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Tax and VAT

Tax and VATChartered Online Accountant can advise you on ways to minimise the amount of tax and VAT that you pay, and whether it is your personal tax return, a Corporation Tax return for your company or your VAT return, Chartered Online Accountant can produce it and submit it to HMRC for you.

Services include:

Business Tax

Chartered Online Accountant can help you with all the taxes a business is likely to face from planning the most tax-efficient way to operate, to calculating the tax and submitting the returns to HMRC.

Chartered Online Accountant can assist you with all of the following:

  • VAT
  • Payroll
  • Tax relief for losses
  • Tax-efficient profit extraction
  • Capital allowances (tax back on your equipment)
  • Corporation Tax (for limited companies)

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Contractors, IR35 and Employment Status

If you are thinking of contracting or already doing so, Chartered Online Accountant can advise you on the most tax-efficient operating structure and take care of all of the administration and paperwork.

Chartered Online Accountant offers all services for contractors, including:

  • Company formation
  • Annual accounts
  • Company tax returns
  • Personal tax returns
  • Company secretarial
  • Bookkeeping
  • VAT returns
  • PAYE returns
  • Tax computations
  • Contract review for IR35 status
  • Drafting IR35-compliant contracts
  • Dealing with IR35 disputes

IR35 and Employment Status

IR35 and employment status are a complex area of law, and the cost of employees and employers national insurance if you get it wrong can be considerable, not to mention the potential for interest and penalties.

However, the IR35 rules are not clear cut, and as IR35 is a relatively new issue, the related case law is still evolving; employment law can be more relevant than tax legislation, and the tax man does not have the final say on whether or not IR35 applies. Chartered Online Accountant can represent you, fight your corner and, if necessary, argue your case in court.

As an employer, the cost of getting it wrong can be enormous. Not only is there the question of employees and employers national insurance, being classified as an employee also gives rise to all sorts of employment rights such as holiday pay, maternity pay, unfair dismissal etc. The decision has to be made by the employer and if you get it wrong it can be very hard to recover the back tax, interest, penalties etc from the worker.

Chartered Online Accountant can advise you on how to minimise your risk of attack by the tax man, help draft IR35-compliant contracts and arrange insurance to cover the costs of defending an IR35 attack by the tax man.

For more information click the link to Tax Tools IR35 and contractors help sheet.

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Corporation Tax

If your business is a limited company you will need to complete a Corporation Tax return, and calculate and pay the appropriate amount of tax. Chartered Online Accountant can do all of this for you.

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Dividend Advice

Chartered Online Accountant can advise you on the most tax-efficient level of dividends for your company and assist you with the completion of all the necessary paperwork.

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Payroll, PAYE Returns and RTI

If you or your company has employees, you will need to calculate the tax and National Insurance Contributions (NICs) that need to be deducted from their salaries by law.

Chartered Online Accountant can calculate these deductions, produce pay slips for your staff, prepare all the reports required by HMRC, and tell you how much to pay HMRC and how to make the payments.

Services include:

  • Employee payslips
  • Dealing with leavers and starters
  • Real Time Information (RTI) PAYE returns for the Revenue
  • CIS returns
  • P11D and P9D benefit and expenses returns
  • Student loan deductions
  • Statutory Sick Pay
  • Statutory Maternity Pay
  • Departmental reports
  • Analysis of staff costs
  • Tax efficient remuneration strategies
  • Termination payments
  • Company car and van strategies

For more information click the links below to the Tax Tools help sheets:

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Personal Tax

Whether it's completing your self-assessment return, planning the most efficient way to take money from your business, or representing you in disputes with HMRC, Chartered Online Accountant can take care of all your personal tax needs.

Services include:

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Property Tax

Whether you are you a buy-to-let investor, professional landlord, property dealer or developer, property tax can be complicated and Chartered Online Accountant can advise you on:

  • Tax reduction strategies for rental income
  • Which expenses are tax deductible
  • When to use a limited company to save tax
  • Trading income versus capital gain
  • Capital gains rollover and holdover considerations
  • Stamp duty planning
  • Tax efficient mortgage structures
  • VAT considerations of property deals
  • Making the most of the Principal Private Residence election
  • Tax issues on the sale of part of your residence
  • Second homes
  • Inheritance tax planning

For more information click the links below to the Tax Tools help sheets:

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Tax Disputes

Unfortunately, there will occasionally be disagreement between the taxpayer and HMRC. Sometimes it is the facts of the case that are in question but it is often the legislation itself that is disputed. Tax isn't always black and white, and Chartered Online Accountant will argue your case against HMRC and take it to the Tax Tribunal if necessary.

Let Chartered Online Accountant fight your corner and maximise your chances of success in any dispute with the tax man.

Disputes can arise in all sorts of areas besides full enquiries and investigations including:

  • Employment status
  • Repairs v capital
  • Private usage adjustments;
  • Capital allowances - is it plant or property?
  • Settlements legislation - splitting income between husband and wife
  • IR35
  • Is it a trading activity?
  • VAT segregation of businesses to avoid registration
  • Employee benefits

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Tax Enquiries and Investigations

There is a multitude of reasons why any business or individual may be investigated by HMRC (the tax man). HMRC now investigates businesses at random as well as for specific reasons, such as large variations in income or expenses and even false accusations. A full investigation can be very disruptive, and the expert assistance of an accountant can be crucial in not only minimising this disruption but also ensuring the best possible outcome.

