Tax

Accounting Help will help you with all aspects of tax. We can help you both on-line and off-line. Our tax services cover:

• Registering  with the HMRC
  
  When you start-up a new business we can register you with the HMRC for VAT, income tax or corporation tax. We will also explain what your obligations are in terms of filing returns and record-keeping. We will, from the start, ensure that you are compliant with all the HMRC legislation.

• Choosing the appropriate trading entity - sole trader versus partnership versus limited liability partnership versus limited company
  
  We will review your business and work with you to select the correct form of trading entity taking into account both operational and tax planning factors.

• Specialist tax solutions for web, software and service companies that operate in multiple countries
  
  We provide specialist tax planning solutions for company’s o group’s that operate across multiple countries. These solutions are particularly effective where there is intellectual property or cross-border sales. 

• VAT
  
  VAT is one of the complex taxes that businesses have to deal with. The rules are also changing on a frequent basis. As are result many businesses end up inadvertently overpaying or underpaying the amount of VAT due. We ensure that you are compliant with all the Vat regulations and pay the correct amount due. We can also ensure that you report correctly and on-time.
  
  The areas we can assist include:
  • Assistance with VAT registration
  • Advice on VAT planning and administration
  • Use of the most appropriate VAT scheme
  • VAT contol and reconciliation
  • Assistance with completing and submitting your VAT returns
  • Planning to minimise future problems with HMRC
  • Negotiating with Customs and Excise in disputes or investigations

• Corporation tax
  
  Corporation tax represents a substantial cost to your company. We will work to ensure that you pay the minimum amount of corporation tax. We will also ensure that the correct information is provided to the HMRC on a timely basis, thereby avoiding fines and late filing penalties.
  
  We will:
  • Provide effective tax planning to ensure that you pay the minimum amount of tax
  • Prepare and submit all relevant corporation tax returns
  • Ensure that you take full advantage of tax planning opportunities and reliefs
  • Achieving the optimum capital or revenue tax treatment
  • Make the most of tax opportunities specific to your industry
  • Ensure that you are fully compliant with all the relevant tax legislation
  • Act on you behalf in discussion with the HMRC

• Personal tax planning
  
  We offer a comprehensive personal tax service that is more than just filling in your tax return. Our team will guide you through the complicated rules and legislation that makes up the Self Assessment regime.
  
  Our personal tax service includes:
  • Preparation of all types of UK Self Assessment tax returns-from the basic to the complex
  • Preparation of self-employed and rental accounts to calculate the tax related profit/loss position
  • Capital gains tax calculations on sale of property, investments, business assets etc
  • Calculation of you tax liability (or refund)
  • Notifying you when any payments are due including payments on account
  • Correspondence with HMRC concerning your tax affairs, including checking PAYE codes and Self Assessment statements of accounts
  • Dealing with HMRC enquiries, investigations and compliance checks
  • Advice on how to legitimately minimise the tax you have to pay
  • Reviewing you personal and financial affairs to identify the impact of income tax, inheritance tax and capital gains tax and to establish areas where you may benefit from tax planning

• Research & development (R&D) tax credits
  
  Accounting Help will work with you to identify if you can take advantage of these R&D tax credits.
  
  What are R&D tax credits?
  
  R&D tax credits are a Government incentive in the form of tax relief designed to encourage businesses to invest more in R&D. They can either reduce a company's tax bill, or for some small or medium-sized companies not in profit, provide a cash sum.
  
  Who can claim R&D tax credits?
  
  All companies spending over £10,000 per annum on R&D (as defined for tax purposes) are entitled to a deduction when calculating their taxable profits of:
  • 150% of qualifying expenditure for small and medium-sized companies,
  • 125 of qualifying expenditure for larger companies           

• The tax credit is not available to individuals or partnerships.
  
  Why can only companies get R&D tax credits?
  
  R&D tax credits work by reducing a company's corporation tax bill, a process that is simple and efficient for companies. Almost all significant R&D activity carried out by SMEs is undertaken by companies.
  
  What is the aim of R&D tax credits?
  
  The aim of the tax credits is to encourage companies to invest more in business R&D, hence resulting in an improvement in the rate of innovation in the UK. Since the tax credits were introduced in April 2000, over 18,000 claims have been made with over £1.3bn of support claimed by R&D companies.
  
  What is qualifying R&D?
  
  A basic definition is "work to resolve scientific or technological uncertainty aimed at achieving an advance in science or technology". Advances include new or improved products, processes and services.
  
  To qualify for the tax credit, the R&D must be treated as R&D under generally accepted accountancy practice, and fall within the guidelines on the meaning of R&D for tax purposes issued by the Secretary of State for Trade and Industry.
  
  How do R&D tax credits work?
  
  The R&D tax credit works by allowing companies to deduct 150% (under the SME scheme) or 125% (under the large company scheme) of qualifying expenditure on R&D activities when calculating their profit for tax purposes. There must be a minimum qualifying expenditure of at least £10,000 on R&D in the relevant accounting period in order for a claim to be made. There is no upper limit on the amount of the claim.
  
  What is qualifying expenditure for R&D tax credit purposes?
  
  Companies can claim R&D tax credits for their revenue expenditure on
  • employing staff directly and actively engaged in carrying out R&D,
  • paying a staff provider for staff provided to the company who are directly and actively engaged in carrying out R&D,
  • consumable or transformable materials used directly in carrying out R&D (broadly, physical materials which are consumed in the R&D), and
  • power, water, fuel and computer software used directly in carrying out R&D

Phone Accounting Help us on 020 8362 0704 or email us at info@accounting-help.co.uk to find out more about how we can help you with your tax needs.