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 the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.
Corporation tax services
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments due.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
Personal tax services (including sole-traders and partnerships)
We are specialists in income tax and capital gains tax.
We have 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. We can complete tax returns, calculate any tax liability and advise you on exactly 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 tax team can provide you with year-round advice on all aspects of personal taxation.
Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which 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
Being the subject of a tax investigation or enquiry by HMRC can be a stressful and worrying experience. 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. If you are the subject of an investigation, we can provide expert help and support.
With the increased risk of such investigations it may be worth considering taking out our annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.
Taxwise Fee Protection Service
At JMC Accountants we understand that tax is a little word with big implications. That is why we work hard to give you the best possible advice and strategies to make tax altogether less taxing.
The very thought of an HM Revenue & Customs (HMRC) enquiry can be daunting but, in the event that you are chosen for investigation, we can help you at every step of the process.
We can demonstrate to HMRC that you are paying the correct amount of tax and assist with the investigative procedures. This all takes time, expense, and flexibility on our behalf. All of which means that tax enquiry charges are an unavoidable addition to our regular service fees.
To give you peace of mind we offer a Tax Enquiry Fee Protection Service. The service is provided by Taxwise, specialist providers of Tax Fee Protection Insurance Schemes to Accountancy Practices. The Service is backed by an insurance policy under which we can claim the costs of defending clients in tax enquiries.
We will deal with any correspondence, checks or visits from HMRC and the potentially high costs of dealing with such enquiries will not be passed on to you. As an added bonus, clients who subscribe to the Service will also be able to obtain helpful advice about the complex areas of Employment Law and Business Safety.
With the public finances so tightly stretched, HM Revenue & Customs (HMRC) has been set the ambitious target of increasing tax revenues. HMRC have responded strongly by:
- Initiating a number of campaigns targeting taxpayers, whom HMRC believe have declared incorrect tax.
- Launching a number of task forces, which target certain trades in specific areas.
- Recruiting 2,500 new Compliance Officers.
- Targeting 20,000 Business Record Checks each year.
- Undertaking more enquiries and Compliance Visits than ever before.
Any taxpayer can be targeted by HMRC to check that they are paying the right amount of tax, answering all of HMRC’s questions takes time and professional expertise. Enquiries often drag on for months and sometimes take years to conclude. It can cost thousands of pounds to defend you, whatever the end result.
So what can be done?
It is more important now than it has ever been for you to consider protecting against the unplanned costs that you will incur in the event of an HMRC enquiry or compliance visit. This can be achieved at a relatively low cost.
An insurance backed solution
To provide peace of mind, we are introducing a Tax Enquiry Fee Protection Service. The Service is backed by an insurance policy under which we can claim costs incurred defending you in the event of an HMRC enquiry. For added value clients who subscribe to the Service will also be able to access a telephone advice line covering those complex areas of Employment Law and Business Safety, at no additional cost.
Why do I need the fee protection service?
- HMRC enquiry activity is at record levels
- HMRC are targeted to increase tax revenues
- HMRC has been granted wider information and inspection powers under ‘Schedule 36’
- Anyone that pays tax can come under enquiry
- Many enquiries are selected completely at random
- Even if your tax return and business records are accurate and the taxman finds no errors accountancy fees can cost thousands
- No policy excess
- No nonsense policy allowing your accountant to deal with all enquiry correspondence from HMRC as well as attending meetings with HMRC where necessary
- Complete peace of mind
What is the fee protection service?
- We will defend you, should you receive an enquiry from HMRC… Professional defence costs are often substantial
- Our costs will be covered by the fee protection policy
- Includes cover for enquiries under HMRC’s ‘Schedule 36’ powers
- Cover for up to £75,000 of fees
- Includes complimentary access to Employment Law and Business Safety advice lines
- We will deal with any claims
Require more information?
If you would like more information or would like to speak to us direct then call us on 01384 265140. Or if you would prefer, ask us a question online.