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TAXATION

Has your accountant made you aware of ‘Making Tax Digital’ yet?

Contact our office to see how we can help you ensure you Making Tax Digital legislation within set timescales. See below for more information.

Every self-employed individual, company director and higher rate tax payer is required to file an annual self-assessment tax return by the 31 January each year.

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.

Taxation

Corporation Tax Returns

We will endeavour to prepare your corporation tax returns, at the same time as we prepare your annual financial statements. This allows us to deal with any issues immediately while it is fresh in everyone’s minds. We prepare these returns through our knowledge and experience on allowable items and can advise further on tax reliefs including capital allowances. Returns have to be submitted within 12 months after year-end to HMRC. Any tax should be paid 9 months and 1 day after year-end.

Trusts & Estates

Providing you with 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.

Probate Assistance

We offer the service of assisting existing and new clients dealing with probate during the emotional time of losing someone close to them. LHP has probate status which means we can assist our clients through the whole probate process. Visit our probate services page.

Tax Credits

LHP is 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

Our dedicated VAT department can complete your VAT returns within statutory deadlines and advise on payment/repayment thereof. This service takes the hassle out of completing the VAT return yourself and provides peace of mind. We advise on best VAT solutions for your business, including the flat rate scheme, cash and annual accounting.

Tax Investigations

With HMRC inspectors under pressure to increase the tax revenue, more and more tax enquiries are expected. LHP has the expertise to deal with all enquiries and negotiate settlements. However, we understand that many of the enquiries maybe of a random nature, so we offer a fee protection scheme to cover the cost of our fees, in the case of having to deal with an enquiry. This protects clients from the financial burden of an enquiry or dispute. Many clients have taken up this service and we believe both the level of cover and benefit on offer, is ideal in an increasingly-tough economy.

R&D Tax Services

We may be able to help with SME R&D tax relief, or if you are a large enterprise, research and development tax credit (RDEC) – a form of relief designed for large companies to encourage innovation. SME’s that have done R&D work on behalf of a bigger firm as a subcontractor, can also claim RDEC.

Talk to one of our R&D experts, to find out how your business can capitalise on the innovative work it is undertaking.

Visit our R&D Tax page


Making Tax Digital

A big part of what we do is Cloud accounting, involving moving businesses to the Cloud.

A new UK Government initiative called ‘Making Tax Digital‘ is underway, modernising accounts to real-time management in the Cloud, which will eventually replace income tax. The challenge ahead is to get clients compliant before penalties take effect, affecting most people trading, including sole traders by 2023, and also all those VAT registered by April 2022. Those over the VAT turnover threshold (£85k annual turnover) have already had to move to the Cloud.

This initiative forms a big drive for LHP. We’re geared up to this as Xero Platinum Partners, offering packages, training and support. We also provide QuickBooks and Sage packages and training. Our team is highly collaborative, tech savvy and believes in investing in staff and sharing knowledge across the team.

One of our challenges is to communicate the benefits of Cloud accounting to clients and the wider business community in the coming year, namely:

Download our Making Tax Digital Factsheet or visit our Making Tax Digital page.

Let’s Talk

For help with your tax, please don’t hesitate to contact team LHP. Our tax specialists and advisors are based in offices across South West Wales. In Cross Hands, Tenby, Haverfordwest, Carmarthen and Lampeter.

Let's Talk - LHP Accountants

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