Specilaist Tax Planning
Your business can be much more
Know The Legal Process
THE LOGICAL NEXT STEP AFTER DISPUTE
A HMRC Statutory Review is the next step once you have exhausted other options of a dispute with HMRC on a tax decision. This process was introduced in 2009 for both direct tax and indirect tax decisions and is available to customers with or without a tax accountant. HMRC Statutory Review was introduced as a way of resolving disputes without needing recourse to a tribunal and to ease pressure on the tribunal service. Even if you do decide on ADR as your first option, it is still recommended to ask for a Statutory Review, especially because you don’t need to wait for HMRC’s decision to ask for one. Asking for a Statutory Review means your legal rights will be protected. A Statutory Review is an internal review that must be carried out by an HMRC officer – or a team of HMRC officers – with no previous involvement in your case. Review cases are sometimes dealt with by teams at an entirely different location often referred to as specialist offices.
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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Financial rewards will include bonuses, commission, employee stock options and paid time off. Non-financial incentives will include flexible working hours, formal recognition/awards, vouchers, extra unpaid leave, gifts, company cars, training opportunities and further education opportunities.
HMRC is very adept when it comes to investigating tax fraud. When the tax office suspects that a serious fraud has been committed, they issue