Taxation Services
Due to ever changing regulations, it is important to work with tax professionals to ensure legitimate tax saving benefits are identified and fully utilised where appropriate.
Self Assessment Tax Returns
Our fully managed Tax Return Service provides you peace of mind, expert advice and an accurate tax submission every year.
We work with you to prepare your affairs in advance, identifying efficiency opportunities along with way and calculating the most appropriate tax payments. LJ Accountancy will:
- Complete your tax return and all necessary schedules
- Calculate your tax liability
- File the return online to HMRC
- Liaise with you on the amounts to be paid and when they are due
- Answer any queries you may have
- Deal with HMRC on your behalf
Corporation Tax
Every limited company that is based in the UK is subject to corporation tax on their profits. Limited companies that are non-UK based can still be expected to pay corporation tax.
We help limited companies meet their statutory obligations with regards to corporation tax.
We calculate the company profits liable to corporation tax for each accounting period. We prepare corporation tax returns and submit them to HMRC electronically along with supporting accounts and tax computations.
We advise clients of the filing deadlines and payment dates helping them to avoid the strict penalties for late submissions and payment.
We also provide advice on any tax planning areas that may benefit you and your company.
For example, we can advise on tax-efficient profit extraction tactics for directors.
VAT
Value added tax is one of the most complex and onerous tax regimes imposed on business – so complex that many businesses inadvertently overpay or underpay VAT.
The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of HMRC call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay the Exchequer more than you need to!
At LJ Accountancy, we provide an efficient cost effective VAT service, which includes:
- Assistance with VAT registration
- Advice on VAT planning and administration
- Use of the most appropriate scheme
- VAT control and reconciliation
- Preparation and submission of VAT returns
- Planning to minimise future problems with HMRC
Capital Gains Tax
Capital gains tax (CGT) may be due when you sell, transfer or gift an asset that has increased in value during your ownership. It arises most commonly in property disposals and often when selling or passing on a business.
Taking advice in advance of any disposal can significantly reduce your potential CGT liability.
As part of our tax planning service, we can advise on heading off surprise tax bills and help minimise your tax liability.
We consider the ownership structure, available allowances, allowable expenses and tax reliefs, as well as take into account how CGT interacts with other taxes. For example, inheritance tax and capital gains tax both impact on succession planning.
Inheritance Tax (IHT)
Inheritance Tax (IHT) can significantly reduce the amount of assets available to be passed to your loved ones on your death.
The standard inheritance tax rate is 40% of anything in your estate over the £325,000 threshold (known as the nil-rate band).
Effective planning makes use of reliefs and exemptions to reduce your exposure to IHT enabling you to preserve wealth for the benefit of the next generation.
We offer a wealth and succession review service which involves working closely with you to review your assets and exposure to IHT, as well us understand your objectives and priorities, before recommending appropriate solutions tailored to your circumstances.
There are plenty of ways to reduce your inheritance tax bill and our advice is likely to involve a combination of methods. For example, transferring assets, lifetime gifts, business and agricultural property relief, qualifying investments, trusts, family investment companies, assignment of life insurance policies.
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