Preliminary Tax Planning Review
This review takes place as soon as you become a client. We take an overall view of your company's tax affairs and advise on such matters as:
- Salaries and dividends
- Company shareholdings
- Tax implications of associated businesses
- Benefits in kind
- Company cars
- Tax allowances on capital expenditure
- VAT schemes
- Directors' loans
- Pension principles
Annual Tax Planning Review
This is a regular review of your company's tax affairs and as well as looking again at the areas covered in the Preliminary Tax Planning Review we will also look at other topics which are relevant to you. These may include things such as:
- Employee Participation
- Succession
- Capital Gains
- Goodwill
- Insurances
Statutory Accounts
A company has to prepare annual accounts in accordance with the Companies Acts. These accounts are for distribution to the shareholders of the company and contain a summary Profit and Loss Account, a Balance Sheet, details of the Accounting Policies of the company and other information concerning the company's financial affairs.
Detailed Management Information
In addition to the statutory accounts the directors of the company also receive a detailed Profit and Loss Account which analyses the sales and expenditure of the company during the year. A copy of the statutory accounts together with the detailed Profit and Loss Account also has to be sent to the Inland Revenue along with the Annual Corporation Tax Return.
Abbreviated Accounts
Small companies (as defined by the Companies Acts) do not need to submit their full accounts to Companies House. Instead, they can submit Abbreviated Accounts. These comprise just a Balance Sheet and a few of the notes (including accounting policies) which are included in the full accounts. The majority of small companies submit Abbreviated Accounts in view of the fact that accounts filed with Companies House are on public record.
Accounts Review Report
This report is based upon your company's annual accounts and it gives an analysis and commentary on the more important areas such as:
- Trading performance
- Direct costs
- Gross Profit Margin
- Significant items of expenditure
- Net profit and break-even point
- Profitability prospects
- Taxation
- Dividends/bonuses
- Cash and liquidity
- Working capital
- Gearing
Personal Tax Return
This is the Self Assessment tax return which includes details of all sources of personal income. The filing deadline is 31st January following the end of the tax year (5th April). Fines are levied by the Inland Revenue for late filing of the return and interest and penalties are charged on the late payment of tax.
Corporation Tax Return
Known as the CT600 this is the annual return relating to your company's income. It needs to be filed within twelve months of the company's year-end although any Corporation Tax due has to be paid within nine months of the year end. Fines are levied by the Inland Revenue for late filing of the return. The Corporation Tax Return is also a self assessment return.
Annual Return
Companies House require a return to be completed every year which shows details of directors, share capital and shareholdings. This has to be filed with Companies House together with a filing fee of £15.
Payroll
Each month all income tax and national insurance which has been deducted from employees, together with the employer's national insurance contribution, has to be paid to the Inland Revenue by the 19th of the following month. At the end of each tax year an Employer's annual return also needs to be completed and P60's issued to all employees.
P11D
This is the form which needs to be completed at the end of each tax year for all relevant employees who have received any benefits or reimbursed expenses from your company. Directors are also employees.
