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.

Personal Tax

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 regard 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

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.

Business Tax

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.

Corporate Tax

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.

To find out more please call 0141 332 6331 or email mail@russell-russell.co.uk