C F W Accountants LLP

Tax, Self-Assessment and Property Tax

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.

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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.

Latest news from C F W Accountants LLP

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HMRC reform: digital transformation and closing the tax gap

In line with the e-invoicing initiative we reported on elsewhere, the Chancellor also outlined broader reforms to modernise HMRC through a Digital Transformation Roadmap, which is expected in Spring 2025.

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October 2, 2024
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September 30, 2024
Chancellor’s speech takes optimistic tone on economy

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September 25, 2024
Procurement Act 2023: Implementation delayed to February 2025

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September 23, 2024
Amazon ends hybrid work policy: Is it time to reconsider remote working?

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September 19, 2024
Business Finance Week 2024: Free national and regional events available

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September 18, 2024
Are you National Minimum Wage compliant?

As HMRC intensifies its crackdown on National Minimum Wage (NMW) noncompliance, it’s vital to make sure you don’t fall foul of NMW laws. Compliance can have more complexities to it than many assume, and the risks of getting it wrong are significant.

Read article
September 16, 2024
UK economy flatlines again

Figures released by the Office of National Statistics last week show that the UK economy showed no growth in July 2024. This is the second month in a row as there was also no growth in June.

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March 21, 2024
High-Income Child Benefit Charge

In an effort to reduce unfairness, during the Spring Budget on 6 March 2024, Chancellor Jeremy Hunt announced the thresholds for the High-Income Child Benefit Charge will be increased from 6 April 2024. This will affect any higher rate earner who is entitled to claim Child Benefit.

Read article
March 22, 2024
Are you or your employees making good use of Tax-Free Childcare?

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

Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business is required to do.

Read article
March 27, 2024
Employers – Are you ready for the new tax year?

The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year.

Read article
March 28, 2024
Major reforms to apprenticeships announced

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Read article
April 4, 2024
Could the VAT Annual Accounting Scheme be good for your business?

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
April 5, 2024
Payroll reminder – National Insurance rate reducing from 6 April

From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply.

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April 8, 2024
Thinking of buying another business? What due diligence should you consider?

When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier.

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March 21, 2024
High-Income Child Benefit Charge

In an effort to reduce unfairness, during the Spring Budget on 6 March 2024, Chancellor Jeremy Hunt announced the thresholds for the High-Income Child Benefit Charge will be increased from 6 April 2024. This will affect any higher rate earner who is entitled to claim Child Benefit.

Read article
March 22, 2024
Are you or your employees making good use of Tax-Free Childcare?

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

Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business is required to do.

Read article
March 27, 2024
Employers – Are you ready for the new tax year?

The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year.

Read article
March 28, 2024
Major reforms to apprenticeships announced

The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses.

Read article
April 4, 2024
Could the VAT Annual Accounting Scheme be good for your business?

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