As tax advisers, our objective is to work closely with you to ensure you pay the minimum tax required by law.
We will help you to understand in a jargon free way the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.
We offer a comprehensive compliance service to take the burden away from you including:
- Preparing and submit your corporation tax return
- Dealing with HMRC on your behalf
- Advising you how much tax you have to pay and when it is due.
We also offer a number of tax planning services to help minimise the tax you pay including the following:
- Consider the most tax efficient structure for your business
- Review and optimise your profit extraction
- Maximise use of trading losses
- Benefit from all available tax reliefs and opportunities
- Group Relief
- Research and Development Tax Credits
- Reconstructions and Reorganisations
Getting good corporate tax planning advice can make significant savings to your business.
Ever changing regulations and the growing demands of HMRC mean VAT compliance is a burden for all organisations.
We can help with both compliance and planning. We can assist with the following:
- Completing and Submitting Returns on your behalf
- Advise on most appropriate partial exemption method or VAT flat rate scheme
- Advice to not for profit organisations
- Assistance when buying or selling a business
Capital Gains Tax
Capital Gains Tax (CGT) is the tax payable when you sell or ‘dispose of’ an asset that has increased in value while you own it. The asset could be shares in a company, a piece of land our even gifts.
There have been considerable changes to this area of tax over the last few years and it is important to get professional advice so you don’t end up paying more than you have to.
Areas of advice include:
- Entrepreneurs Relief
- Principle Private Residence Relief
- Use of Capital Losses
- Transfers between spouse
Our specialist staff can help advise you on how to design and implement an enhanced remuneration scheme for some or all of your staff and directors.
Areas to consider include:
- Pension contributions
- Salary sacrifice schemes
- Company cars and other benefits – including low or no benefit vehicles.
- Salary v Bonus v Dividends
Research and Development tax credits
Research and development (R&D) tax credits are a tax relief designed to encourage greater R&D spending, leading in turn to greater investment in innovation. The scheme works by reducing a company’s corporation tax bill by claiming an enhanced deduction of the company’s allowable R&D expenditure. Currently the enhanced corporation tax deduction is 230% which means that for every £10,000 spent on R&D this could result in £4,370 of tax saving (2017/18).
If you do not have any corporation tax to pay because, for example, the company is loss making, you can surrender the enhanced losses for a cash repayment, although the rates are not as generous.
Many companies believe that if they are in receipt of grant income they will not qualify. There are many circumstances in which R&D claims can be made even if in receipt of grant income and we will be happy to discuss this with you.
At Williams Giles we have a range of clients that we assist with R&D tax credit claims in businesses as diverse as manufacturing companies, innovative architects practices to web designers.
For these purposes R&D is defined as “a project that seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty”. Whilst at first glance this may appear to be tightly drawn, the rules often have more applications than may first meet the eye.
If you would like to discuss whether your company could be entitled to claim R&D tax credits please call Lesley Carrington or Adam Lacchin in our Tax Department on 01795 478044.
Tax Investigations and Enquiries
Tax investigations and enquires are on the increase with specific trades and professions being targeted. We can assist you through the stressful process by handling the correspondence, attending meetings with HMRC and appeal against outcomes if necessary. If you have taken out our tax investigation cover – this will be at no cost to yourself.
Require more information?
If you would like more information or would like to speak to us direct then call us on 01795 478044. Or if you would prefer, please fill out our contact form here.