- Tax Enquiries & Tax Investigations
If you are subject to a tax enquiry (previously called an investigation), you need professional help from somebody with experience in this area. Many local accountants are unwilling to deal with these enquiries, as they realise they do not have the knowledge to deal effectively with Tax Inspectors.
I am able to specialise in tax enquiry work, having spent many years investigating tax returns for the Inland Revenue and HM Revenue & Customs (HMRC).
It is important to understand what is expected by HMRC, and exactly what their procedures are. I will be on hand to give you a unique “inside view” on current enquiry procedures, and guide you through a difficult process while minimising your tax bill and the disruption to your business.
Ideally you will seek help at the start of an enquiry, but if you are already a long way into an enquiry (or unhappy with your current adviser), it is not too late to benefit from my experience – please contact me for an informal chat.
If you are self-employed as a sole trader, small or medium business, or in a partnership, I can help with your financial accounts. With many years reviewing accounts for the Inland Revenue and HM Revenue & Customs, I know exactly what expenses you can legitimately claim, and importantly what records the Tax Man will expect you to keep to support the amounts claimed.
Self-Assessment Tax Returns
Many people now have to complete self-assessment returns, including those running a business, directors, and others with more complicated tax affairs.
Completing a tax return is not just a simple matter of filling in a few boxes and sending the form off by the due date. Although most accountants know what the filing deadlines are, very few understand how HM Revenue & Customs (HMRC) treat the returns, OR what is likely to trigger an interest in it. This is an important consideration, as HMRC are using increasingly sophisticated risk analysis in their investigation work – knowing what to put on the return (or what not to put on the return) is essential in the current climate. I can help ensure that your return is complete and correct, and not unnecessarily selected for enquiry.
- Rental Income
Anyone receiving income from property will need to complete a tax return. Accounts need to be drawn up following the rules for business income, although most landlords do not have enough information to enable them to do this effectively.
I will prepare your rental income accounts, and give advice on which expenses are allowable against the income. Record keeping is important, as HM Revenue & Customs will expect adequate supporting documentation. I will give advice on this, and it is often the case that additional expenses are claimable, reducing your taxable profits accordingly.
CIS (Construction Industry Scheme)
Subcontractors within the construction industry are often classed as self-employed, and will need to prepare accounts following the rules for other businesses. Self-assessment tax returns are also required for these subcontractors.
Contractors have additional obligations under the New Construction Industry Scheme. This is now computerised, and HM Revenue & Customs have brought in strict penalties for failure to comply with the new system.
If you need help with any aspect of the CIS system, please contact me for further advice.
Running a business often leaves little time for keeping proper records, and a professional book-keeper is worth considering. This can save you time and money in the long run, and make preparation of the year-end accounts and tax returns much easier (and therefore less costly).
I can provide a book-keeping service tailored to your individual business needs, to keep your costs to a minimum.
Please contact me to discuss your requirements.
This is an unnecessarily complicated area of tax, with many different rules and exemptions to consider. A professional advisor will be able to help you through this minefield.
If you need help with this area, or general advice on whether Capital Gains or losses need to be declared to HM Revenue & Customs, please contact me.
- General Tax Advice
The points above only briefly cover a few of the many areas involved in the UK tax system. With many years experience in the Tax Office, I am able to help with most general tax matters. For an informal discussion of your personal circumstances, please contact me.