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Structuring a conventional partnership or LLP requires detailed planning and structured legal agreements to guarantee that members’ legal rights and responsibilities are well-defined, as well as recognition of the tax repercussions and fiduciary responsibilities which are unlike to those of employees. Nevertheless, like all establishments, concerns such as safeguarding a firm’s interests when principal individuals leave office or a group defects, handling with disagreements or complaints, and best taking care of mergers or joint ventures may all need to have to be addressed. A Limited Liability Partnership (LLP) is similar in some ways to a standard partnership, except that the individual members have lower liabilities to any debts which may arise from running the business. Call our experienced tax accountants for further information.
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Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability.
Every business including sole traders, partnerships, limited companies and large business will plan for their taxes and make amendments to financial statements and include any past or future tax liabilities through tax accounting entries.
Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction.
Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments.
HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance.
No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills.
There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts.
Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house.
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Although tax officials have extended powers to bring criminal proceedings, their initial enquiry is not with a view to prosecution. Their ultimate goal is to recover unpaid taxes.