The inception of self assessment for individuals and partnerships has brought increased burdens on all taxpayers, as it is now your legal obligation to meet the deadlines imposed by the legislation and avoid unnecessary fines and interest charges.
We are highly experienced professionals in this field and we can help you to meet all of your tax obligations whether, you are a private client, a sole trader, a partnership or a company director. Our range of services includes:
- Preparing personal, partnership and trust returns, together with tax computations and corresponding with HMRC and dealing with any enquiries under self assessment legislation
- Tax-efficient remuneration planning
- Planning advice on disposal of chargeable assets to maximise taper relief and utilisation of roll over and hold over reliefs
- Planning advice in respect of tax savings schemes, e.g. Enterprise Investment schemes etc
- Pension planning
- Inheritance tax advice
- Advising sole traders and partnerships on their business structures and planning incorporation if it is tax advantageous
- Stamp duty and stamp duty land tax.
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HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.
The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.
Some other groups will need to wait to join, including those:
- trading with the EU;
- based overseas;
- submitting VAT returns annually;
- making payments on account;
- using the VAT Flat Rate Scheme; or
- who have never submitted a VAT return in the past will need to wait to join.
HMRC has also announced that a small number of the most complex businesses will have a six-month deferral to October 2019 before they need to comply with the requirements of MTD for VAT.
MTD for VAT will require businesses with turnovers of £85,000 or more to keep digital records and make quarterly digital submissions to HMRC using ‘designated software packages’ from next April.