Helping you conduct your business in a tax efficient way
As tax advisers based in Birmingham and Wolverhampton, our objective is to work closely with you to ensure you pay the minimum tax required by law.
We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.
Self-Assessment & Tax Returns
The UK has one of the most complex personal tax code systems in the world. This can make preparing even the most straight forward tax return seem very complicated. There are a number of key deadlines and responsibilities for taxpayers to be aware of.
You will need to complete a personal tax return if one of the following income types apply:
- Self-employed or a partner in a partnership
- Company director
- Large amounts of savings or investment income
- Untaxed savings or investment income
- Land or property that is being let
- Household receives Child Benefit and income exceeds £50,000
- Overseas income
- Sale of or gifted an asset (such as a holiday home or some shares)
- Live or work abroad or are not domiciled in the UK
- HMRC has issued a notification to complete a tax return
HMRC staff are not tasked to advise you on how to organise your affairs or minimise your tax. If you want to make sure you are paying the right amount of tax, you should consult a professional.
At Onyx Accountants and Business Advisors we use HMRC approved software to:
- Complete your tax return
- Calculate your tax liability
- File the return online
- Liaise with you on the amounts to be paid and when they are due
As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted.
This process helps to minimise your risk of a HMRC enquiry into your tax affairs. If you are experiencing cashflow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HMRC on your behalf.
By using Onyx Accountants and Business Advisors to undertake your personal self-assessment and tax return you eliminate the worry which allows you to concentrate on running your business.
Do You Need Help With Your Self-Assessment?
Corporation Tax Services
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners.
At Onyx we understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner.
We will also calculate your company’s tax liability and assist with the calculation of any quarterly installment payments due.
Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:
- assistance with VAT registration
- advice on VAT planning and administration
- use of the most appropriate scheme
- VAT control and reconciliation
- help with completing VAT returns
- planning to minimise future problems with HMRC
- negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.
HMRC Investigation and Enquiries
Being the subject of a tax investigation or enquiry by HMRC can be a stressful and worrying experience. We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return, more detailed enquiries into a company’s affairs or employer-related investigations into PAYE and P11D compliance. If you are the subject of an investigation, we can provide expert help and support.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
Find The Right Taxation Service For Your Business Type
As your business grows and develops there will be changes to the level of service you require. Please see your business type below for more in depth information on taxation services specific to your business.
Tax Safe Fee Protection Cover
With the increased risk of such investigations it may be worth considering taking out our annual Tax Safe Fee Protection Cover to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial
Download our FREE policy guide to find out more about Tax Safe Fee Protection Cover.