C F W Accountants LLP

Payroll and CIS

There is a clear distinction between tax avoidance and tax evasion.  Tax evasion is illegal but every taxpayer is entitled to arrange their affairs to the absolute legal minimum amount of tax (tax avoidance).  

Whilst completion of tax returns and statutory tax obligations is important, all accountants should be capable of completing them and advising you of your tax position and liabilities.

CFW try to do more than just this and are interested in maximising your tax planning opportunities.

Within the legal framework there are numerous ways of saving tax and making sure you do not pay more than is absolutely necessary. At CFW we have extensive experience in this area of work and always work as hard as we can in the interests of our clients.

Who Do We Help?

At CFW we incorporate tax planning into everything we do. This helps every one of our clients.  A lot of tax planning is performed alongside other activities such as completion of tax returns, VAT returns or property transaction. For those individuals with more complex transactions or large incomes / assets we offer a more formal approach.

What Can We Do?

We can help with tax planning in relation to:

  • Personal taxes
  • Business taxes
  • Tax efficient employee remuneration strategies
  • VAT planning
  • Inheritance Tax strategies
  • Capital Gains
  • Profit- extraction strategies
  • Exit strategies
  • Employment status
  • IR35 advice

Combined with our many years’ extensive experience in this arena, CFW has invested significantly in reference materials and specialist software. With access to Tax Legislation, Tax Cases, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect, we can research any tax topic and provide many ways of helping you legally save tax.

Why Do We Do It?

New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. It is important that work is done well in advance, so we urge you to contact us as soon as possible.

All our Tax Planning makes legitimate use of the Tax Legislation and Case Law, so that you are not at risk from a full HMRC Enquiry.

Your self-assessment tax return is an annual requirement to let HMRC know who much money you have earned and how much tax you will pay.  

Who Do We Help?

At CFW we can prepare a self-assessment tax return for anyone who needs one.  You are likely to need to submit one if in the tax year you were:

  • A sole trader earning at least £1,000
  • A partner in a partnership
  • Renting out a property
  • Receiving income from savings, investment and dividends
  • Receiving foreign income
  • Receiving child benefit and one person in the household earned over £60,000

What Can We Do?

At CFW we undertake the following relating to your self-assessment tax return:

  • Register you to receive a self-assessment tax return
  • Computation of tax liabilities
  • Completion of your self-assessment tax return
  • Filing of your self-assessment tax return
  • Advice on your tax liabilities
  • Identifying suitable tax planning opportunities
  • Acting on your behalf with HMRC tax enquiries
  • Correspondence with HMRC
  • Inheritance tax planning
  • Tax investigation fee protection insurance
  • Trusts
  • Informing HMRC when you no longer require a self-assessment tax return

Why Do We Do It?

The self-assessment regime is full of penalties and HMRC enquiry powers are extensive. It's important that:

  • Returns are correctly completed
  • Returns are filed on time
  • All backup records are retained for the appropriate period

Tax related to property can be a bit of a maze. When purchasing a property for investment or to develop, it is important to know which property taxes apply to you and how to remain compliant.

Who Do We Help?

Property tax can apply to both individuals and businesses, whether purchasing as an investment, a development or for resale.  At CFW we can advise on all these situations.

What Can We Do?

If you are purchasing a property, we can advise you on issues such as:

  • Tax reduction strategies for rental income
  • What is a repair and tax deductible and what is capital and not
  • When to use a Limited Company to save tax
  • Trading income versus Capital Gain considerations and advice
  • Capital Gains rollover and holdover considerations
  • Stamp duty planning
  • Tax efficient mortgage structures
  • VAT considerations of property deals
  • CIS considerations on property development
  • Making the most of the Principal Private Residence election
  • Tax issues on the sale of part of your residence
  • Second homes
  • Inheritance Tax angles

Why Do We Do It?

Property can touch on many areas of tax including rental income, trade income, capital gains tax, VAT, CIS and stamp duty. Property transactions can also involve significant sums and can cost significantly more if not done correctly. At CFW we look at all areas of tax together to ensure the property transaction is done tax efficiently and will minimise any future tax burdens.

Load more

Everything seemed fine running your own business until the day you took on your first employee / subcontractor and became an unpaid tax collector.  This is when you found out what red tape was all about.

Payroll is complicated, has to be done on time and as the employer, you are responsible for any mistakes. CFW has a dedicated payroll team to handle all the many processes and filings.  Let us take the strain so you get on with running and growing your business.

Who Do We Help?

We help any sized business with employees and/or subcontractors.  This ranges from a small monthly director-only payroll to a weekly payroll with numerous employees and/or contractors.

What Can We Do?

We can run your payroll and/or subcontractor payments, from calculating net pay and taxes through to setting up payments from your bank. We provide a bespoke, tailor-made service for each client which can include:

  • Employee payslips
  • Monthly summaries
  • Departmental reports
  • Dealing with leavers and starters
  • Provision of analysis of staff costs
  • Real Time Information (RTI) PAYE returns for HMRC
  • Assistance with automated payment set-up to your employees
  • Pension auto-enrolment requirements
  • CIS returns
  • Payments to employees, subcontractors, HMRC and your pension provider

And at year-end:

  • Employee summary P60s
  • P11D and P9D benefit and expenses returns

Why Do We Do It?

Beyond the payroll compliance service, you will never have to worry about calculating statutory sick pay. maternity pay or deal with student loan deductions ever again!  Our payroll team is also available 5 days a week, every week. No more worrying about holiday or sickness cover for your in-house payroll processor.

We also offer comprehensive advice on all employment tax issues including:

  • Tax-efficient remuneration strategies
  • Planning for retirement
  • Termination payments
  • Inducement payments
  • Company car and van strategies
  • Benefits planning
Self assessment

Our tax services make sure that your tax liability is calculated taking into account all allowed exemptions and deductions. We simplify the process by using accountancy software to accurately complete tax returns and calculate any tax liability that may occur, along with any payments that need to be made.

Corporation tax

Corporation tax reliefs and rates change annually, so we ensure that we can provide all the right guidance and advice when looking at exemptions, allowances and deductions that may be available.

We will thoroughly review and prepare corporation tax returns in great detail in order to ensure you are complaint and that you don’t incur any penalties.

Capital gains tax

You may be looking at investments, a second property or another asset and our team can make sure you maximise your exemptions while simplifying the difficult area of capital gains tax.

Personal tax planning

We can help with the complex issue of personal tax, we know it can be difficult to understand, which is why we help every step of the way. We take away the time and stress by creating a tax planning strategy that suits your tax affairs, helping ensure you pay the least amount of tax. Our team will advise when payments are due along with what forms need to be filed and returned to keep you compliant.

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Read article
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Read article
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Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HM Revenue & Customs (HMRC) is encouraging families who have not yet signed up to consider doing so.

Read article
March 25, 2024
Increase to small company thresholds

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Read article
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Employers – Are you ready for the new tax year?

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Read article
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Read article
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VAT-registered businesses normally submit their VAT returns and payments to HM Revenue and Customs 4 times a year. However, HM Revenue and Customs also offer an Annual Accounting Scheme for businesses with a taxable turnover of £1.35 million or less.

Read article