Taxation

Most of us hate completing tax returns. It’s like a visit to the dentist – you know it has to be done, but keep putting it off, often incurring late filing charges as a result.

Our taxation experts at Bailey Accounting Services love tax returns.

For them, it’s an opportunity to save you money – by making sure that you don’t pay more tax than you legally have to.

Most taxation requirements fall into two broad categories and we can structure the service you receive according to your own circumstances – so you only pay for what you need.

Personal Tax – individuals, sole traders and partnerships.

Whatever your personal circumstances, we can provide you with the best advice on your tax liabilities from PAYE, investment income, capital gains, pensions, capital allowances, dividend payments, etc.

Once we have the required information, we complete your tax return – before the deadline, avoiding late filing penalties.

Corporation Tax

If you own and manage a limited company, you are responsible for completing a corporation tax return, which will be used by HMRC to determine your corporation tax liability.

It’s crucial to understand the constantly – increasing reporting requirements, make the most of your allowances, understand your liabilities and avoid any penalties for late or incomplete filing.

Most owner-managers have far more profitable (and enjoyable) ways to invest their time.

By handing this job over to us, you not only save the worry and administration time, we can also help you plan the timing and method of major purchases or investments that may reduce your tax liability in this area.

HMRC Investigation

HMRC have a duty to generate the maximum tax revenues under the prevailing tax legislation.

Their legal powers are broad and they can instigate an investigation into any individual’s or company’s tax return at any time.

In the current climate, this occurs more and more frequently and can take up an incredible amount of your time.

It can also require a great deal of professional expertise to defend.

If you are due to be the subject of an investigation, we can provide you with assistance to defend your position and often reduce any claims or penalties.

Like most potentiality costly events in life, it is possible to insure against the professional costs of defending any investigation, which can be very substantial.

For a modest sum, we can provide annual insurance to meet these costs, should you ever need them.