Computerized Accountancy Services (CAS)
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Computerized Accountancy Services (CAS)
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C A S
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Annual Company AccountsAnnual accounts are a measure of the current financial health of you business and an important tool for management and understanding the status of your company. From your source book and records we will prepare your annual accounts that will form the basis of your Tax Return, whether you are a sole trader, partnership or limited company. Annual accounts will also be invaluable for providing information about you business to financial institutions for example business loans or mortgage applications. Inland RevenueCorporate Tax Planning and Compliance Every business must prepare tax computations based on their annual accounts; these must be filled with the tax authorities when Tax Returns are submitted. The computations can reduce your business' corporation tax liability by including tax relief for all the relevant expenses and capital expenditure. They also ensure that your business pays the correct amount of tax by excluding any spending which is disallowed by the tax regulations. To avoid increasingly heavy fines and penalties, it is essential that your returns are accurately prepared and filed on time. CAS can assist your business by:
Personal Tax Planning Your personal tax affairs can benefit significantly from professional advice. The service we can offer ranges from the calculation of tax liabilities and preparation of returns to advice on pensions, investments, annuities, share options, Capital Gains and Inheritance Tax. Through Tax Planning, we can reduce your exposure to taxation and make a real impact on your finances. Tax Returns Each one of us - with the exception of employees with no other taxable income - has to file an annual Income Tax Return with the Inland Revenue. Many of us find these tax returns confusing and complicated. It is estimated that some 10% of all income tax assessments issued by the Inland Revenue are incorrect - invariably in favour of the Inland Revenue. Nevertheless, there are automatic penalties for submitting Returns late and for errors made by the tax payer. With the introduction of Self-Assessment more and more taxpayers are turning to tax professionals for help in dealing with their tax affairs and with the Inland Revenue. For many people, the personal finances are inextricably linked to their business affairs. Inland Revenue Inquires With the shift, by the inland revenue to self-assessment for many peoples tax returns, has come an increase in the resources available to the inland revenue for investigations - particularly now that its staff are used to the new systems. The taxman hopes to substantially increase revenue and generally does not pick up on individuals or organisation where tax affairs are all in order. Some investigations are the result of recommendations from local Tax Districts, but some are selected randomly in an attempt to target perhaps people with a regular job, who then have a other sources of income. Inquires can be very stressful and could last several months or even years. The Revenue has very wide powers to see bank statements, credit card accounts and more recently even your supermarket loyalty cards. They have a facility, for instance, to request supermarkets to supply details of purchases whether by credit card or cash. This may then help to identify those declaring insufficient income on their Tax Returns, whilst spending a lot in cash. Should your taxation affairs be the subject of inquiry by the Inland Revenue we can advise, attend meetings with HM Inspector of Taxes and negotiate settlement (if relevant) on your behalf.
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