Taxation

When you are in business it is important to consider your exit strategy and the options available to you. Do you wish to leave your business for the next generation? Do they possess the necessary skills, abilities and wishes? Do you intend to sell your business? Do you know the value of your business and have you found a suitable buyer? Are you aware of the tax implications of the timing of disposals? MTP Accountancy Services can help you decide the right option and, if appropriate, plan the tasks and responsibilities for the founding generation after succession. Services offered are:

• Ensure everyone is aware of and understands the goals of the family and its individual members;
• Prepare for a smooth transfer of ownership by drawing up a workable succession plan;
• Transfer voting control after the succession plan is in place;
• Consider a buy-out or sell to an external buyer;
• Wind up your business and realise its assets.

Your company has an obligation to submit the company tax return to pay any tax owed on your taxable profit. MTP Accountancy Services can conduct a full tax review to ascertain and minimise your corporation tax liabilities. We can assist with prompt preparation of your accounts, advising you of your tax liability, any available reliefs, tax losses and deferment opportunities to ensure that you meet deadlines and file your returns correctly, avoiding costly penalties.

Inheritance tax (IHT), currently charged at 40% of your estate (over £325,000), is starting to be a major concern to many people. In the past most estates (the assets you leave when you die) have not been charged with inheritance tax, as the total value was not high enough. However, with more estates falling into the IHT net because of rising property prices, it is sensible to forward plan and mitigate the effects of IHT so that you can pass your estate to your beneficiaries in full.

One of your greatest asset is your staff so it is important that they are paid accurately and in a timely manner to foster good relationships. Running a payroll is complicated, time consuming and diverts from your core activities. Strict timetables for the submission of payroll records to HMCR means that penalties will be levied. MTP Accountancy Services can help by:

• Installing payroll software;
• Training staff;
• Provide weekly and monthly payroll preparation on your behalf;
• Monthly returns to HMRC for PAYE, NI, Student Loans, SSP, SMP, SPP, SAP;
• Annual returns including P35s, P60s and P11Ds.

Are you working in the Construction Industry Scheme and have tax deducted directly from your sales invoices? MTP Accountancy Services can calculate your annual CIS repayment and liaise with HMRC for the refund to be processed. We will maximise the available tax repayment within the HMRC rules and file online to bring your repayments to a speedier conclusion.

As the tax regime becomes more complex and the emphasis is on taxpayers’ individual responsibilities to meet their compliance requirements, we believe that professional advice and a good understanding of your objectives to optimise your tax positon is essential. We can provide advice and create a tax reducing plan to include:

• Income tax savings so more income is at your disposal;
• Minimise capital Gains tax;
• Inheritance tax savings so more benefit is provided for your beneficiaries;
• Trusts and estates;
• Non-domiciliary tax issues.

Are you living or contemplating a move abroad or returning to the UK after an absence? If so, you will need to review your & UK tax-residency & position to avoid paying too much UK tax. MTP Accountancy Services can determine your residency status and whether you are due a tax refund. We can help with your tax planning, for example while you are UK tax-resident you are normally assessed to UK tax on your worldwide income and gains, but when you are non-resident, you are taxed in the UK only on UK source income and gains.

Revised rules come into force from April 2013, currently subject to government consultation. MTP Accountancy Services can advise you on issues arising, HMRC likely opinion, prepare tax returns and other forms as necessary, and advise on ways which you can plan, including:

• Form P85;
• Claiming split-year treatment;
• Rental property avoid rents being paid with tax deducted;
• NI planning;
• Implications of payment from a UK based employer;
• Advantage of disclaiming personal tax allowances where there is substantial UK investment income.

Self assessment can be time consuming and often confusing for busy individuals. MTP Accountancy Services have the experience and expertise to provide you with practical advice on personal tax positons and assist with the compliance aspect of self-assesment. Our services include:

• Liaise with banks, building societies, stockbrokers etc to gather the necessary information to complete your annual returns;
• Calculate your tax liability;
• Complete and file your tax returns;
• Advise you on record retention;
• Suggest relevant tax saving ideas;
• Represent you should you be selected by the IR for investigation.

HMRC investigations are on the rise and can be an unnerving experience. There is no way of knowing if and when you might be investigated, how long your investigation might last, and what work is involved in preparing evidence and responding to questions asked. After a few queries the investigation might be closed, whereas a simple query at the beginning might escalate. MTP Accountancy Services can act on your behalf whether it be PAYE, VAT, income tax or corporation tax and will keep you informed and updated.

The VAT system is becoming more complex and growing demands of HMRC provide many pitfalls for the unwary, with financial penalties for innocent errors, and HMRC clamping down on traders who should be VAT registered. MTP Accountancy Services can provide a comprehensive VAT service on VAT regulations, minimising the VAT you pay and provide peace of mind that you are complying with HMRC’s complicated regulations.