Tax Accounting Services
With the ever increasing complexity of taxation and the penalties for non-compliance, our portfolio of tax accounting services can provide invaluable support for you and your business. From the day to day running of your business to planning for the future, our tax accounting services ensure that you understand both your tax obligations and the options you have for future change.
Nottingham based Smith Emmerson can also provide tax accounting services to support your business should a tax investigation be initiated.
Individuals are also increasingly affected by taxation on earnings and investments. With this in mind, a number of our tax accounting services are aimed at benefiting them. As well as providing support for tax returns, our tax planning and tax mitigation services can help to significantly reduce your future tax liabilities.
Tax Accounting
Whether your business is incorporated and requires Limited Company Accounts, or runs on a sole trader or partnership basis, you have a responsibility for tax accounting.
By engaging Smith Emmerson's tax accounting services, you can be sure that your tax accounting responsibilities can be met in an accurate and timely manner. Not only is it essential for your tax accounting reporting to meet any statutory obligations, it is also important for you to have an accurate understanding of your businesses tax obligations. With our tax accounting services, there should be no nasty surprises.
For sole traders and partnerships, annual tax accounting is essential to provide profit & loss statements which will in turn form part of your personal self assessment tax returns.
Tax Advice
Our expertise in the areas of both business and personal taxation issues enables us to provide our clients with valuable tax advice.
Corporate & business tax will represent a substantial cost to any profitable business, not only in terms of the tax itself but also in compliance with reporting obligations, investigations with tax authorities and penalties for non-compliance. Combined with our other tax accounting services, our tax advice can help you minimise your corporation tax payments and relieve you of any administrative burden of complying with tax legislation.
For individuals, our tax advice can also prove invaluable. Whether you have a straightforward query, or have a complex investment portfolio, we can provide you with tax advice to minimise your tax liability and maximise your returns.
Tax Returns
For businesses, we can take care of the administration of complying with tax legislation, including preparing and submitting your partnership tax returns or corporation tax self-assessment returns.
Tax Returns are also increasingly being requested from individuals. For employees who pay their tax through PAYE, tax returns are not commonly required, however if you have other earnings not covered by PAYE, or a self employed, it is very likely that tax returns will become part of your annual financial activities.
For anyone who facing the issue of tax returns for the first time, it can be a daunting prospect. At Smith Emmerson, we can help prepare your self assessment tax returns, including all relevant income such as any business profits or rental revenues. Guiding you though each section, we can determine the information required to accurately complete tax returns including the computing capital gains and inheritance tax liabilities where appropriate.
Tax Planning
Tax Planning can be beneficial in a wide variety of business and personal circumstances.
In business, tax planning is essential to ensure that the best possible use is made of any available tax allowances and also that business are prepared for forthcoming changes in taxation legislation. An example of good tax planning includes assessing whether companies and individuals may benefit form individuals giving up company cars in favour of claiming a 40p per mile allowance for using their own vehicles.
Personal tax planning is also increasingly important as our personal wealth grows. While the property market may go through periods of uncertainty, it is likely that for most people property will still provide their largest single asset. For others, property may also form part of their investment portfolio. Tax planning is essential to ensure you benefit from all available tax allowances e.g. Principal Private Residence (PPR) election, purchases in joint names etc.
It is also important that you undertake tax planning to mitigate against inheritance tax liabilities.
Tax Mitigation
Tax mitigation is an important service for both businesses and individuals. By assessing your specific circumstances, Smith Emmerson can provide advice which could enable you or your business to legally pay sometimes substantially less tax than you would otherwise.
Some examples of circumstances where tax mitigation products may be applicable, are businesses with annual profits in excess of £500k, sole traders with high profits, and stamp duty arising from substantial property transactions.
Whether you have an incorporated or an unincorporated business, are an individual with a high self-employed profit margin, or are considering a large property purchase, contact us if you would like to explore whether our tax mitigation services could be of financial benefit.
Tax Calculator
Our tax calculator can help you check whether your tax payments shown on your payslips are in line with what you should expect based on Inland Revenue figures for the current financial year.
With substantial changes having been made to personal taxation both in the budget and with recent adjustments announced by the Chancellor of the Exchequer, our tax calculator will help you calculate what this means for you.
Please note that the tax calculator will not be able to account for the specific tax situations for certain groups of people including the special extra tax allowances for older people, blind people, or older married couples.
If for any reason, you do not find our Tax Calculator answers your specific query, contact us for further information regarding your personal circumstances, or visit the Inland Revenue Website.
