Our Tax Services
Our Tax Services
Running a business means that you are affected by many taxes. Therefore, tax is one of the most important factors we consider as part of our advice. When it comes to tax we know that the best advice is based on thorough understanding; our approach is to gain a clear insight into your business aspirations and your short and long-term objectives, working closely alongside you to optimise your tax position.
As well as providing compliance services (ensuring that your Tax Return is completed) we also calculate your tax liability and keep your tax affairs up to date.
Our tax services include the following:
- Corporation Tax
- Capital Gains Tax
- Personal Taxation Advice
- Estate and Inheritance Tax Planning
- Stamp Duty and Stamp Duty Land Tax
- HMRC Investigations and Enquiries
- Tax Investigation Insurance
- Tax credits – R&D, Asbestos Relief
Corporation tax can be a minefield of regulations, with new rules set up part way through the tax year and others introduced but not taking affect until the following tax year. It means you could quite easily be paying more tax than you should be.
We will work closely with you 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.
Our corporate tax planning services include:
- Determining the most tax effective structure for your business
- Informing you of opportunities and advising you on making use of available tax reliefs
- Reducing your tax exposure on disposals and maximise available relief on acquisitions
- Making use of industry specific tax opportunities
- Compliance with tax regulations including corporation tax self-assessment
- Liaising with the authorities on your behalf
Capital Gains Tax
Capital gains tax (CGT) was first introduced in 1965, until then capital gains were not subject to tax. CGT is a tax on the profit you make from selling capital assets such as property, shares or other investments. Therefore, it is essential that if you are planning to make a disposal, you plan for CGT before disposing the asset. There are a number of reliefs that can be claimed to reduce tax such as Entrepreneurs relief, Gift relief, Principal Private Residency Relief, Lettings relief, and Reinvestment Relief (to name a few).
The most popular CGT service we offer include:
- Advising on all valid tax deductions such as professional fees, enhancement expenditure, and indexation allowance
- Calculating the CGT payable on a disposal
- Advising on available reliefs and exemptions
- Transferring and restructuring the assets held
- Making timely disposals
- Maximising the use of your annual exemption
- Examining the possibility of using trusts or pension funds as a CGT planning device
- Careful Will planning, as death washes out capital gain in any asset
- CGT advice on separation and divorce
Today, more and more emphasis is being put on taxpayers’ individual responsibilities. 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 range of services includes:
- Profit extraction from your business
- Preparation of personal, partnership and trust returns together with tax computations
- Submitting your self-assessment and managing any related correspondence with HMRC
- Advising on making tax payments
- Advising on how to use tax losses
- Claiming maximum tax relief for contribution into pensions
- Inheritance tax planning
- Planning for a comfortable retirement
- Taxation of benefit in kind
- Dealing with HMRC tax enquiries
- Advice on tax reducers
Estate and Inheritance Tax Planning
With the huge increase in property values, Inheritance Tax is an area which could give rise to unexpected liabilities for the unwary. With the inclusion of investment properties in your estate, the IHT bill on your death can run into hundreds of thousands.
When it comes to making arrangements for the future, early planning is essential. By putting measures in place now, you can take full advantage of the available tax opportunities and make sure that more of your wealth passes to your chosen beneficiaries.
Our estate and inheritance tax planning services include:
- Help with planning and reviewing a Will
- Advice on making full use of exemptions and lower tax rates on lifetime transfers
- Optimising lifetime transfers between family members
- Transferring agricultural or business property
- Transferring assets into a Trust
- Advising on adequate life assurance to cover potential inheritance tax liabilities
We also have expertise in dealing with Trusts; a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of Trust to fulfil your wishes, assist in setting up the Trust and provide the full range of accounting services required for Trust management.
Value Added Tax (VAT) is one of the most complex and onerous tax regimes imposed on businesses – so complex that many businesses inadvertently overpay or underpay VAT. This is complicated further by different VAT rates, potential partial exemption and the administration for companies that wish to trade overseas both within and outside the EU. This complexity means that valuable in-house resources could be deployed elsewhere in the business.The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of HMRC call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay more VAT than you need to. We can provide you with a 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
Stamp Duty and Stamp Duty Land Tax
Whether you are an individual or a business, you are likely to require Stamp Duty Land Tax (SDLT) advice at some point. SDLT on straightforward transactions is often dealt with during the conveyancing process, but where a transaction is more complex advice should be sought from a tax specialist.
If you are considering property investment or acquiring a lease on a commercial property, we can help you to make property acquisitions in a tax efficient manner.
Stamp Duty is payable on the transfer of shares in a company if the transaction is over £1,000.
We can advise you on:
- Availability of reliefs
- Disclosure letters
- Linked transactions and connected parties
HMRC Investigations and Enquiries
Being the subject of a tax investigation by HMRC can be a stressful and worrying experience. HMRC are cracking down on tax compliance to rake in huge sums of money for the Exchequer, and innocent taxpayers are being caught in the crossfire.
We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return under the Self-Assessment regime, more detailed enquiries or employer-related investigations into PAYE and P11d compliance. If you are the subject of an investigation, we can provide expert help and support.
Tax Investigation Insurance
Protect Yourself From The Cost Of An HMRC Investigation
At Xitax we can provide you with Fee Protection Insurance to protect you from the costs that may arise as a result of a Tax Enquiry from HMRC.
A tax investigation could cost you money even if you’ve done nothing wrong and anyone can be selected: a business, a director or an individual tax payer.
The Fee Protection we can provide is an all-embracing Insurance Policy that provides you with the ultimate protection.
The service covers up to the equivalent of £100,000 towards our professional fees resulting from an HMRC Enquiry.Any compliance check started by HMRC regarding your compliance with:
- Income Tax and/or Corporation Tax Self-Assessment
- National Insurance
- Construction Industry
- National Minimum Wage or Gift Aid Legislation and Regulations and;
- Any consequent dispute with HMRC after the issue of an assessment, computation of liabilities, written decision, notice of VAT civil penalty or notice of underpayment of the National Minimum Wage.
Peace of Mind
Included as part of the Fee Protection Service is comprehensive access to the Employment, Health and Safety and HR expertise, all at no cost to you.
You’ll gain valuable access to highly experienced consultants who can provide you their guidance and knowledge on a wide variety of subjects and issues.
Xitax is supported by Croner Taxwise Limited – the market leading Fee Protection Insurance provider in the UK.
Feel free to get in touch
Phone: +44 (0)75 2583 1590
Address: Xitax Accounting Solutions, Pera Business Park, Nottingham Road, Melton Mowbray, Leicestershire LE13 0PB