audit
There is a clear distinction between tax avoidance and tax evasion. Tax evasion is illegal but every taxpayer is entitled to arrange their affairs to the absolute legal minimum amount of tax (tax avoidance).
Whilst completion of tax returns and statutory tax obligations is important, all accountants should be capable of completing them and advising you of your tax position and liabilities.
CFW try to do more than just this and are interested in maximising your tax planning opportunities.
Within the legal framework there are numerous ways of saving tax and making sure you do not pay more than is absolutely necessary. At CFW we have extensive experience in this area of work and always work as hard as we can in the interests of our clients.
Who Do We Help?
At CFW we incorporate tax planning into everything we do. This helps every one of our clients. A lot of tax planning is performed alongside other activities such as completion of tax returns, VAT returns or property transaction. For those individuals with more complex transactions or large incomes / assets we offer a more formal approach.
What Can We Do?
We can help with tax planning in relation to:
- Personal taxes
- Business taxes
- Tax efficient employee remuneration strategies
- VAT planning
- Inheritance Tax strategies
- Capital Gains
- Profit- extraction strategies
- Exit strategies
- Employment status
- IR35 advice
Combined with our many years’ extensive experience in this arena, CFW has invested significantly in reference materials and specialist software. With access to Tax Legislation, Tax Cases, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect, we can research any tax topic and provide many ways of helping you legally save tax.
Why Do We Do It?
New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. It is important that work is done well in advance, so we urge you to contact us as soon as possible.
All our Tax Planning makes legitimate use of the Tax Legislation and Case Law, so that you are not at risk from a full HMRC Enquiry.
Your self-assessment tax return is an annual requirement to let HMRC know who much money you have earned and how much tax you will pay.
Who Do We Help?
At CFW we can prepare a self-assessment tax return for anyone who needs one. You are likely to need to submit one if in the tax year you were:
- A sole trader earning at least £1,000
- A partner in a partnership
- Renting out a property
- Receiving income from savings, investment and dividends
- Receiving foreign income
- Receiving child benefit and one person in the household earned over £60,000
What Can We Do?
At CFW we undertake the following relating to your self-assessment tax return:
- Register you to receive a self-assessment tax return
- Computation of tax liabilities
- Completion of your self-assessment tax return
- Filing of your self-assessment tax return
- Advice on your tax liabilities
- Identifying suitable tax planning opportunities
- Acting on your behalf with HMRC tax enquiries
- Correspondence with HMRC
- Inheritance tax planning
- Tax investigation fee protection insurance
- Trusts
- Informing HMRC when you no longer require a self-assessment tax return
Why Do We Do It?
The self-assessment regime is full of penalties and HMRC enquiry powers are extensive. It's important that:
- Returns are correctly completed
- Returns are filed on time
- All backup records are retained for the appropriate period
Tax related to property can be a bit of a maze. When purchasing a property for investment or to develop, it is important to know which property taxes apply to you and how to remain compliant.
Who Do We Help?
Property tax can apply to both individuals and businesses, whether purchasing as an investment, a development or for resale. At CFW we can advise on all these situations.
What Can We Do?
If you are purchasing a property, we can advise you on issues such as:
- Tax reduction strategies for rental income
- What is a repair and tax deductible and what is capital and not
- When to use a Limited Company to save tax
- Trading income versus Capital Gain considerations and advice
- Capital Gains rollover and holdover considerations
- Stamp duty planning
- Tax efficient mortgage structures
- VAT considerations of property deals
- CIS considerations on property development
- Making the most of the Principal Private Residence election
- Tax issues on the sale of part of your residence
- Second homes
- Inheritance Tax angles
Why Do We Do It?
Property can touch on many areas of tax including rental income, trade income, capital gains tax, VAT, CIS and stamp duty. Property transactions can also involve significant sums and can cost significantly more if not done correctly. At CFW we look at all areas of tax together to ensure the property transaction is done tax efficiently and will minimise any future tax burdens.
