Specialist Tax Accountants
Our specialist tax accountants understand the complexity and scale of tax issues and form part of the team that delivers tax savings alongside quality business advice. By helping to structure your business tax-efficiently we can ensure that your overall tax liability is minimised.
As specialist tax accountants our priority is to ensure corporate tax compliance and we can work with you to prepare tax returns efficiently and to accurately calculate your company’s tax liability.
Tax compliance and reporting places a huge demand on businesses and HMRC impose strict deadlines and ever-changing regulations to keep up to date with. With ‘Making Tax Digital’ being the latest legislative change that companies need to start working towards, our tax accountants will help you stay one step ahead of the game.
For a small business, tax accounting can be a minefield and access to highly qualified and experienced tax specialists internally may not always be possible.
By having access to our professional advice and support your team can concentrate on the running of the business in the secure knowledge that your tax compliance is taken care of. We can also act on your behalf to liaise directly with HMRC or resolve any tax disputes that may arise.
Corporate Tax Planning
Our corporate tax planning service allows you to benefit from tax planning at any stage in your development, whether it be starting up, restructuring, growing, merging or selling your business. Our specialist tax accountants can help to establish the most tax-effective structure for your business and ensure you are benefiting from any tax opportunities and reliefs you are entitled to.
When you are starting a business, we can help advise on the advantages and disadvantages of starting as a limited company, LLP partnership or sole trader. We can also advise on the best structure for your business as well as aiding with VAT returns, tax planning, IR35, PAYE RTI returns, Corporation Tax and many more areas.
If your business is experiencing growth, you may be looking to invest in buildings, plant or machinery and we can help you achieve the maximum benefit from these investments and attain the most tax-efficient solutions. We will take into consideration any capital allowances, R&D tax relief, annual investment allowances, loss relief and dividend optimisation.
HMRC Enquiry Fee Protection
As the risks of in-depth tax enquiries from HMRC continue to increase and rise in complexity, we also offer our clients a tax enquiry fee protection service.
The prospect of tax investigation can be intimidating to any business, and the costs involved can be detrimentally high.
The service covers the costs involved in defending clients in tax enquiries, protecting both you and your business and providing piece of mind.
VAT is a complex part of tax accounting affecting most organisations. Our VAT services will ensure that we can quickly identify any areas of concern as well as opportunities to reduce your overall VAT liability. A large proportion of a business’ cash flow can be tied up in VAT and therefore it is important to get it right and act quickly on any opportunities that arise.
Ensuring your VAT position is accurate, we can submit your quarterly VAT returns and deal directly with HMRC on your behalf, as well as advising on any future VAT changes and how they will affect your business.
Our Tax accountants assess your individual business
Working together, we assess both your business and personal tax position, helping you to understand the tax implications of your actions and enabling your business to plan-ahead effectively. Our tax advisors offer advice on corporation tax, tax planning and advisory issues to enable you to minimise tax liabilities and structure your business effectively and efficiently.
Both business and personal financial affairs are often interlinked and the need to address and plan for your financial future is essential. With this in mind we have established a strategic alliance with a firm of Independent Financial Advisers who are authorised and regulated by the Financial Conduct Authority.
Personal financial and pension planning matters will be referred to them to help you preserve and enhance your wealth.
iXBRL Conversion Services
What is iXBRL?
iXBRL (inline eXtensible Business Reporting Language) is used world-wide to prepare financial statements in a format that structures the data that regulators, such as the HMRC, and analysts require.
The reports use XBRL (eXtensible business reporting language) which applies the application of computer-readable tags to business data. iXBRL takes those tags and puts it in a format that is more readable and easier to understand for the user, allowing your business to prepare for HMRC tax returns and financial reports.
How does it work?
By using our iXBRL Tagging Service, we can convert your financial statements into an iXBRL-tagged file. Once the accounts have been converted and the reports have been validated, it can be submitted to HMRC.
As part of our iXBRL service, we help:
• Speed up iXBRL tagging
• Our iXBRL reporting services comply with HRMC requirements
• And we review and validate checks on each tag or edit
Why you need it
In the UK, legislation means that most companies needed to file their business tax returns and financial accounts and computations reports in iXBRL. It allows businesses to provide high quality analysis of business information in an efficient way.
When do you need to submit your iXBRL reports?
iXBRL files need to be submitted at the same time as your CT600. You must file your return within 12 months of the end of the accounting period the return covers.
What is CT600 Filing?
A CT600 is the company tax return form that needs to be filed with HMRC after the end of your accounting period. The CT600 form and other supporting documents are used to calculate the corporation tax you owe. You must file a tax return if you are registered as a limited company or if you are a foreign company with a branch or office in the UK.
What a company tax return should include and when to file it
The company tax returns should be filed at the end of a company’s financial year and need to include the following:
- The CT600 corporate tax returns form in Extensible Markup Language (XML)
- Corporate tax report in iXBRL format, so both humans and computers can read the data
- Annual accounts of the legal entity in iXBRL
- Other supporting evidence and information
At HWB, we are experts in providing complete or part accounting services to help with filling and submitting mandatory CT600 forms.
Country by Country reporting (CbCr)
CbCr is a reporting requirement aimed to enhance transparency when paying tax internationally. It applies to multinational companies with consolidated group revenue of 750 million euros or more, or if you are a group of businesses with one based in the UK and at least one in another country.
To report in the UK, you will need to follow and understand the reporting requirements of HMRC and the Economic Co-operation and Development (OECD) rules.
Country-by-country reports will need to be filed for all accounting periods starting on or after 1 January 2016
How HWB have extensive knowledge in CbCr
We have years of experience reporting on global profits and creating reports in XML format, following the OECD schema and HMRC rules. All you need to do is share your data in an excel spreadsheet, and we’ll prepare the report in XML format ready for your submission to the tax regulator.
We offer advice in these main areas of specialist tax:
For more information about our services in specialist tax accounting and financial planning, please contact us on 023 8046 1200.
We have established a strategic alliance with a firm of Independent Financial Advisors who are authorised and regulated by the FCA. Personal financial and pension planning matters will be referred to them to help you preserve and enhance your wealth.
Our HWBulletins cover a range of subjects, including some of the services that we offer and an update of the recent changes that have, or will take place.
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