Taxation Services

Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. 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 instalment payments due.

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.

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.

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:

• You are self-employed or a partner in a partnership
• You are a company director
• You have large amounts of savings or investment income
• You have untaxed savings or investment income
• You own land or property that is being let
• Your household receives Child Benefit and income exceeds £50,000
• You have income from overseas
• You have sold or given an asset away (such as a holiday home or some shares)
• You have lived or worked abroad or are not domiciled in the UK
• You are notified of a requirement to do so by HMRC

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.

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.

With the increased risk of such investigations it may be worth considering taking out our annual insurance policy 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.