An annual audit of your company can sometimes seem a stressful box-ticking exercise that provides very little benefit. An audit can add real value to your business; reassurance that your company has sound financials, or identifying areas where your financial function could be improved to benefit your company.
Who Do We Help?
Companies (and LLPs) are required by law to have a statutory audit. A company can usually be exempt from audit if they qualify as a small company by meeting 2 of the 3 following conditions:
- Turnover below £10.2 million
- Gross assets total below £5.1 million
- Less than 50 employees.
Even if a company (or LLP) meets 2 of the 3 above conditions, it can still require an audit if:
- their parent company is a foreign company and they are part of a medium or large group.
- they are a PLC or a banking, insurance or finance company (or a subsidiary of one of these).
- they are required by your professional or trade organisation to have accounts audited.
- the shareholders do not agree to opting out of the audit.
We can also provide audit services to pension funds and charities, as well as undertake the necessary audit work to provide an accountant’s report for solicitors.
What Can We Do?
We can advise you if you need an audit and if not, you can save on audit fees!
For those who do require or want an audit, we provide audit services to minimise stress and maximise value to the company. Our audit teams will undertake our audit work by collecting information with minimal disruption, with prearranged timetables and deadlines. We will not only provide an audit report for your accounts but also discuss findings and any recommendations with you, to help maximise the strength and efficiency of your accounting systems.
Why Do We Do It?
At CFW we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one.
- an audit involves a detailed review of the company's financial systems and controls and also requires a detailed understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters
- an unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the taxman and suppliers who may be seeking credit references, etc.
- a history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to market
- the possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster
Our tax services make sure that your tax liability is calculated taking into account all allowed exemptions and deductions. We simplify the process by using accountancy software to accurately complete tax returns and calculate any tax liability that may occur, along with any payments that need to be made.
Corporation tax reliefs and rates change annually, so we ensure that we can provide all the right guidance and advice when looking at exemptions, allowances and deductions that may be available.
We will thoroughly review and prepare corporation tax returns in great detail in order to ensure you are complaint and that you don’t incur any penalties.
You may be looking at investments, a second property or another asset and our team can make sure you maximise your exemptions while simplifying the difficult area of capital gains tax.
We can help with the complex issue of personal tax, we know it can be difficult to understand, which is why we help every step of the way. We take away the time and stress by creating a tax planning strategy that suits your tax affairs, helping ensure you pay the least amount of tax. Our team will advise when payments are due along with what forms need to be filed and returned to keep you compliant.
C F W Accountants LLP provide the following key services.
Latest news from C F W Accountants LLP
In an effort to reduce unfairness, during the Spring Budget on 6 March 2024, Chancellor Jeremy Hunt announced the thresholds for the High-Income Child Benefit Charge will be increased from 6 April 2024. This will affect any higher rate earner who is entitled to claim Child Benefit.
Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HM Revenue & Customs (HMRC) is encouraging families who have not yet signed up to consider doing so.
Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business is required to do.
The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year.
The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses.
VAT-registered businesses normally submit their VAT returns and payments to HM Revenue and Customs 4 times a year. However, HM Revenue and Customs also offer an Annual Accounting Scheme for businesses with a taxable turnover of £1.35 million or less.
From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply.
When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier.
In an effort to reduce unfairness, during the Spring Budget on 6 March 2024, Chancellor Jeremy Hunt announced the thresholds for the High-Income Child Benefit Charge will be increased from 6 April 2024. This will affect any higher rate earner who is entitled to claim Child Benefit.
Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HM Revenue & Customs (HMRC) is encouraging families who have not yet signed up to consider doing so.
Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business is required to do.
The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year.
The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses.
VAT-registered businesses normally submit their VAT returns and payments to HM Revenue and Customs 4 times a year. However, HM Revenue and Customs also offer an Annual Accounting Scheme for businesses with a taxable turnover of £1.35 million or less.
