Members of our tax teamthe highest levels of support and advice

Tax is a factor in virtually all our clients’ personal and business activities. All of our staff have a good working knowledge of tax affairs but we also have a specialist Tax Department to ensure the highest levels of support and advice that our clients need.

The services of Cassons’ tax department can be broken down into four main categories:

CompliancePlanningTax enquiriesTrusts


compliance

Personal

This is more than filling in tax returns. Our normal annual personal tax compliance service includes:

  • The completion and submission to HMRC of Self Assessment tax returns and supporting schedules.
  • Calculation of tax liabilities.
  • Advising of tax payments and due dates, including balancing payments or repayments and any interim payments.
  • Checking Self Assessment statements of account.
  • Checking PAYE notices of coding.
  • Dealing with minor queries arising during the period including any dialogue required with HMRC.

We deal with other personal tax compliance as the need arises, including dealing with national insurance contribution matters, inheritance tax reporting and calculating capital gains tax liabilities.

Our annual service goes beyond filling in the forms and we critically review tax returns to see if they "look right" based on what we know of our clients. Have you sent us all the information you sent last year, or have you missed one bank account? We cannot take away from you the ultimate responsibility for preparing a correct return, but by taking this extra care we might just help to prevent that tax enquiry!

Business

The accounts of a business normally require adjusting for tax purposes to arrive at a taxable profit (or loss) rather than the accounts profit (or loss). These adjustments are made on a tax computation at the time the accounts are prepared. The adjusted figures are then used to prepare personal, partnership or corporate tax returns.

We assist businesses with end of year PAYE returns including forms P35 (whether in support of our payroll department or otherwise) and forms P11D (which require details of expenses and benefits to be reported to HMRC by 6 July each year).

We also provide businesses with VAT support. We can assist you with the preparation of your VAT returns, or prepare them from the information you provide, or advise on the VAT treatment of sales or costs.

Corporate

We help our corporate clients meet their tax obligations in many ways:

  • We prepare tax computations adjusting a company's accounts for tax purposes.
  • We prepare corporation tax return form(s) CT600 for each accounting period (NB a company's accounting period for tax purposes is not necessarily the same as the period for which it prepares accounts!)
  • We monitor filing deadlines for company tax returns, help our clients submit their returns on time, and ensure that making all appropriate tax claims in time.
  • We advise clients of their corporation tax payments, typically falling due 9 months after the end of an accounting period (and 3 months before the tax return has to be filed).
  • We monitor and compute other company tax liabilities, for example liabilities to corporation tax as a result of making loans to participators (most commonly as overdrawn directors' loan accounts).
  • For larger companies, we advise on the payment of quarterly instalments of corporation tax and in some cases assist them with their estimates of profits so that they may make accurate payments.

However we do not just fill in forms; we constantly think of ways to help our clients pay less tax.

For our many owner-managed companies, we consider the optimum tax position of both the company and its owners.


planning

Tax planning is a core activity of the firm. Our staff are all aware of the impact of tax on commercial transactions. Our tax department gives specialist support to our staff and to clients as soon as we are aware there is a tax implication. The complexity of legislation now requires specialist tax planning to enable our clients legally to minimise their exposure to all taxes.

The tax advice we give is always tailored to our clients' circumstances and facts. Clients are rarely identical, so "one size fits all" does not work!

Typical tax department planning includes:

  • Reducing personal income tax or capital gains tax, including consideration of tax-efficient investments (including pensions, venture capital trusts, enterprise investment schemes, film partnerships and enterprise zone trusts - all in conjunction with our financial services department) or other reliefs that may be available.
  • Tax planning for businesses, including identifying and optimising claims for relief, for example identifying items eligible for capital allowances and enhanced capital allowances for energy or water efficient plant.
  • Corporation tax planning by optimising companies' tax relief claims, including planning for groups of companies.
  • Remuneration planning for owners and key employees, including dividend or fees planning, tax efficient remuneration and share incentive schemes.
  • Estate and inheritance tax planning, including advising on the structure and content of wills and inheritance tax efficient investments.
  • Trust planning, in conjunction with estate planning or otherwise.
  • Planning for particular transactions, including company mergers, acquisitions, disposals or reorganisations, share buy-backs, or the acquisition or disposal of significant assets.
  • Consideration of the VAT implications of transactions or VAT planning in general to optimise the exposure of a business to VAT.
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tax enquiries

A tax enquiry can be a stressful time. We try to ease the strain for you in our dealings with the tax authorities. Of course you remain responsible for your own affairs, but we can handle the conduct of the enquiry and help protect your rights as well as advise you of your responsibilities.

We recommend that our clients take advantage of the Cassons Tax Investigations Service which is a scheme run by PFP to reimburse the accountancy fees incurred if you are subject to a tax enquiry. (It does not however cover any of the cost of the tax liability itself.)

An HMRC tax enquiry can take many different forms. It may be:

  • A random enquiry.
  • An enquiry into a particular aspect of your (or your company's) tax return, which could be dealt with relatively simply or which could be a more technical matter.
  • A full enquiry into all your tax affairs for one or more years including, in particular, a detailed review of your the books and records of your business.
  • A PAYE routine visit or an in-depth enquiry.
  • A "serious" investigation, including one by the Special Compliance Office which could be an enquiry into irregularities or into a significant technical matter.

Whatever the nature of the tax enquiry it is important that you are well advised. You cannot, unfortunately, rely on the tax authorities necessarily to establish the "correct" amount of tax that you may owe. Some points are not clear-cut and are open to interpretation – you need to have your affairs negotiated and presented for you in the most favourable light.


trusts

Some clients come to us with trusts that have already been established, others have trusts that are created as part of our tax planning advice, including inheritance tax planning. Cassons' trust department has two main roles:

  • the annual compliance work for trusts
  • dealing with any technical issues arising from the operation of the trust

The annual compliance work for a trust includes the following, as appropriate:

  • Preparation of annual accounts.
  • Preparation of annual income tax and capital gains tax computations.
  • Preparation of the trust's annual self assessment tax return.
  • Advising the trustees of any tax liability and due dates of payment.
  • Preparation of forms R185 (statements of income from trusts or estates, or certificates of deduction of income tax).
  • Submission of the accounts, income tax computations and the tax return to HM Revenue and Customs.
  • Dealing with routine enquiries arising from the submission of the tax return.
  • Ensuring claims and elections are submitted by the relevant deadlines.
  • Preparation of inheritance tax returns.

In addition to the routine work carried out as part of the normal annual compliance cycle, we can if requested consider the tax implications of any transactions the trustees wish to implement as part of their duties as trustees, for example:

  • appointing capital to beneficiaries;
  • adding new beneficiaries;
  • varying the terms of the trust; or
  • varying the investments within the trust.

We can also advise a settlor of the trust who wishes to add further funds to the trust or new trusts, or carry out further tax planning which may impact on the trust.

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Please note

This information given is for general guidance only. You should not rely on it without taking individual advice based on the full facts of your case. Information given is correct at the time of publication.

Please contact us to find out how we can help you.