing require­ments.
In addi­tion to the fil­ing of returns, we are able to advise you on all aspects of per­son­al tax, includ­ing Cap­i­tal Gains Tax and Inher­i­tance Tax, and help you plan your affairs in the most effi­cient way to avoid pay­ing too much tax.

Cap­i­tal Gains Tax is high­ly com­plex. You could find your­self with a large tax bill on the sale of an asset, such as prop­er­ty or shares. With care­ful plan­ning, you can reduce your poten­tial CGT that would be payable or even reduce it to nil.

There are often cer­tain Cap­i­tal Gains Tax reliefs avail­able and it is impor­tant to struc­ture the own­er­ship of your assets in the most tax-effi­cient man­ner, with care­ful tax plan­ning.

Cor­po­rate & busi­ness tax will rep­re­sent a sub­stan­tial cost to any prof­itable busi­ness, not only in terms of the tax itself but also in com­pli­ance with report­ing oblig­a­tions, inves­ti­ga­tions with tax author­i­ties, and penal­ties for non-com­pli­ance.

We can help you min­imise your cor­po­ra­tion tax pay­ments and relieve you of any admin­is­tra­tive bur­den of com­ply­ing with tax leg­is­la­tion. We will deal with all busi­ness tax mat­ters, includ­ing prepar­ing income and /or cor­po­ra­tion tax com­pu­ta­tions and prepar­ing and sub­mit­ting your part­ner­ship tax return or cor­po­ra­tion tax self-assess­ment return.

HMRC Enquiries/Investigations – Fee Pro­tec­tion Insur­ance

The way HMRC oper­ates is chang­ing with the pass­ing into law of the Finance Act 2008, which gives inspec­tors far greater pow­ers than pre­vi­ous­ly. The Act gives them the right to enter your premis­es, check your records and access your com­put­ers, all with no right of appeal. The dis­cov­ery of a sim­ple, unin­ten­tion­al error caus­ing an under­pay­ment of tax may lead to you pay­ing HMRC large penal­ties as well as repay­ing all the tax you are deemed to owe.

If you are cho­sen for an inves­ti­ga­tion, we will do our utmost to ensure that the out­come is as favourable for you as it can be.  In most cas­es, we will be able to reach a set­tle­ment with HMRC that is con­sid­er­ably low­er than their orig­i­nal demand; in some cas­es we can con­vince them to with­draw their claim alto­geth­er.  How­ev­er, this can take a con­sid­er­able amount of time and, even if no addi­tion­al tax or penal­ty pay­ment is due, we will still have to charge you for the pro­fes­sion­al fees incurred in deal­ing with HMRC on your behalf; such fees fre­quent­ly amount to thou­sands of pounds.

Rus­sell & Rus­sell are mem­bers of a fee pro­tec­tion scheme which will pro­vide you with the equiv­a­lent of up to £100,000 worth of our time in the event of a writ­ten inter­ven­tion by the tax author­i­ties and enables us to ded­i­cate as much time as nec­es­sary to get the best result for you, with­out wor­ry­ing about spi­ralling expens­es.

For all busi­ness clients, includ­ed in the ser­vice at no extra cost, is access to CCH’s mar­ket-lead­ing Busi­ness Sup­port Helpline, a valu­able resource which could save your busi­ness time and expense.  Please con­tact us for more infor­ma­tion on this.

Don’t take our word for it…

Here’s what our clients have to say about our tax man­age­ment ser­vices: