UK DISCLOSURE FACILITIES
Property Let Campaign
Contractual Disclosure Facility
Your business can be much more
Specialist Tax Accountants
DISCLOSE ACCURATE TAX TO HMRC
UK Tax Disclosure Facility is used when tax payer does not qualify for HMRC Tax Campaigns. Tax payers can still use the service of digital disclosure facility to declare tax liability of Income Tax, Capital Gains Tax, Nation insurance, and Corporation Tax. The DDS gives individuals and companies a chance to bring their affairs up to date in a simple, straightforward way. HMRC also has the right to bring forth a case against taxpayers who originally complied with HMRC’s investigations, then neglected to follow through. If you need to file a formal disclosure, it should state all the taxable income you neglected to tax. In the case of COP9, the CDF must be completed within sixty days instead of ninety days as it is prompted by HMRC. Being faced with a letter from HMRC can being confusing and distressing. That is why our expert tax accountants are here to aid you in deciding on which options will work best for you.
We Are Here To Help You With Any Questions You May Have
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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What our clients say
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.