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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The cash flow difficulties that late payments cause small businesses are well known. However, the cost of recovering late payments is less well publicised, despite being a major and growing expense – coming in at around £9,000 last year for an average business.
Research by Bacs Payment Schemes found that the cost of recovering late payments has increased considerably in recent months. Collecting money owed to them collectively cost small businesses £6.7 billion in 2018, having risen from £2.6 billion in 2017. The figures comprise costs such as staff time and interest on borrowing taken out to make up for the shortfall caused by late payments.
Small businesses’ efforts to tackle the problem could be beginning to pay off – with the total value of late payments falling from £14 billion in 2017 to £13 billion in 2018.
Paul Horlock, Chief Executive of Pay.UK of which Bacs is a part, said: “When smaller companies do well, so does UK plc; as the backbone of the whole economy, the significance of SMEs cannot be overstated.”