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.

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 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.