Taxation And Tax Planning By Experts

Taxation

“The taxman’s taken all my dough…” sang Ray Davies and the Kinks.

While Beatle George Harrison wrote, “There’s one for you, nineteen for me” as he claimed the ‘taxman’ took 95% of the group’s earnings in the song of the same name.

Disney’s Prince John was seen gleefully counting his bags of money while his agents extracted every last penny from the poor in the animated movie ‘Robin Hood’.

More recently, TV personalities and sports people have fallen foul of taxation laws when they employed the wrong type of tax avoidance scheme to minimise the tax they paid.

And global tech businesses have come in for Government criticism about the disproportionate gap between huge profits made in UK sales and the small amount of tax paid to HMRC.

As long as there has been taxation, people and businesses have strived to minimise the amount paid in tax each year.

There is nothing wrong at all with tax planning if it is done properly, which is something that Dakin & Co can do for you. As tax advisers based in Nottingham, we work closely with you to ensure you pay the minimum tax required by law.

Corporation Tax Services

The legal responsibility for correctly calculating the corporation tax liability falls on business owners, which is why we understand the issues facing owner-managed businesses and prepare tax returns for you. We will also calculate your company's tax liability and any quarterly instalments.

Increased reporting obligations, investigation policies by HMRC and harsher penalties for non-compliance mean that you can spend a huge amount of time doing it yourself. When you leave it to us, we remove the pain and could also help you to see significant improvements in your bottom line.

Self Assessment

Dakin & Co has the expertise and software to take the headache out of the form filling and compliance aspect of self assessment. We can provide you with practical advice on personal tax and the planning opportunities available to you. Over recent years HMRC have increased the penalties for failing to file a return on time and for errors, which is why we will complete your tax returns, calculate your tax liability and advise you when to make payments and how much to pay.

Personal Tax Planning

Everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our specialist team can provide you with year-round advice on all aspects of personal taxation.

Estate Planning

Few of us like to think about dying, but all the relevant legislation requires us to plan well in advance. This means making the necessary taxation provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

Dakin & Co provides expert Will Writing and Planning - click to go to Wills page

Capital Gains Tax

When you sell something that has increased in profit since you bought it, then Capital Gains Tax would be payable on the profit you make from that transaction. HMRC explains it as being ‘the gain you make that’s taxed, not the amount of money you receive’.

There are different ways that you can make the most of your tax allowances to reduce the impact of this taxation on your pocket. For instance, using your individual savings account (ISAs), or your pension if you don’t expect to need the money before retirement.

However, to help you explore all the options available and agree the most suitable for you, you should speak to the Capital Gains Tax experts at Dakin & Co.

It is important that you are aware that the reporting requirements for a Capital Gain on residential property that is not your home have recently changed. Get in touch to ensure you do not fall foul of the new rules and to take advantage of Dakin & Co’s expert knowledge.

Tax and Trusts

A trust is a way of managing assets (money, investments, land or buildings) for people.

Dakin & Co are trust experts and will help you with your taxation and tax reporting requirements, the registration of your trust, and the calculation of tax due by the trust, together with entries for the tax returns of beneficiaries.

Trusts can be set up for a number of reasons, including:

  • To control and protect family assets
  • When someone’s too young to handle their affairs
  • When someone cannot handle their affairs because they’re incapacitated
  • To pass on assets while you’re still alive
  • To pass on assets when you die (a ‘will trust’)
  • Under the rules of inheritance if someone dies without a will (in England and Wales)

There are different types of trusts, of which the main types are:

  • Bare trusts
  • Interest in possession trusts
  • Discretionary trusts
  • Accumulation trusts
  • Mixed trusts
  • Settlor-interested trusts
  • Non-resident trusts

All trusts are taxed differently but can be subject to income tax, capital gains tax and/or inheritance tax.

If you’re a trustee you are responsible for reporting and paying any tax due by the trust, together with registering the trust.

VAT

Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. Our VAT service includes:

  • Assistance with VAT registration
  • Advice on VAT planning and administration
  • Use of the most appropriate scheme
  • VAT control and reconciliation
  • Help with completing VAT returns
  • Planning to minimise future problems with HMRC
  • Negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.
  • HMRC Investigations and Enquiries

Tax Investigation

If you are ever the subject of a tax investigation by HMRC it can be a very stressful and time-consuming experience, which is why you need expert help. We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return, more detailed enquiries into a company’s affairs, or employer-related investigations into PAYE and P11d compliance.

Tax Protection

With the increased risk of such investigations, it is well worth considering our annual insurance policy to protect you and your business from unexpected cost. An investigation will undoubtedly result in additional accountancy work being undertaken and potentially substantial costs based on the amount of work involved.

Getting Your Tax Right

When you organise your tax affairs through Dakin & Co, you could be lazing on sunny afternoons for all the right reasons. Unlike in the Kinks song, where the taxman left the stately home and yacht, but no money to enjoy them.

Require More information?

If you would like more information about taxation or would like to speak to us direct then call us on 01773 790097. Or if you would prefer, ask us a question online.

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