Tax Planning
- Minimise tax liabilities.
- Savings for you or your company.
- Payroll Processing.
- Over 30 years’ experience.
Specialists in Tax Planning
If you’re looking for specialist tax planning services in Pontefract, Castleford, Normanton, Knottingley, South Kirkby and surrounding areas, then Stephens Accountants can undoubtedly help. We offer expert tax planning advice for small businesses just like yours.
Tax can be a substantial cost to profitable businesses and individuals. Tax planning for small businesses is imperative as these costs include the tax itself and the costs of complying with reporting obligations, dealing with enquiries from the tax authorities and penalties for non-compliance. We can help by relieving you of the administrative burdens and can advise you on how to minimise your tax liabilities with our tax efficiency advice.
If you are starting a business, we can ensure that you meet all the initial registration requirements and help you plan for future liabilities by explaining the tax system in plain language. We can provide you with a report on all the tax consequences for any particular transactions you are considering, with suggestions for mitigating liabilities and a complete tax planning service for small businesses. We can offer advice on a wide range of topics, including:
Business Tax Planning and Tax Strategies
- Pre-Year End Tax Planning: We recommend a review of the company’s position shortly before the accounting date to advise you of the tax-saving measures that can be put in place before your year-end to mitigate the company’s and your tax liabilities.
- Tax strategies: We actively investigate opportunities to take advantage of advanced tax mitigation, reduction and elimination strategies. As part of our wide range of services available, we have arrangements allowing our clients to access through us the services of the country’s leading providers of innovative tax strategies which can offer significant tax savings in all areas of taxation, such as income tax, profit extraction from your company, capital gains tax and stamp duty. Please note that due to the nature of tax law, the available strategies are constantly changing, so please get in touch with us with your particular requirements.
Capital Gains Tax
Whether you are selling shares, property or other assets, we can explain how capital gains tax works, calculate the liability and advise you of any reliefs available to reduce the bill.
Corporation Tax
To comply with your corporation tax obligations, we will prepare the company tax computation and tax return, submit these with your accounts to the Inland Revenue and advise you of corporation tax liabilities due. We will point out any opportunities for savings, from claiming additional reliefs to restructuring your affairs in a more tax-efficient manner. We can, at your request, review the company’s position shortly before the accounting date to advise you on implementing any tax-saving measures before your year-end.
HMRC Enquiries
Enquiries into your tax affairs by HM Revenue & Customs can be a very intimidating experience. The Revenue is entitled to enquire into your tax affairs at random, and as such, they never say why they are investigating. Their random enquiries are generated by computer so they may investigate without even a suspicion of anything being wrong, but none of this eases the stress. We can help by acting as an intermediary between you and the Revenue, reviewing their interpretations of your financial transactions and their interpretation of tax law. We will handle correspondence with the Revenue, keeping you informed at all stages and negotiating on your behalf to minimise the disruption to you.
Income Tax and National Insurance
We can prepare your Self Assessment Tax Return and calculate liabilities to income tax and national insurance each year. We will advise you of the due dates for payment, and we will point out any opportunities for savings, from claiming additional allowances or credits to restructuring your affairs in a more tax-efficient manner.
Inheritance Tax
Even after changes and anti-avoidance legislation in recent budgets, there are still several actions you can take to make sure more of your estate reaches your desired beneficiaries rather than the treasury. Contact us to arrange a free initial review.
International Tax Planning
We are experts in advising non-UK domiciled individuals in all areas of taxation on coming to and leaving the UK. We can also advise those who have lived in the UK all their lives who suddenly find themselves with an opportunity to work outside the UK. We can give you the basics of the tax system in the country you are travelling to, keep your UK tax affairs in order while you are away and contact advisers in your destination country who can advise you on the local position.
Stamp Duty
Stamp duty applies to certain share transactions, while transactions in property are now subject to Stamp Duty Land Tax. If you have a transaction in mind (whether a sale, purchase, gift or company restructuring), we can advise you of the tax due to the reporting requirements and offer advice on how to keep the tax charge as low as possible.
Value Added Tax
We will assist in preparing VAT returns, advise on the rules, and assist with VAT visits and responses to queries. We will report on elections, such as options to tax the use of specific schemes and assist with any other VAT matters.
For further information on our Tax Planning services for businesses in Pontefract, Castleford, Normanton, Knottingley, South Kirkby and the surrounding areas, don’t hesitate to contact us.
