Taxation Solutions

Self Assessment

Every self-employed individual, company director and higher rate tax payers are required to file an annual self-assessment tax return by the 31 January each year. From 2007/08 these returns have to be submitted electronically otherwise the deadline for manual returns is 31 October. We have the systems in place to ensure key dates are adhered to and the returns are provided to HM Revenue & Customs via the Internet.

Also new for 2007/08 is the period for which HM Revenue & Customs can enquire into your tax return. Previously the Inland Revenue had 12 months from the 31 January in which to investigate the contents of your return. From 2007/08 this 12 month period will start from the date you submit your tax return, thereby encouraging earlier submission of your returns. L H Phillips & Co support their clients in preparing their returns as we frequently liaise with local banks and building societies to gain information quicker.

Any tax repayments can be paid directly into your bank account.

Corporation Tax Returns

We will endeavour to prepare your Corporate tax returns at the same time as we prepare your annual financial statements. This allows us to deal with any issues there and then whilst it is fresh in the minds. We prepare these returns through our knowledge and experience on allowable items and can advise further on relief from capital allowances.

Returns have to be submitted within 12 months after the year end and any tax should be paid 9 months and 1 day after the year end.

Payroll

Managing a payroll can be time consuming, complicated and expensive and can also take your time away from running your business. We are able to provide a cost effective choice which means the hassle and expense can be taken off your hands and we can manage the full service for you. We provide weekly or monthly payslips, advise on PAYE/NI payments and we also take care of your year end compliance by completing the P35s & P14s and the employees' P60. We are kept updated with the changes in the tax rates, SSP & SMP and we have the facilities to cope with both a small or large number of employees.

Trust & Estates

We provide a comprehensive service on Trust and Estate accounts, coupled with the statutory tax returns. We receive work from existing clients, new clients and referrals from local solicitors.

Tax Credits

We are able to assist in the preparation of the annual tax credits declaration. We can advise you of your actual or estimated figures in a timely fashion and again if adjustments are necessary once your tax returns have been finalised.

VAT returns

We have a dedicated VAT department who are able to complete your VAT returns within the statutory deadlines and advise of the payment/repayment thereof. This service takes the hassle out of completing the VAT return yourself and also provides a peace of mind service. We can advise on the best VAT solution for your business including the Flat Rate Scheme, Cash or annual accounting etc.

IHT planning and advice

We often liaise with solicitors on the best Inheritance Tax advice after a full review of your circumstances. This may include a transfer of assets, will planning and insurance cover. We can also advise on post-death deeds of variation.

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