Alternative Dispute Resolution
Our tax accountants can help you resolve disputes with HMRC, present your case with facts, and achieve positive results.
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Disputes With HMRC
WE CAN RESOLVE
DISPUTED WITH HMRC
The Alternative Dispute Resolution (ADR) process was created to help resolve tax disputes- with a third-party mediator, otherwise commonly referred to as an Arbitration process. It focuses on providing resolutions to tax disputes between the taxpayer and HMRC, using a structured process, saving both parties time and money. It is open for all taxpayers, whether they are individuals or companies. Some of the benefits derived through this process include gaining a better understanding of the other side’s argument. A structured process enables resolutions to be reached in a shorter period, and confidentiality is increased because no public court hearings occur. When the outcome of the dispute resolution is not successful, it can help to clarify the issues for the next stage, which may include Statutory Review or a tribunal hearing.
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If you are self-employed or have a small business, let our team of best tax accountants take care of your accounting and tax compliance
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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.