Taxation

Business tax services

Corporation tax

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.

Making Tax Digital

As part of the regime, taxpayers must move to a fully digital tax system, with businesses and individuals required to register, file, pay and update their information using a secure online tax account.

Businesses will eventually be required to supply up-to-date information in respect of their income tax and national insurance contributions (NICs). Updates will need to be made at least quarterly.

DWilkinson&Company can assist businesses in making full use of the MTD system and can provide advice and support in regard to the quarterly updates required by HMRC.

We will also be keeping up to date on the latest developments in relation to MTD.

Please contact us for more information.

Research and development tax

Research and development (R&D) by UK companies is being actively encouraged by the government through a range of tax incentives. A company can claim enhanced deductions against its taxable profits for expenditure which is qualifying R&D expenditure. The amount of the enhancement has increased over the years and is currently 130%.

Companies can claim R&D tax relief in the corporation tax return for the period when the expenditure is charged in the accounts of the company with a deadline of two years following the end of the accounting period in which the expenditure was incurred.

DWilkinson&Company will outline the R&D tax relief system to you and highlight how it could affect your business. Our advisers will help you in setting up the appropriate systems in order to collect the information required to make your R&D claim and guide you through the claims process.

If you would like us to, we can also make the R&D claim on your behalf as part of your corporation tax return.

To find out how we can be of assistance to you, please get in touch.

Construction Industry Scheme VAT reverse charge

The VAT domestic reverse charge for building and construction services took effect from 1 March 2021. The reverse charge means that a contractor receiving a supply of specified construction services must account for the output VAT due, rather than the subcontractor who supplied the services.

The charge only affects supplies at standard or reduced rates where payments are required to be reported via the Construction Industry Scheme (CIS).

A VAT-registered business supplying specified services to a VAT and CIS-registered business other than an end user or intermediary supplier issues a VAT invoice indicating that the supplies are subject to the reverse charge and that the customer must account for the VAT. The invoice does not, therefore, charge any amount for VAT. It should, however, state how much VAT is due, or the rate of VAT, if the VAT amount cannot be shown.

The team here at DWilkinson&Company can help you with setting up your software systems to handle the VAT domestic reverse charge, ensuring you are compliant with the CIS rules.

We can also help you with the structure and layout of your invoices in respect of applying the VAT reverse charge. Our experienced advisers will advise you in regard to when you should and should not charge VAT, and we always tailor our advice to suit your specific circumstances.

Discover how we can help you – simply contact us today.

Personal tax services (including sole-traders and partnerships)

We are specialists in income tax, capital gains tax and inheritance tax.

Self Assessment

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.

Estate planning

Few of us like to think about dying; however 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 discreet 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

We also have expertise in dealing with trusts; a 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.

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.

Tax protection

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.