Compliance, Regulation, Risk and Reporting
We work closely with our clients, from sole traders through to large limited companies, to help them meet all of their tax compliance obligations. This includes ensuring that all the appropriate deadlines are met and that the maximum amount of tax relief available in accordance with the tax legislation, is claimed.
All relevant paperwork and information is provided to HM Revenue & Customs to minimise any exposure to tax enquiries. In the event that any such enquires are raised into the affairs of your business, we have an experienced team to deal with such matters on your behalf.
Our tax team’s enviable reputation is based on a bedrock of trust that has been fostered, in some cases, over a period of decades. It is our willingness to go that extra mile, to seek to put ourselves in our clients’ shoes and our in-depth understanding of our clients’ businesses that form the foundation of our enduring client relationships.
Our range of tax services includes:
Tax for Individuals
The taxation of individuals in the UK is becoming increasingly complex, with greater responsibility being passed to individuals to understand their tax compliance obligations. French Duncan has a team dedicated to assisting individuals with both tax reporting and advising on tax reliefs and opportunities.
- all areas of self assessment;
- assisting with PAYE matters and status reviews;
- tax rules for the self employed; assisting with enquiries and investigations;
- residency matters (both arriving and leaving the UK) and tax treaties;
- capital gains tax and the applicable reliefs; and
- inheritance tax reporting and planning
Tax for partnerships
Partners in firms are taxed on their share of the profits of the firm for the tax year with each partner effectively taxed as if he was a self-employed business, with profits equal to his share of the profits of the firm.
So instead of tax being deducted from your earnings at source, you should be prepared to receive a bill at some time in the future. This can come as an unwelcome surprise if you have failed to put sufficient funds aside.
We will give you as much advance warning as possible of your likely amount and timing of tax payments due as part of our comprehensive advisory service.
Tax for companies
Corporation tax self assessment requires companies to work out their own tax bills, as part of their return obligations and account for the ‘self-assessed’ liability to corporation tax to HMRC.
An automatic penalty of £100 will be imposed if you file your return more than 12 months after the end of the accounting period, rising to £200 if the failure to file continues beyond a further three months.
In the absence of a return, HM Revenue & Customs may make a determination of the tax to the best of its information and belief. No appeal can be made and the tax must be paid. The determination can be displaced only by filing a completed return and self assessment.
We will give you as much advance warning as possible of your amount and timing of tax payments due as part of our comprehensive compliance and advisory service.
The government has recently announced that the EU "Micros Directive" is to be implemented in the UK meaning simplified accounts can be prepared for micro-entities. However for tax purposes, there is still a requirement for full records to be maintained and for the submission of full accounts to HMRC with the company tax return. Download all the details here
A complex tax that can often be overlooked, VAT typically comprises a significant part of most company’s cash flow operations.
With VAT legislation becoming more restrictive and HMRC becoming increasingly aggressive in its approach towards business tax compliance, it is now more important than ever to ensure that your VAT affairs are in order and that you have been able to maximise the VAT savings available to you and minimise your VAT cost.
We bring practical, tailored, commercial solutions to improve compliance and maximise available reliefs and reduce costs wherever possible without compromising on integrity.
Our clients cover a variety of industry sectors, including non-profit making bodies, international corporations and smaller owner-managed businesses.
Our VAT team has extensive experience in all areas of VAT planning, VAT investigations work and general compliance matters and would be delighted to assist you further.
We recently launched our VAT Advisory Desk, which provides clients with round the year phone support for a fixed fee. To find out more please download our VAT Advisory Desk information sheet.
Making Tax Digital (MTD)
HMRC has issued plans to make businesses file quarterly information with them. The government’s aim is to digitise financial records and the flow of financial information between HMRC and businesses. Making Tax Digital (MTD) introduces a requirement for most businesses to use compatible commercial software to keep their business records.
From 1 April 2019, most VAT registered businesses with an annual turnover above the VAT threshold will be required to maintain and submit their VAT returns to HMRC digitally via compatible software. From 1 April 2020 at the earliest, digital reporting for Income Tax and Corporation Tax purposes will be introduced. While details on these aspects are limited at the moment, the planning should start now with VAT reporting.
To find out more about MTD please either contact our team or download our information sheet.
Properly structured and implemented equity incentives can significanly contribute to the performance of a company and grow shareholder value. They are also an excellent means for a company to distinguish itself from the competition as an employer and assist in the attraction and retention of key employees. Conversely, a poorly implemented incentive can have the opposite effect.
The team at French Duncan has considerable experience in advising on all forms of equity incentives including;
- the rules concerning employment related secutires and third party remuneration;
- approved and tax efficient option plans such as enterprise management incentive options, share incentive plans or company share options plans;
- unapproved option plans;
- direct share awards including growth shares, forfeitable shares or long term incentive plans;and
- equity linked cash bonuses such as phantom share options.
The more effective equity incentives are those which are closely linked to the company's short and mid term objectives and business plan, a bespoke equity incentive should deliver benefits to both the company and the recipient.
Real Estate - Capital Allowances
One of the few remaining significant tax breaks for business, Capital Allowances covers certain types of capital expenditure.
The allowance works by reducing the profit on which tax is calculated. Most allowances are given gradually over a period of years, but some special allowances are allowed 100% up front.
Categories of allowance include: plant and machinery; integral features in buildings and remediation of contaminated land. Recent years have seen a discernible shift towards investment that is beneficial towards the environment.
Every project must be critically assessed as there is a plethora of detailed rules and regulations. Fortunately, we have extensive expertise in this field and can assist you throughout this process.
Can you get money from the taxman? The answer may be yes if you are eligible for research and development (R&D) tax relief.
This relief is available for companies that incur R&D costs to improve their trading results and covers staff costs of employees involved in the R&D, costs of software or other consumables and a proportion of payments made to any sub-contractors involved in the R&D.
Our tax team has particular industry experience on R&D tax credit claims and our support and advice has delivered substantial tax reclaims for a growing number of clients.
The Patent Box is an optional regime offering companies an effective 10% rate of corporation tax on income from the exploitation of patents.
Qualifying companies are those which own or licence patents granted by either the UK Intellectual Property Office, the European Patent Office or specified EEA countries. The company must also have undertaken the development of the patent or product incorporating it.
Our tax team understands the importance of this regime and the benefits it can offer. We can advise on how the Patent Box can achieve maximum tax savings for you and assist you in the process from application to corporation tax computation.