Tax planning and compliance

Tax planning

The current tax system is highly complex and the amount of tax paid is often a significant cost for many people. Therefore it is not surprising that much of the work Roger C Bloomer Chartered Accountants do is to help keep clients tax bills to the minimum. Of course, it is essential that taxpayers remain within the Taxes legislation and our aim at Roger C Bloomer Chartered Accountants is to help our clients do this.

Self Assessment Tax Returns

Individuals who run businesses, directors of limited companies and many higher rate tax payers are required to submit an annual self assessment tax return.

There are strict deadlines for the submission of these returns and penalties are imposed if they are missed.

Roger C Bloomer Chartered Accountants will prepare and submit these forms for you, and tell you what tax is due and when. We will also liaise with HM Revenue & Customs on your behalf so that you do not have to!

Corporation Tax Returns

HM Revenue and Customs required all limited companies to submit a corporation tax return with their annual company accounts.

There are strict deadlines for the submission of these forms and penalties are imposed if they are missed. In addition, the accounts and tax returns have to be prepared in a special iXBRL format or they will be rejected. Roger C Bloomer Chartered Accountants will deal with these matters on your behalf, saving you the stress of dealing with HM Revenue & Customs.

Trusts, Estates and Inheritance Tax

Nothing is certain in life apart from death and taxes. Although this is true, most of us would like to put off the former for as long as possible and minimise the latter!

Although Roger C Bloomer Chartered Accountants are unable to help on the former area, we are able to advise clients how to reduce tax, including the inheritance tax that will be due on their eventual death.

In addition, we are able to assist in dealing with the necessary tax returns for an estate and can advise on whether trusts might be used to assist in the tax planning process.

Capital Gains Tax

If you own assets which are sold at a gain then there might be a liability to capital gains tax which you are required to declare to HM Revenue & Customs.

Roger C Bloomer Chartered Accountants are able to advise on this area and prepare the detailed capital gains tax computations for this part of the tax return.

We are also able to advise on means of reducing the liability by careful planning.

Research and Development Tax Relief

Limited companies that spend money on research and development are treated beneficially from a tax point of view.

Roger C Bloomer Chartered Accountants have formed a link with a specialist research and development advisor to ensure that the maximum possible claim may be made.

Tax Disputes

HM Revenue & Customs have always had the right to investigate the records of any taxpayer if they have concerns about the figures submitted. However, as well as undertaking a number of random audits each year, they are also using information technology to identify inconsistencies in figures submitted, which can lead to enquiries. So, each year, more and more people are finding themselves subject to rigorous investigations.

Roger C Bloomer Chartered Accountants have many years experience in dealing with HM Revenue & Customs disputes and our aim is to ensure that these are settled on a fair basis.

In addition, we offer professional fees cover so that should your business be selected for enquiry, the fees incurred in defending your tax position are met by this optional cover. Obviously, if clients choose not to take out this cover, then the full cost of dealing with this enquiry would have to be paid, which could run in to thousands of pounds.

Employment Status Disputes and IR35

Over the years the question of whether workers have been self employed or employed has been an area of dispute with HM Revenue & Customs. In 1999 they introduced special rules (IR35) to prevent individuals forming limited companies to get around this issue.

Roger C Bloomer Chartered Accountants have advised many clients on these matters and indeed our professional fees cover has an option to extend the cover against IR35 disputes.