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Tax Compliance

Self-assessment tax returns

The most common reasons that a tax return may be required are as follows:

  • 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 you have income in excess of £50,000
  • You have income from overseas
  • You have sold or given an asset away (such as a holiday home or some shares)
  • You've lived or worked abroad or aren't domiciled in the UK

The staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult a professional.

At MoneyWize Accountants & Tax Advisors, we use HM Revenue & Customs-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 H M Revenue & Customs 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 HM Revenue & Customs on your behalf. 

VAT returns

If you're just starting out, we can help you decide whether you need to be VAT registered from the outset or not. And we will continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you.

In contrast, we will also monitor your position for when we think you are able to and would benefit from deregistering.

Whether a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.

MoneyWize Accountants & Tax Advisors, can prepare your VAT return; either from your own bookkeeping records or we can take care of your record keeping and the VAT return. And we will try to ensure that you claim as much VAT as possible, particularly on contentious items such as mixed-use expenditure and motor running costs.

As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with HM Revenue & Customs (HMRC) on your behalf. Paper VAT returns are pretty scarce now but our software also allows us to file your VAT returns online with HMRC.

Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. So, allowing us to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.

Corporation tax

At MoneyWize Accountants & Tax Advisors, we ensure that your business is not only fully compliant but also tax efficient as well. Our team of specialist provides expert corporate tax advice making sure all the capital allowances have been claimed accurately and disallowed and allowed expenses are treated accordingly on the corporate tax return.

We also deal with complicated group structure and advise around group corporate tax planning for losses arising within the group and tax relief available to utilise them effectively.

Get more information about our Tax Compliance services

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