Taxation and VAT Services
We advise clients on every day tax issues. These range from completion of company and personal tax returns to complex tax planning, specific VAT advice on business transactions to resolving tax enquiries.
Capital Gains Tax
Whether a business or an individual disposes of an asset, Capital Gains Tax (CGT) is payable. However proper and timely planning can often significantly reduce, delay or avoid altogether any liability.
Ellis & Co has years of specialist knowledge and experience that has enabled our clients to save considerable sums of money. We work hard to ensure that you don't pay HMRC more than you are legally obliged to do by:
- Maximising your claim for all valid tax deductions
- Claiming all eligible reliefs
- Making use of all exemptions
- Examining whether trusts or pension funds could be used as a CGT planning device
- Considering changing the ownership of the asset
- Restructuring the asset held
The Ellis & Co Corporation Tax team can advise your business on the full range of corporate tax mitigation solutions, including transfer pricing, remuneration planning and restructuring.
In many sectors and areas of business, tax legislation has tended to be an area of regular change and in such cases our specialist Corporation Tax team make it their business to help clients stay abreast of the latest opportunities.
Research & Development
If your business spends money developing or enhancing new products or services in science or technology, then you could receive a cash payment or a reduction on your Corporation Tax Liability.
Millions of businesses are missing out on valuable tax breaks each year. This is because many businesses don't know they can claim R&D Tax Relief, or how to go about it.
Our tax team can tell you if you are eligible for R&D Tax Relief, the full list of expenditure allowance and how much you can claim.
Company Car Planning
Whether to have a company car or not is one of the most common questions we are asked. It is often an area of confusion, particularly in light of frequent changes to the way taxation affects company cars.
Our Tax team will explain clearly to you the relationship between a car's list price, its emissions, the fuel it uses and the tax you would incur.
In our Payroll Department we have extensive experience of working with contractors and subcontractors in relation to HMRC's Construction Industry Scheme (CIS).There are significant penalties for failure to operate the CIS correctly and the position is further complicated by the issue of employment status when engaging a subcontractor.
Ellis & Co offer guidance on whether you may have to comply with legislation commonly known as IR35, which brings the tax paid on certain contracts in line with the tax paid by employees.
In Personal Services Companies (PSC's) PAYE and NI contributions are not deducted from payments made under a contract to a PSC, but nonetheless IR35 legislation may affect this.
We can help and advise in considering the legal structure under which you could provide your services to clients, as well as setting up your business processes as a PSC.
Tax Enquiries & Planning
HMRC now has extensive and swift powers to investigate your personal and business affairs at will. Many tax investigations commence as general enquiries from the relevant authority but unless they are dealt with promptly and satisfactorily they can proceed to a full investigation.
It's essential therefore to have expert tax advice at your fingertips at all times. We have vast expertise in dealing with HMRC in tax enquiries and investigations and as your Accountant we will be able to address your concerns and those of the enquiring authority.
Almost a million people a year are fined for filing their tax return to HMRC late thereby incurring automatic £100 fines.
It's reassuring to know therefore that Ellis & Co will prepare your Self Assessment Tax return for you and submit it promptly. We will help you structure your affairs for maximum tax efficiency, while protecting you from the penalties every taxpayer dreads.
Who should complete a Self Assessment Tax Return? These are just a few examples:
- If you earn over £100,000
- If you are a company Director or self-employed
- If you have income from a pension and salary
- If you become a 40% rate income tax payer and have savings from income
- If you receive income from investments that are not taxed at source
- If you have profits subject to Capital Gains Tax
- If you are a property investor or foreign income earner
VAT Returns, Advice & Investigations
VAT can be complex and confusing. It affects nearly every business and yet is frequently dealt with as an afterthought. So much so that many businesses inadvertently overpay or underpay VAT.
Ever-changing regulations and the growing demands of HMRC mean that VAT compliance can be a difficult administrative process
Ellis & Co can help you manage this complex area providing an efficient, cost-effective service which includes:
- VAT registration
- Completing online VAT returns
- Advice on the best VAT scheme for your business
- VAT planning
- Advice on dealing with HMRC Investigations and VAT tribunals
- Attendance at VAT Inspections
The last thing you'll want to think about when you lose a close family member is whether or not you are liable to pay Inheritance Tax.
Inheritance Tax is a tax levied on the transfer of an individual's estate on his/her death to non-exempt beneficiaries. It can be a complicated issue and avoiding Inheritance Tax is an area that one should consider.
We at Ellis & Co can provide all the advice and expertise you need to minimise the tax that your heirs will have to pay.
National Insurance Contributions
Everyone who is employed between the age of 16 and state pension age pays National Insurance Contributions (NIC's) to HMRC.
Employing people as part of your business brings with it the extra responsibility of ensuring that the salaries and benefits you pay them comply with the tax rules on PAYE & NI contributions.
To avoid HMRC penalties we ensure that you meet the many submission deadlines for forms and payments throughout the year.
The Government has also announced that it is working towards the integration of the Income Tax and National Insurance systems. We will keep you abreast of the changing tax environment.
The completion of forms P11D to declare Benefits in Kind is a very complex matter and mistakes can easily be made by the inexperienced, with heavy penalties. Most people will therefore turn to their accountant to look for advice and help in this area.
We will help you understand the issues involved with the preparation of the annual P11D forms.
Property Tax Planning
More and more of our clients own property beyond their homes. We can help with accounts, tax returns and tax planning whether you have a holiday cottage or are an active property developer or investor.
We will help you with property tax tips on things like:
- Maximising allowable expenditure
- Utilising interest
- Using Partnerships to reduce your tax liability
- Key dates in the Property Tax diary
Trusts & Estates
Trusts are mainly used to protect family wealth. They are an excellent financial arrangement where property or wealth is held by named people for someone else.
For example you could elect to put money into a trust so one of your children could have a monthly income without affecting the capital sum; or you could put money in a trust until they are ready to take control of it.
We can help you with an experienced team in a wide range of matters including:
- Preparation of accounts for all types of trusts and estates
- Distributions to beneficiaries
- Income and Capital Gains computations
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