We're in the know
so helping you grow.
We're in the know
so helping you grow.
If you are an individual or a company who owes tax then you are required by law to complete a self-assessment tax return and pay over any tax due. HMRC will not necessarily tell you to do so but, not withstanding this, you could be liable to penalties and interest on outstanding tax if you do not declare such tax or do not complete a tax return within the statutory time limits. Please contact us if you want to know if you are liable to pay tax.
You must register immediately with HMRC as an employer. You will need to deduct PAYE and National Insurance from your employee’s salary at prescribed rates. If you do not do so, or make incorrect submissions to HMRC then you can be liable to heavy penalties and interest on tax and NIC that you do not pay over. You will also need to disclose and pay NIC on employee benefits that you provide to your employee. Please contact us to find out if you would benefit from our Payroll service.
You are only required to have a statutory audit if you are not a small company as defined by The Companies Act and your annual turnover passes certain limits. There are exceptions to this, for example if you are a company registered with the FSA. You will also be required to have an audit if more than 10% of your members require you to do so. You may also wish to have an audit for other reasons, for example if you are a members body that has to submit accounts to many members or if you are an organisation of public interest.
Like most things, it depends on a number of factors: the type of business that you are in and in particular, your size and profitability. All of these may determine whether there are tax advantages to being set up in a particular way. There are also other legal and statutory issues that may make you more in need of one structure than another. Please contact us for help in deciding which structure would be the best for your business.
If you are resident and domiciled in the UK then this is easy. You must account to HMRC for everything. If you are not domiciled here then things get a little more complicated. The definitions of residence and domicile are long and complex and have to some extent been decided by case law. If you are not sure then you will need to take advice. Please contact us for more information.
If you know why you have paid too much tax owing to an error made by you or the tax authorities, you should contact HMRC by phone or in writing explaining the error. HMRC will then normally adjust your figures . If you feel you are paying too much tax because your affairs have not been arranged correctly, then please contact us – we have many years’ experience in helping companies and individuals arrange their tax affairs more efficiently.
It will largely depend upon which business structure you use but it is always wise to make sure you have saved enough money to pay your annual, or, if paying on account, bi annual tax bills. If you are a director/shareholder of a limited company then you can pay yourself by means of a salary or by declaring a dividend which is paid to shareholders out of its profits. Castlemaine’s Ltd Company package provides you with a monthly report which, amongst other useful information, shows how much should be put aside for tax. For more advice on this subject, or to find out more about our Ltd Company package please contact us on 0870 778 0063
Tax avoidance is where you use legitimate and legal means to use the tax system to your best advantage. Tax evasion is where you go outside the law to gain an advantage. In general terms if you are doing something that you do not wish to be disclosed to the tax authorities or that you hope they will not find out then you are treading on thin ice and should think carefully about what you are doing. If you have any doubt then you should urgently seek advice.
This is quite straightforward assuming that you have in front of you the personal details of each director and shareholder and a few other basic pieces of information (such as the Company’s proposed name!). Castlemaine Accountancy operates an online system which can have a company up and running in 24 hours.
Following a two year trial, HMRC has launched it’s “Alternative Dispute Resolution” (ADR) service with effect from the 2nd September 2013. The ADR is meant as an alternative way for small businesses and individuals to resolve disputes with the Revenue. The ADR service uses independent HMRC facilitators to resolve disputes between HMRC and customers during a compliance check. The aim of the service is to find a swift ,fair result for the parties involved and reduce costs. The service is available to individual taxpayers and small businesses where a tax issue is in dispute, regardless of whether a tax decision or assessment has been made by HMRC that can be appealed.READ MORE