If HMRC finds an error in the accounts, they can seek to impose penalties of up to 100% of the underpaid tax plus interest. Chartered Online Accountant can help minimise these penalties.

Chartered Online Accountant can deal with HMRC on your behalf to answer their questions, ensure they do not exceed the limits of their legal powers and ensure that your rights are respected. Chartered Online Accountant will talk you through the enquiry process, tell you what to expect and support you throughout.

Having an accountant to review accounts and tax returns before they are submitted to HMRC can significantly reduce the chances of getting an investigation.

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Tax Investigation Insurance

HMRC's tax evasion hotline receives tens of thousands of reports of potential tax evasion each year, some of them completely unfounded, some downright malicious, but all of them giving the tax authorities a reason to launch an enquiry. As well as such tip-offs, HMRC may react to an entry on a tax return or something else about your financial affairs that, to them, looks unusual. Throw into the mix the fact that many enquiries are generated completely randomly and it becomes clear that every taxpayer is at risk.

Even if HMRC finds nothing as a result of any investigation or dispute, you will still have to pay any professional fees incurred for dealing with it, and these fees can run into thousands, or even tens of thousands, of pounds. No-one can prevent you from being investigated by the tax man, but Chartered Online Accountant can help to ensure that you get the best possible support and advice without having to worry about the cost.

Chartered Online Accountant can arrange cover for the following:

  • Personal tax enquiries
  • Business tax Enquiries
  • Corporation Tax enquiries
  • IR35 enquiries
  • VAT disputes
  • PAYE disputes
  • NIC disputes

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Tax Planning

Whilst completion of tax returns and meeting statutory tax obligations are important jobs, Chartered Online Accountant does more than just this and looks at all opportunities to minimise your tax liability.

We all have to pay our taxes but within the legal framework there are numerous ways of saving tax and making sure you do not pay a penny more than is absolutely necessary.

Chartered Online Accountant can help with tax planning in relation to:

  • Personal taxes
  • Business taxes
  • Tax efficient employee remuneration
  • VAT
  • Inheritance Tax
  • Capital Gains
  • Corporation Tax
  • Profit extraction
  • Exit strategies
  • Employment status
  • IR35 advice

For more information click on the links below to our Tax Tools:

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Tax Returns and Self Assessment

Chartered Online Accountant can complete tax returns for individuals, sole traders, partnerships and limited companies. To avoid incurring penalties and interest, it is important that tax returns are correctly completed and submitted on time and that backup records are retained for the period required by law.

As well as the completion of your return Chartered Online Accountant can assist with:

  • Advice on your tax liabilities
  • Negotiating with HMRC if necessary
  • Identifying suitable tax planning opportunities
  • Completing all the necessary tax computations
  • Dealing with all correspondence from HMRC, taking the worry away from you
  • Ensuring your backup records are securely retained and easily accessible

For more information click the links below to the Tax Tools help sheets:

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

VAT Health Check

Worried about a VAT Inspection? The Chartered Online Accountant VAT health check service is designed to find any VAT issues before the VAT man does.

The health check can include:

  • A review and sample check your accounting records for errors
  • Sample tests of the most common errors that the VAT inspectors look for
  • Sample checks of completed VAT returns
  • A comparison of your VAT returns against your annual accounts
  • Checking the VAT treatment of your sales
  • A review of whether you are making best use of relevant VAT schemes
  • Ensuring you are correctly applying the rules of VAT schemes
  • Identifying VAT planning opportunities

For more information click the link to the Tax Tools VAT Help sheets

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

VAT Planning and Disputes

VAT accounting can be very complex, with seemingly simple issues having enormous consequences; for example, in a famous long-running VAT case in 1991, the judges considered 11 different factors in deciding the crucial issue of whether a Jaffa Cake was a cake (zero-rated for VAT) or a biscuit (standard rated for VAT)!

Unfortunately, there will occasionally be disagreement between the taxpayer and HMRC. Sometimes it is the facts of the case that are in question but it is also often the legislation itself that is disputed. VAT law isn't always black and white and Chartered Online Accountant will argue your case against HMRC and take it to the Tribunal if necessary.

Let Chartered Online Accountant fight your corner and maximise your chances of success in any dispute with the VAT man.

Chartered Online Accountant can provide help and advice with VAT in the following ways:

  • Applying for and advice on VAT registration
  • Advice on the VAT schemes suitable to your business
  • Completion of VAT returns
  • Dealing with and attending VAT inspections
  • Dealing with any contentious disputes that arise with HMRC

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

VAT Registration

Chartered Online Accountant can assist with:

  • Advising if you need to or if it would be beneficial to register for VAT
  • Completion of the VAT registration forms
  • Advising on the best VAT scheme for your business

For more information click the link to the Tax Tools VAT Help sheets

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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

VAT Returns

Compliance with VAT can be complex, and mistakes costly. Chartered Online Accountant can complete your VAT return for you, check it or train you how to do it yourself.

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