Year End Accounts
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.
At CFW we have a team of accountants to prepare year-end accounts for businesses of all types and sizes; sole trader or limited company, small or large, just starting out or more established. Our team includes specialists who prepare non-business accounts for pension schemes and charities.
Who Do We Help?
- Limited companies and LLPs that require annual accounts in a statutory format for submission to Companies House.
- Sole traders and partnerships that require self-assessment tax returns where accounts are prepared to assist with this.
- Pension schemes and charities require accounts for member or regulatory authorities.
What Can We Do?
- Prepare accounts to help in completion of self-assessment tax returns
- Produce financial statements to file at Companies House and abridged accounts to ensure the minimum amount of your financial information is made public
Accounts are prepared to agreed timescales and deadlines.
Why Do We Do It?
CFW can do much more than just report the history of what's already happened...
- Identify areas to minimise your tax liability
- Identify where your business gives you opportunities for improvements
- Use your accounts to help you measure your progress towards your goals and identify actions you need to take
We take the time to explain your accounts to you so that you fully understand what is going on financially within your business, helping you plan.
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 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.
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.
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
New laws from the beginning of the month make it critical for companies that rely on subcontractors, agency staff or complex labour supply chains to review their compliance procedures to identify employees who do not have the right to work in the UK.
The annual report from the Administrative Burdens Advisory Board (ABAB) shows a slight improvement in HMRC’s performance but there is a rising concern over legislative burden and continued difficulties with communication channels.
A new consultation that proposes loosening the rules on company reporting standards could both benefit companies and give cause for concern.
Directors are being warned to verify their identities with Companies House or risk prosecution after the Insolvency Service secured its first convictions for these offences.
Members of the Construction Industry Scheme (CIS) are due to get letters from HMRC where errors have been identified in their monthly returns. The letters, due in October, are in response to three common errors identified by HMRC.
Britain’s companies are facing a critical challenge with over one in five working-age adults out of the workforce, with ill-health and disability as major drivers.
HMRC have clarified the position on Self Assessment tax return reporting requirements for directors of close companies and updated their guidance for directors of charities.
HMRC have updated guidance on UK VAT refunds for non-UK businesses in a VAT group. Revenue & Customs Brief 10 (2026) explains changes to how non-UK businesses in a VAT group should make future UK VAT refund claims and the transitional arrangements. It also explains how to ask HMRC to reconsider claims made since 1 January 2021 that have been refused.
