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Tax Obligations – Accounting & Tax Services in Newcastle

Tax Obligations

PERSONAL TAX

Our experienced professional team provide a comprehensive range of specialist tax services to individuals. Our approach is personal and individual. Every client matter is led by a partner who first gets to grips with the issues you are facing before bringing into play, as needed, specialist team members with the skills and experience required to resolve each issue promptly and effectively.
Our personal tax experts can help with;
  • Tax computations
  • Completion and submission of tax returns
  • National Insurance Contributions
  • Dealing with HMRC full and aspect enquires
Whether you are a business owner, company director, entrepreneur, partner in professional practice, land or property owner, you will be looking to protect your wealth in the most tax efficient manner, and in the way that best suits your business or situation. We can help to optimise tax reliefs and exemptions in a way that is tailored to your personal circumstances and so ease the potential impact of turbulent economic conditions.

As part of our Personal Tax offering, we can also help with;
  • Trusts, Estates & Executorship
  • Personal Tax
  • UK Expats
  • Residence Rules
  • Domicile Status
  • Holiday Lettings
  • Inheritance Tax Planning

RENTAL INCOME


Our team of tax specialists advise landlords on all aspect of taxation of rental income and also assist with the preparation and submission of tax returns. We can also help ensure that you are claiming any allowable expenses due and help keep your taxable rental income to a sensible minimum
If you let property then this rental income is usually taxed as it is considered an investment. However it can be challenging to work out allowable expenses and calculate the profit you need to pay tax on, especially as rental income is an area that has been the subject of significant change.

If you live overseas and receive additional income there may be added considerations from a tax perspective. The tax treatment of non domiciled and non resident landlords is also an area that has changed recently and it can be difficult to keep up to date with the latest rules.

BUSINESS TAX


Tax planning is key when starting up a business, vital when running it and crucial when selling it.
Astute tax planning is a key driver in maximising business success. It is essential to have a clear vision of your goals and to plan from the outset. Every corporate transaction has a tax implication and getting the strategy right is integral to the success of your business

Shareholder Tax Planning

We can advise on these and other shareholder tax issues including the structuring of earnouts and issues relating to the restricted securities regime. Entrepreneurs’ relief is available on gains on business assets up to £10m. There are restrictions for example on goodwill on incorporation and for management companies so care needs to be taken at the outset to ensure the investment will qualify for the relief on an ultimate disposal.
For further advice please contact us.

EIS companies

Many of the companies we form as part of acquisitions planning or new company start-ups are set up to qualify for Enterprise Investment Scheme relief. These schemes can provide significant Income Tax relief on share subscriptions together with valuable capital gains tax reliefs. They can also act as a major plus for prospective investors, who may require assurances on this prior to committing to an investment.

Corporate Restructuring

Corporate acquisitions and disposals must be structured in the most tax efficient way for both purchasers and vendors. Sometimes it is necessary to reorganise the business or group structure either pre or post sale to optimise tax efficiency and avoid tax traps. We can advise on and implement restructuring schemes including the preparation and negotiation of HMRC tax clearances.

Share Options

Share options are an important tool for company tax mitigation and for employee incentives. Schemes can be matched to meet company objectives and we can assist companies to identify the scheme that will best meet its needs. Schemes available include:
  • Enterprise Management Incentives (EMI)
  • Phantom Share Scheme
  • Company share option plans (CSOP)
  • Savings related share options
  • Share incentive plans (SIP)

VAT PLANNING


Value Added Tax is one of the most complex of taxes and requires careful planning to ensure that businesses do not under or overpay.
We work closely with you to guide you through the ever increasing and changing legislation in this area.

To discuss your VAT needs and how we can help please contact us.
VAT Specialists to Guide & Support Your Business

We can assist with the initial registration process, the selection of the most appropriate VAT scheme, advise on record keeping to ensure that the maximum amount of VAT is recovered and help with completion of returns.

It is vital to file accounts and timely VAT returns to HMRC including reporting on European sales and purchases. There is a heavy penalty for failing to comply. VAT & HMRC

We also advise on how to minimise the risk of problems with HMRC and, should disputes arise, we can help in the negotiations and if necessary represent you at VAT tribunals.

Our Specialists Can Provide Advice on the Following:
  • land & buildings, including construction and related services
  • The treatment of transfers of businesses as a going concern
  • International services, including the place of supply rules
  • cross border movement of goods, including distance selling
  • Electronic commerce
  • Considerations for charities
  • Financial services
  • Partial exemption methods
  • Disputes with HM Customs & Excise, including the penalty and interest regimes

CORPORATION TAX


Tax planning is crucial at every stage of your business development - from start up to sale. Our experience can help you minimise your tax liabilities.

Here Are Some of the Areas in Which We Can Help You
Our Advisory Services includes:
  • Business Structuring
  • Acquisition and disposal planning
  • Share Schemes
  • EIS Scheme
  • R&D
  • Our Compliance Services
  • Corporate Tax Returns
  • HMRC Investigations
  • VAT
  • PAYE

  • To find how effective tax planning can make a real difference to the future of your business, contact us.

    Understanding Corporation Tax

    Every corporate transaction has a tax implication and getting the strategy and the tactics right is integral to your business success. Try thinking of tax as simply another expense of the business. Like all other expenditure it should be managed and reduced where possible. There are many taxes and so there are many opportunities for a business to reduce its tax spend.

    Straightforward ways to achieve this include ensuring returns and payments are made on time. Thought also needs to be given to the best timing of and accurate recording of the nature of expenditure to maximise and/or accelerate the tax reliefs. More complicated tasks include considering the business structure itself to avoid tax inefficiencies and to increase the after tax returns for owners and staff.
    In short astute tax planning is crucial in maximising business success. And to plan it is essential to have a clear vision of what you are trying to achieve.

    Acctax services will work with you to gain a clear understanding of your business and personal goals. In this way we can help you by:
    • setting up the most tax efficient investment and trading structures throughout your business lifecycle and,
    • advise you on how to minimise tax as and when transactions occur
    We’ll ensure that at each stage we will:
    • evaluate all the options,
    • explain them clearly and concisely,
    • make sure you fully understand them and how we have arrived at our recommendations.

    PARTNERSHIP TAX SERVICES


    A Partnership structure differs greatly from that of a limited company and its tax treatment can be complex. A partnership facilitates greater flexibility in the arrangement of business affairs and allows businesses to keep financial information out of the public arena. It can be an attractive option for profit making businesses that are looking to grow in a tax efficient manner.

    To discuss your partnership taxation requirements please contact us.
    A notable difference between partnership and limited company structure is that individuals in a partnership are personally liable for the debts of the business and are responsible for managing their own tax affairs.

    Specialist Advice for Partnerships
    As a result of working with a variety of business sectors operating as partnerships our specialists are experienced in providing practical and relevant advice and services in the following areas:
  • Partnership returns
  • Accounts
  • Tax efficient structures
  • VAT registration and returns
  • Converting to LLP status
  • Growth by acquisition or merger
  • Dissolution of a partnership
  • We also work with many smaller trading businesses that chose a partnership structure as a tax efficient way of growing.