We have had very few tax investigations over the years. Nowadays these are normally randomly generated by the HMRC.
We have successfully upheld our clients position in most cases, and achieved a very positive result for our clients.
The costs of an investigation vary enormously but are kept very much under control because we have the detailed workings available to all the of the client’s circumstances which can be produced almost instantaneously.
Statutory and HMRC Compliance
Statutory compliance really consists of submitting an annual return and set of abbreviated Company accounts each year, and keeping the company filing up to date at Companies House. We normally carry this out for our clients.HMRC compliance usually means filing accounts with the Revenue within 9 months of the year end.
Most client perform the annual payroll in order to utilise their personal allowances which would be wasted otherwise. For a basic rate tax payer this saves in the region of £2,000 per year per person.
They usually claim the maximum salary and then they can use their personal allowances to ensure it is virtually tax free.
For clients with a normal payroll requirement we can handle all the calculations because of the Payroll Software we use.
Pension Automatic Enrollment
Pension auto-enrolment became mandatory for anyone operating a payroll in 2013 with at least one employee. Non-compliance is very heavily penalised.
For most companies we look after, they are in the position to opt out because they are owner managed.
The liabilities are very complex as are the rules generally. However we can handle this at a minimum of cost by using the payroll software which incorporates a module to handle the pension requirement automatically.
Although most of out clients do not require auditing, there is , none the less, a demand for that service.
We hold the necessary qualified staff and are approved to conduct audits when required.
Tax planning is something that Riverside does very well. This is because of the amount of control that we have over our clients affairs.
We can see problems well in advance of them happening and so we have the ideal opportunity to take action too reduce the liabilities involved.
We deal with most aspects of Estate Planning. This involves some of the most complex legal aspects of accountancy.
Our aim is to simplify the mystery for you and to save you some tax as well.
This will usually involve a detailed summary of your personal assets and liabilities as a starting point.
We then liaise with a firm of Financial Consultants specialised in estate planning and develop a plan for the latter years of the individual’s life.
We can generally assist with wills and the optimisation of the use of the various reliefs available to minimise the overall tax liability on death.
Are you worried that you still have the right set up for you? Please call us for a quick analysis.