Taxation services
These days, many consider tax mitigation unethical.
PG Owen Taxation Services serving Bath, Midsomer Norton, and Warminster.
HM Revenue & Customs propaganda and a propensity for creating retrospective legislation to counter certain tax planning fuel this. Whilst it is still perfectly legal to mitigate your tax liabilities, care needs to be taken to ensure it is not considered to be aggressive.
Corporation tax will represent a substantial cost to any profitable business, not only in terms of the tax itself but also in compliance with reporting obligations, investigations with tax authorities and penalties for non-compliance. This will only get worse as tax rates rise in 2023.
We can help you minimise your corporation tax payments and relieve you of any administrative burden of complying with tax legislation.
We will deal with all business tax matters, including preparing corporation tax computations and preparing and submitting your corporation tax self-assessment return using the required filing protocols.
Personal tax compliance work forms a significant part of the advice given to clients. As well as dealing with our business clients tax affairs, we also look after a number of personal tax only clients, including directors of major public companies and individuals working offshore.
We also deal with a number of Trusts and assist in all necessary Taxation Services in these complex areas.
Trusts are often considered complex vehicles reserved for the rich but they can also be useful tools to help individuals secure assets for future generations and can add a degree of flexibility to financial wealth and inheritance tax planning.
Based near Warminster? Our accountants in Warminster can handle this for you from our Market Place office.
Our chartered accountants in Bath prepare tax returns for individuals and businesses across the city.
We're here to help!
Feel free to get in touch with us any time.
A Taxation story
We were approached by a couple who had inadvertently not declared income from foreign investments.
We were able to work with the client to declare the missing income to HMRC using one of their Overseas Income Disclosure schemes as a basis for settlement. We even managed to persuade HMRC that the income was joint even though the account was only in the husband's name, which was unusual hence our stance.
Normally these schemes, not only is the tax and interest on the arrears due, but HMRC normally require a minimum of a 10% or even 20% tax geared penalty. By providing a detailed summary of the missing income and computing the tax and interest due as well, we finally agreed a figure that included a penalty of around 8% overall saving the clients over £4,100 in penalties alone.
Frequently asked questions on Taxation
What is the deadline for self-assessment tax returns in the UK?
The deadline for online self-assessment tax returns in the UK is 31 January of the following tax year. Make sure to file your return and pay any outstanding tax on time to avoid penalties.
Do I need to complete a self-assessment tax return?
You need to file a self-assessment tax return if you’re self-employed, a landlord, earn additional income not taxed at source, or have income exceeding £100,000. Check with a tax advisor to determine your obligations.
How can a tax advisor help reduce my tax bill?
A qualified taxation specialist can identify tax reliefs, allowances, and expenses you can claim, ensuring you reduce your liability while staying HMRC compliant.
What is a Payroll Bureau, and how can it help my business?
A payroll bureau is a specialist service that manages your entire payroll process on your behalf. Rather than handling employee pay calculations, tax deductions, National Insurance contributions, and HMRC reporting in-house, you outsource it to a team of experts who do it for you accurately and on time, every pay run.
For small and growing businesses, a payroll bureau removes a time-consuming administrative burden, reduces the risk of costly HMRC penalties for late or incorrect submissions, and ensures you stay compliant as legislation changes. At PG Owen, our payroll bureau handles everything from calculating employee wages and statutory deductions to submitting Real Time Information (RTI) returns to HMRC and managing auto-enrolment pension contributions.
What are the penalties for late submission of tax returns?
Failing to submit your tax return on time results in an automatic £100 penalty, increasing with delays and outstanding payments. Contact us for tax advice to avoid penalties.
Can I claim tax relief on business expenses?
Yes, you can claim tax relief on eligible business expenses, such as travel, office supplies, and professional services. Ensure expenses meet HMRC guidelines.
What is the difference between income tax and corporation tax?
Income tax is paid by individuals on personal earnings, while corporation tax applies to company profits. Consult us for advice on your specific tax obligations.
How much can I earn before paying income tax in the UK?
For the 2023/24 tax year, the personal allowance is £12,570. Income beyond this threshold is taxed based on HMRC's rates. Contact us for tailored tax advice.
What records should I keep for tax purposes?
Keep records of income, expenses, receipts, and invoices for at least 6 years. Accurate records help ensure compliance during HMRC audits.
What is Making Tax Digital (MTD) and does it apply to me?
Making Tax Digital (MTD) is an HMRC initiative requiring businesses to maintain digital tax records and submit returns online. It currently applies to VAT, with plans to expand. Get in touch for assistance with MTD compliance.