Leading edge Tax Strategies and Mitigation
Three main categories of taxation affect all successful businesses:
- Corporation or Schedule D tax, payable on profits;
- PAYE and National Insurance, payable by employees and directors;
- VAT, payable on goods and services.
Careful and regular planning, and the adoption of straightforward routines and procedures, can ensure that tax costs remain under control, and that finance to meet these costs are available when required.
Wren Accountancy Services has systems in place to help you minimise both tax liability and the administration it involves.
- Complete and file annual self assessment and business tax returns on your behalf, ensuring that regulations are complied with and deadlines are met;
- Provide a complete payroll service, including PAYE and NI documentation procedures we also file all returns and documents on line.
- Calculate VAT payable by your business each quarter;
- Negotiate with tax authorities on your behalf in case of query or investigation, and allow inspections to take place on our premises to minimise inconvenience to you;
- Advise on tax-efficient savings, investment and pension planning.
Below are frequently asked questions concerning tax
Question: Does everyone receive a Self-Assessment Tax Return?
Answer: No! Only those who are self employed, receive income which is not taxed at source or whose affairs are complicated.
Question: How do I complete the form?
Answer: Notes and booklets provided by the Inland Revenue guide you carefully through the form but the procedure is far from simple.
Question: How can I reduce my tax liability?
Answer: Careful tax planning, due attention to all possible claims for relief's and allowances and the services of a knowledgeable advisor.
Question: How do I avoid penalties?
Answer: The return must be filed with HM Revenue & Customs before 30th September following it's issue if they are to calculate the tax due. If you wish to file a paper return this has to be filed by 31st October but we file all our clients returns on line so the filing date is 31st January and we advise you of your liabilities.
Wren Accountancy Services can guarantee no filing penalties if all your information is provided on or before December following issue in April.