Whether you operate as a sole trader, partnership, LLP or company, we can assist with all of your compliance and tax reporting obligations.
We advise in relation to the whole range of tax liabilities and business taxes and assist businesses both in structural planning, but also when there are issues such as when a business has failed HMRC’s reporting obligations. We also provide a complete tax investigations service.
“I have known Roffe Swayne and their partners for more than 20 years, both in my business dealings and since the sale of my business – when they offered invaluable advice and assistance. When dealing with my company and now my personal tax affairs they not only foresee problems, they also solve them. They have been and still are a first class outfit.” (Alan Hunt, Private client)
Value added tax (VAT) is often assessed incrementally and is based on the value of a product or service at each stage of production or distribution.
In practice, the VAT system in the UK is hugely complex, with a raft of conditions, regulations and legislation attached to it. The timing, type and value of the supply of products or services must be considered. Not all are subject to tax – some are outside the scope of VAT, zero-rated or exempt and there are additional considerations when there is an international element. There are also complex rules regarding the transfer of properties, whether they are commercial or residential and any associated services supplied.
Not all businesses need to be VAT registered, but when they are (either due to the value of the supplies they make, or by voluntary registration), they must prepare and submit VAT returns. These are usually quarterly, but can be monthly or annually, depending on the size and type of business. There are additional filing requirements for businesses which make supplies to the EU, in the form of EC Sales Lists and Intrastat returns.
We can assist you with VAT registration, review and/or file VAT returns, provide ad-hoc VAT health checks or liaise with HMRC in respect of an enquiry or dispute. We can also advise on the VAT treatment of supplies, property transactions and business restructuring, as well as the VAT recovery of businesses (including those which are partially exempt).
Businesses can be structured in a number of different ways, such as a sole trader, partnership, LLP or a company. The most appropriate structure will depend upon the nature of the business and its activities, the scale and geographical nature of its activities, whether it is trading or investing and whether it is owner-managed or financed through external investments.
We provide clear and concise advice on the optimal structure for your business for tax purposes and work closely with colleagues in other departments and corporate and commercial lawyers, to ensure you receive comprehensive advice.
Business circumstances can change and we can advise on the tax implications of restructuring, opportunities arising from acquisitions or disposals of business segments, or a change in the owners or shareholders within a business.
Your business structure will affect the tax treatment of the profits earned and how you extract profit from the business. Our profit extraction advice will assist in minimising the tax cost and is important in influencing business structure depending on whether profits are to be reinvested or used for personal needs.
There is an ever increasing reporting obligation on employers. Our team can assist with the routine weekly or monthly payroll and any end of year reporting required, in relation to any benefits provided, approved and unapproved share option and share awards, termination payments and incentive schemes.
In an ever increasingly competitive recruitment market, it is important that you are able to offer a competitive benefits package that meets the requirements of both employees and employers. Our specialist team can help you to assess which rewards are most suitable for attracting and retaining the staff you require and provide tax-effective incentive arrangements.