CITY ACCOUNTS UK

Finance and Tax Professionals

Tax Planning Services

The UK tax system is one of the most complex in the world and combined legislation has more pages than any other country on this planet. To understand the legislation and correctly interpretation requires good skill and practical knowledge. In broad tax planning terms two important concepts need to be considered.

Tax Avoidance - avoiding or minimizing tax payments by utilizing constructive parts of the legislation and by implementing advance planning that delivers favorable tax positions. All planning is done within the permitted structure of law and perfectly legal. It needs to be mentioned that tax authorities may still challenge certain tax planning schemes and may overturn the arranged tax liability.

Tax Evasion - evading payment of taxes by not paying them at all and/or submitting false or incorrect tax returns for the given tax period. The non payment of tax is illegal and carries criminal penalties and heavy fines. Although, in certain instances, where it is an oversight or genuine error, HMRC might waive the penalty notices. That is provided there is a reasonable excuse and appeal is lodged

Our highly technical tax software, used by top UK Accountancy firms, meets the required standards and industry compliant. Unlike other accountancy services, tax advice varies from firm to firm, mainly due to given knowledge and level of experience of the tax advisor and firmsí level of tolerable risk. Our tax specialists have completed Chartered Tax Advisor (CTA) program and have industry experience

The services that may be covered under tax planning description:

- Evaluating Company Short and Long Term Strategy

- Evaluating Existing Tax Position and Financial Objectives

- Evaluating Directors Payments and Benefits

- Evaluating Employee Payments and Benefits

- Evaluating Value Added Tax Related Strategies

- Advance Corporation Tax Planning

- Advance PAYE and NIC Planning

- Accrued and Deferred Income Workout

- Dividend Extraction Strategies

- Tangible and Intangible Asset Investment Strategies

- Implementation of Tax Favorable Schemes

- Capital Gains Tax Planning

- Inheritance Tax Planning

- Construction Industry Scheme (CIS) Payments

- Other Tax Schemes and Planning

Corporation Tax Computation Services

Whether the company has done pre year end tax planning or requires straightforward corporation tax return, we are here to help. The majority of companies in UK are liable to pay corporation taxes on gains and trading profits. Here are some facts about corporation taxes.

- Payment of corporation tax need to be 9 months after the end of your company's Corporation Tax accounting period

- Filing of corporation tax need to be 12 months after the end of your company' s Corporation Tax accounting period

- The company can appoint tax advisor to take care of all tax returns communications with HMRC

- In working out corporation taxes the depreciation for the year should be added back to profits

- In working out corporation taxes the capital allowances for the year should be deducted from the profits

- Tax losses can be carried forward and used against future taxable profits

- Tax losses can be carried back and used against past taxed profits

Income Tax Computation Services

Completing self assessment forms can be laborious and unimaginably detailed. Our tax experts are here to eliminate all the jargon and explain it in easy to understand form. We cover the following taxation related work:

- Income Tax and Computations

- Self Assessment Employment

- Self Assessment Self-Employment

- Inheritance Taxation

- Capital Gains Tax

- Employers and Employees National Insurance Contributions

- SSP, SMP and SPP Payments Calculations

- All work relating to Partnership entities

- Rates and Allowances and Other Tax Work

Tax Back Services

We can help you to get back your overpaid taxes. Our dedicated taxback team will ask you to complete the HMRC forms and we will submit tax repayment claim on your behalf. The service is speedy and very straightforward. We offer the following taxback related services:

- Instantly tell you roughly how much tax you are likely to reclaim

- Workout exact amount of tax back you are likely to get from given information

- Find your local tax office and get all papers in one place

- Represent you as a tax agent and communicate with the tax office

- Contact your employer on your behalf if you require copy of your P45 or P60

- Complete all the necessary paperwork and submit it to the HMRC

- Receive the payment on your behalf and pay you either cash, cheque or bacs payment

- Employers and Employees National Insurance Contributions

- Very low charge rates, 5% of overall reclaimed tax

Value Added Tax (VAT) Return Services

VAT returns are normally straightforward except for few minor rules that need to be followed correctly. Our indirect tax experts can help to do your company return. The VAT services include:

- Reconciling VAT transactions

- Calculating VAT liability

- Completing the form and making appropriate adjustments

- Submitting paper return to HMRC

- Online VAT account creation, registration and electronic submission

- Other VAT related work

PAYE and NIC Return Services

Pay As You Earn and National Insurance Contributions need to be submitted to HMRC on a monthly basis. We can help you to calculate the liability and make all the necessary correct workings before submission. The PAYE services include:

- Reconciling PAYE transactions

- Reconciling NIC transactions

- Submitting amounts due to HMRC

- Sending P14 and P35 and Other Compliance Reports to HMRC

- Capital Gains Tax

Capital Gains Tax (CGT)

The business may have capital gains tax if an asset is sold, given away, exchanged or otherwise disposed of. The business assets could be tangible or intangible assets, company shares and other assets. The Capital Gains Tax services include:

- Identifying CGT transactions

- Calculating CGT liability

- Making any required adjustments

- Submitting amounts due to HMRC

Construction Industry Scheme (CIS)

The Construction Industry Scheme regulates payment for contractors and subcontractors in construction industry. There are number of obligations contractors and subcontractors required to do. The Construction Industry Scheme services include:

- Help with CIS registration and trading names

- CIS300 subcontractor monthly returns

- Acting as an agent for subcontractor

- All other CIS related services

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