Taxes

Value Added Tax

If your turnover exceeds £90k for a 12 month rolling period, then you are required to register for VAT and charge VAT for your clients. (Certain industries, Goods and services are exempt – Please speak to our team for more information)

There are few types of VAT schemes and we can assist you with the best VAT scheme for your business. The main VAT schemes are:

• Standard (Accrual Scheme)
• Flat Rate Scheme
• Margin Scheme

The above schemes can work with VAT Cash Scheme and VAT annual Scheme.

Value added tax (VAT) is not an exciting or easy subject to talk about. Our aim is to make it as simple as possible for you to handle and understand.

As one of the most complex areas of business tax, many businesses inadvertently overpay or underpay VAT. We make sure that your VAT returns are filed accurately and tax is paid on time. Our expertly trained eyes ensure that you do not miss anything and do not fall foul of the regulations.

Our cost-effective VAT service includes:

• Assistance with VAT registration
• Advice on VAT planning and administration
• VAT control and reconciliation
• Help with completing VAT returns
• Implementation of processes to avoid HMRC issues
• Representing you at VAT tribunals

Making Tax Digital (MTD)
From April 19, companies are required to file the VAT returns under MTD regime.
As a cloud based accounting firm we are fully prepared to file your VAT returns under this scheme make sure you are fully compliant with the HMRC legislation.

Our 360 VAT services include:

• Choosing the right VAT scheme for your business
• VAT registration
• VAT planning and administration
• VAT control and reconciliation
• Filing VAT returns accurately and timely
• Providing representation to the VAT tribunals
• Help to avoid HMRC issues

Research & Development Tax Credits

Research and development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovation. They are a valuable source of cash for businesses to invest in accelerating their R&D, hiring new staff and ultimately growing. The specialised nature of R&D means that not all accountants offer the service. Therefore many businesses do not realise that they qualify for R&D Tax Credits or they are not claiming their full entitlement.

How R&D Credits work

R&D for the purpose of tax relief is designed to support companies that work on innovative projects in science and technology. It can be claimed by companies that seek to research or develop an advance in their field. Your project may research or develop a new process, product or service or improve on an existing one, and claims may also be made against unsuccessful projects.

• We can handle your R&D claim from start to finish, dealing directly with HMRC on your behalf
• Maximise your R&D claim by identifying all qualifying projects and eligible expenses
• Produce a technical report describing how your project meets the criteria to support your claim

Personal Tax Made Simple

Ensuring your personal tax affairs are in order is essential to remaining tax compliant. We can work closely with you to provide tax services which not only keep your affairs transparent and compliant but make the most of tax saving opportunities.

Our personal tax team have dealt with personal tax from every angle and they always endeavour to use their knowledge and experience to help manage your tax affairs as efficiently as possible.

Our personal tax services range from simple competition and filing of self-assessment with HMRC, to reducing tax liabilities for those with more complex tax affairs.

HMRC Investigations & Insurance

If you are concerned about the possibility of an HMRC tax investigation or have been notified that you or your business are being investigated by HMRC, our team can help.

Tax audits and tax investigations can be complex and stressful. Unless you are very sure of your position, you should take professional advice as soon as a tax investigation or inspection starts to mitigate any additional tax due.

Many businesses will face a routine tax audit from time to time. More serious tax investigations are likely if HM Revenue & Customs (HMRC) suspects your tax returns are inaccurate.

Tax Fee Protection

Even if you have done nothing wrong, if an investigation is launched, it is wise to get immediate professional advice and representation from your accountant. Such representation does incur fees and can be costly, especially if it takes some time to resolve and requires in depth records being prepared to support your case.

However, it is possible to get insurance to help cover the costs of fees incurred during an investigation. For your peace of mind, CCBC offers all its clients the option to purchase our Tax Fee Protection Service.

By subscribing to the tax investigation fee protection service our fees will be paid for if HMRC investigate you, and you’ll be reassured to know that you are dealing with a trusted and familiar face.

We believe that we know your business best and we want to be there for you when you need us most. Find out more or sign up for the CCBC Tax Fee Protection Service.

Corporation Tax

Corporation tax is a major part of your trading costs, and as with all taxes there are deadlines for submission of the tax returns and payment of outstanding tax. Much time and resource can be taken up by these reporting obligations and the whole process can seem like a minefield to a business.

As a limited company, you will have to register with HMRC that you are accountable for corporation tax on your profits.

Depending on your profits, we can help you calculate how much corporation tax is due and advice you on taxing areas that may benefit both yourself and the business.

We can assist you and your business by completing and filing business tax returns. By utilising our corporate tax services, we can act as intermediaries for any disputes with the tax authorities.

As part of this service, we can also help you to determine the most tax effective structure for your business by taking full advantage of tax opportunities and reliefs. It is our job to make sure that you achieve the best capital or revenue tax treatment as well as reducing your tax on disposals and maximising relief on acquisitions.

There are also many tax opportunities specific to certain industries, which our in-house specialists can address with you. We will remind you when deadlines are approaching therefore you can avoid hefty fines.