Tax

The UK tax system is one of the most complex in the world. Every year there is an increase in the volume and complexity of tax law.

Since tax is now so complex, please note that our policy is to confirm in writing any advice on tax provided to our clients.

Buffery & Co has expertise to advise on all major taxes.


Tax Returns

Almost all major taxes are now self assessed. This means that the taxpayer has to correctly calculate his or her tax liability and pay the tax to HMRC on time, or be at risk of incurring substantial penalties.

We help many of our clients to file tax returns required by HMRC. These include:

  • Self Assessment for income tax and capital gains tax;
  • Self assessment for corporation tax;
  • VAT returns; EC sales listings and intrastats;
  • Payrolls under the new RTI system;
  • P11D’s;
  • CIS.

Since most taxes are self assessed, we also advise on the correct treatment of transactions for tax.


Tax Planning and Advice

Tax planning should be exactly that – planning. It cannot be done retrospectively and in most cases there is no magic bullet. Claims by others that massive savings can be made are usually greatly exaggerated. Proper tax planning and advice involves the effective use of reliefs and allowances available under existing tax law to suit the specific requirements of the business or individual(s) in question.

As a matter of course, when dealing with your other affairs, we will, where possible, consider your overall tax position, for example in planning how best to draw remuneration from your business.

However, tax planning is most important and relevant when considering possible changes to the structure of a business, in the affairs of individuals or impending transactions. This is because there are often a number of different ways in which a change can be implemented, often with very different consequences for tax.

Tax planning and advice does not have to be aggressive to be effective, but it does need to be carried out at the right time and in the right way. Over the years, many tax schemes have failed due to poor execution.

We never forget that the main priority of our clients is to run their businesses successfully and to live their lives without the risk of having to defend an over aggressive tax structure.


Investigations and Enquiries

The government is short of money, and HMRC are taking an increasingly aggressive approach towards the affairs of all taxpayers. An enquiry can be opened for a number of reasons. A return may be selected at random, but this is now quite rare. Usually, an enquiry is opened because HMRC believe, based on information in their possession, that a return may be incorrect.

While frequently an enquiry is closed without additional tax being payable, the whole process is invariably stressful and time consuming. We have experience in handling most types of dispute with HMRC, and if necessary can assist in handling an appeal to the First Tier Tax Tribunal. We can also draw on a wide network of contact in law and accountancy in the event that a specialist advice is required.


Insurance

All of our clients, for whom we file tax returns benefit from our enquiry insurance policy provided by TaxWise. This covers the cost of professional fees incurred dealing with an enquiry from or dispute with HMRC. It allows us to properly represent our clients without them having to pay additional fees.


EIS/SEIS

These tax breaks are invaluable to both companies seeking finance and potential investors. Understandably, HMRC check claims for these reliefs carefully, and the rules are complex. We can advise on how best to ensure that not only the investments can qualify for these reliefs, but also ensure that they are not lost at a later time.



Business Planning and Advisory Services

Whether starting a new business venture, looking for investment, considering the purchase or sale of a business or simply reviewing your current position, we can provide advice and assistance.

Business planning is much more than simply producing financial projections. It is about helping clients to identify and hopefully achieve their objectives. It ranges from setting up simple accounting and reporting systems so that necessary information is available, to assistance with projections and providing a sounding board on a variety of issues, such as remuneration policy alongside the necessary tax planning.


Other Business Services

Buffery & Co can also provide advice and assistance in relation to other aspects of commencing or developing a business, including the formation of companies and LLPs, acting as registered office and providing company secretarial services.