Income Tax

Income Tax is probably the tax that you will be most familiar with. There is however a common misconception that there is only one right answer when it comes to reporting this on a personal Self Assessment Tax Return.

Especially when preparing business accounts, it is essential to make full use of all claims and reliefs that are available. Perhaps the most common error in this area is not taking full advantage of all allowable expenditure and Capital Allowances.

Our accountancy and Self Assessment services ensure that accounts and Tax Returns are prepared in the most tax efficient manner whilst complying fully with Revenue regulations.

As well as fulfilling your compliance obligations, our tax department can:

• Carry out tax efficiency reviews, for example through remuneration planning.
• Advise on PAYE codes through our payroll and CIS services.
• Assist with Revenue enquiries and disputes. This service gives the most satisfying results when combined with our Enhanced Tax Service, which protects you from liability for our professional fees in the event of an inquiry.
• Assess the Income Tax and other liabilities associated with receiving benefits from an employer, for example a company car.
• Consider profit extraction from limited companies, which will include assessments of other taxation positions such as Corporation Tax and Capital Gains Tax, as well as taking into account non-tax considerations such as business plans and forecasts and business financing.
• Ensure maximum use Personal Allowances and lower tax rates is achieved.
• Advise on the interaction of the numerous components of Income Tax which include, rental income, business income, interest, remuneration under PAYE and dividends.

For assistance with Income Tax matters or if you have any other accountancy, bookkeeping, Self Assessment or business queries, please contact us.