Entities and individuals face severe pressure from HMRC in UK as it is one of the complex tax regimes in world. Therefore, the businesses and individuals need professionally competent and competitive tax consultants who can plan their tax matters with HMRC.
There are different taxes which are levied in UK including income tax on all the individuals who are residing in UK. From Capital Gain Tax (CGT) which is payable on transfer of shares and properties to Value Added Tax (or VAT) which is collected from the end consumers, all these need professional consultants with comprehensive range of expertise.
With a team of professional qualified chartered accountants and experienced tax consultants WeAccountax offers tax return services so that you can manage your tax affairs efficiently.
- Whether it is to calculate the different Excise duties on different items like confectioneries or whether it is the complex corporation tax on company’s profit, our accountants help you minimizing the tax, availing maximum relief possible.
- Whether it’s the filing of different tax returns or to file form 42, WeAccountax will help you liaising with HMRC so that you can save yourself from penalties, because of late payments or due to failure to file the specific information required by HMRC.
- Matters relating to refund of payments like in case of VAT as well as the planning of the installments of tax as CGT.
In addition, our accountants will guide you to make best use of maximum exempt benefits,
How to maximize pension contributions and availing the maximum available allowance.
How to take advantage of different reliefs like relief through inter spouse transfer and relief through PAYE.
How to offer the tax efficient remuneration by the employers so that they can save tax as well as offer benefits to employees.
In changing environment the tax planning tax becomes more important as UK chose to exit EU, so keeping in view these Brexit implications tax payers need to know how this will affect their overall business and tax payments and WeAccountax will serve you in this regard as well.
Specific Transactions and Events
Besides these general tax matters we will be pleased to serve you in specific situations and transactions
- Gifts to charities, organizations and individuals
- Matters relating to Inheritance tax
- Matters relating to National Insurance Contribution
- Filing of Tax returns for overseas UK residents
- Starting a business so want to do it Tax efficient way
Emerging Issues and Change of Tax rates
UK TAX SYSTEM
Tax avoidance and Tax Evasion:
Regimes designed to stop aggressive tax evasion and avoidance have now emerged and continuously strengthening.
Penalty has been introduced to the General Anti Abuse Rule (GAAR); apply where GAAR has been used to prevent tax advantages arising from tax arrangements entered into by the tax payer.
The penalty is 60% of the amount of the tax advantage prevented by (GAAR).
Finance act 2015 increased the penalties for failure to notify, changeability to tax, late filing and errors in respect of offshore matters .The level of penalty depends on the categorization of the overseas country concerned (as determined by treasury) and the behavior involved. Finance act increased the minimum penalty for those who committed offence and those who helped in carrying out this illegal activity.
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