Tax planning and compliance

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Income tax

If you are one of the nine million people who complete a self-assessment tax return each year, you are legally obliged to meet HM Revenue and Customs (HMRC) deadlines to avoid financial penalties and interest charges.

We offer an efficient and comprehensive tax return service for individuals, whether you are resident in the UK or not.

We can prepare your personal self assessment return, carry out any necessary calculations, correspond with HMRC and deal with any enquiries.

Our specialist team can also offer you a full range of tax planning services, including:

  • advice on tax-efficient remuneration and business structures
  • inheritance tax planning
  • pension planning.

Corporation tax

Corporation tax represents a significant portion of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be spent on the administrative burden that corporation tax demands.

David F Lee Associates Limited offers a range of services to help you minimise your corporate tax exposure and relieve you of the administrative burden of complying with tax legislation. These include:

  • Determining the most tax effective structure for your business
  • Taking full advantage of tax opportunities and reliefs
  • Achieving the optimum capital or revenue tax treatment
  • Reducing tax on disposals and maximising relief on acquisitions
  • Making the most of tax opportunities specific to your industry
  • Meeting the rigorous demands of compliance including corporation tax self assessment
  • Acting on your behalf in discussions with the tax authorities
  • Efficient corporate tax planning which can result in potentially significant improvements in your bottom line.

VAT

Value added tax, with its ever widening scope, is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently over or under pay VAT.

We have worked with a wide variety of organisations requiring varying levels of support. VAT planning requires in-depth knowledge where professional advice can bring big rewards. We have helped many of our clients to reduce VAT assessments and minimise their VAT liabilities.

Our services include:

  • assistance with VAT registration
  • advice on VAT planning and administration
  • use of the most appropriate scheme
  • VAT control and reconciliation
  • Assistance with the completion of VAT returns
  • Practical support during VAT inspections

Inheritance tax

IHT remains a complex area and seeking early professional advice is wise.  Our expert team can advise on a number of options for reducing your IHT liability, including:

Capital gains tax

The new capital gains tax measures that came into effect on 6 April 2008 will have far-reaching effects for many businesses, underlining the need for professional assistance in this complex area.

The new regime means that taper relief and indexation allowances that reduced the tax liability on business assets and shares held for more than two years, and on non-business assets held for longer periods, will cease.

All assets will instead be subject to a flat rate 18 per cent rate – although there will be a new “entrepreneurs’ relief” of ten per cent on lifetime gains of up to £1 million for businesses and certain share-holdings.

We can assess your situation in the light of these changes and advise you on the most appropriate way forward to minimise your capital gains tax liabilities.

Self assessment

We have the experience, 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 positions and the planning opportunities available to you.

Our services include:

  • Liaising with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns
  • Calculating your tax liability
  • Completing and filing your tax return on your behalf
  • Advising you when various payments are due and how much to pay
  • Advising on appropriate record retention
  • Introducing you to any relevant tax saving ideas
  • Representing you in the event of your being selected for investigation by the Inland Revenue

Estate planning

Few of us like to think about dying but the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight - along with a detailed knowledge of the current tax regime. We provide a comprehensive estate planning service that includes:

  • Help with planning and reviewing a will
  • 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 trust
  • Arranging adequate life assurance to cover potential inheritance tax liabilities

Trusts

David F Lee Associates Limited 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.

Require more information?

If you would like more information or would like to speak to us direct then call us on 01629 815120. Or if you would prefer, ask us a question online.