Strategic tax management
A successful tax function helps you to sustainably plan for the future and ensure your business achieves its growth potential. We can help with tax strategies that align with your business drivers, helping you to grow your business while maintaining compliance and transparency.
Our experts are highly connected and stay up-to-date with a rapidly changing landscape. They can advise you on planning, compliance, reporting, and maintaining positive relationships with the tax authorities.
Did you know that in 2016/17, HM Revenue & Customs (HMRC) secured a record £28.9bn of additional revenue through tax enquiries into businesses and individuals? Contact us how to protect yourself against the unforeseen costs of defending against a HMRC inquiry.
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Business tax can be difficult to navigate, but our team can ensure you are fully compliant and on top of the latest changes. If you are a self-employed individual or a limited company, we can help you strategically manage your tax exposure and relieve you of any administrative burden.
Business tax represents a substantial part of your trading costs, so it is vital to have a comprehensive tax advisor to help you maintain a sustainable business.
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Our highly experienced team of tax specialists can advise you on all areas of personal tax ensuring the right strategies are put in place in order to relieve your tax burden and achieve your financial goals. We can help you and your family in a variety of ways, whether that means assisting with compliance matters such as tax returns and repayment claims, computing and seeking to minimise the tax in respect of transactions that have already taken place, or helping you to shape your plans for the future. Our services are not restricted to businesses and we have a large core of personal tax clients. Whether you need assistance with your self-assessment tax returns or advice on inheritance tax planning, we can help you.
Self-assessment can be a time consuming and often confusing business for busy individuals.
And judging by the hundreds of thousands of taxpayers who are penalised by the HM Revenue & Customs each year it can also be very costly if deadlines are missed, incorrect returns are delivered or appropriate records are not retained or presented.
A sole trader means that you are in business on your own account. Each year you are required to register with HMRC for self-assessment and submit a tax return each year. As such you are therefore required to maintain adequate business records to support your business’ income and expenditure. If your turnover is significantly large, you may also have to register for Value Added Tax (VAT) which means that you will have to submit a VAT return to HMRC every 3 months.
Before becoming a sole trader or self-employed, we can help you navigate your way through the various areas that you need to consider and ensure that you are fully compliant with HMRC.
Our comprehensive sole trade/ self-employed service includes:
• Registration as being self-employed with HMRC
• Advice on sufficient record retention
• Preparation of your accounts and your self-assessment tax return
• Advising you when various payments are due and how much to pay
• Introducing you to any relevant tax saving ideas
• Preparation and submission of VAT returns if necessary
• Dealing with all HMRC correspondence on your behalf
• Representing you in the event of your being selected for investigation by the HM Revenue & Customs
Tax | Sheward LLP | Chartered Accountants
Strategic support for businesses who want to manage tax effectively and maintain compliance while still keeping a sustainable source of cash flow.