Business tax compliance and planning

Business tax compliance requirements and liabilities largely depend upon the business structure chosen, sole trader, partnership, LLP or company. Some of the issues are described in our factsheets covering corporate and business tax.

Due to the ever changing tax legislation and commercial factors affecting your business, it is advisable to carry out an annual review of your business’s tax position. Tax savings can often only be achieved if an appropriate course of action is planned in advance. It is therefore vital that professional advice is sought at an early stage.

Pre-year end tax planning is important as the current year's results can normally be predicted with some accuracy and time still exists to carry out any appropriate action.

We can compare the income tax charges across the different business structures, the tax costs of running cars in or outside the business and the potential capital gains tax and inheritance tax charges given different scenarios using our tax planning software.

It is important to consider the most tax efficient methods of extracting company profits and remunerating staff. The methods which are appropriate will depend upon the specific facts and circumstances of each case.

The rules for capital allowances can be complex. We can help by computing the allowances available to your business, ensuring that the most advantageous claims are made and by advising on matters such as the timing of purchases and sales of capital assets.

Ensuring that you comply with all the VAT regulations is essential. We can assist you in a number of ways including the following:

  • tailoring your accounting systems to bring together the VAT information accurately and quickly
  • ensuring that your business is VAT efficient and that adequate finance is available to meet your VAT liability on time
  • providing assistance with the completion of VAT returns
  • negotiating with HMRC if disagreements arise and in reaching settlement
  • advising as to whether any of the available schemes may be appropriate for you.

In addition to our extensive experience, we invest heavily in professional training, a continuously updated online reference library (incorporating immediate telephone access to consultants) and specialist software. This allows us to thoroughly research any tax topic and provide many ways of helping you legally save tax.

For those circumstances where more specialised knowledge is required, we have consultancy arrangements in place with leading experts across all areas of taxation.

Require more information?

If you would like more information or would like to ask us a question then call us in Burnley on 01282 421951.

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