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Companies House Compliance

Our Accufile service takes the stress and hassle out of filing documents and statements with Companies House, allowing you to focus on your business.

Why choose the Accufile service?

Penalties for late filings have been introduced of up to £1500 for private companies and £7500 for public companies.

Officers of companies can also face prosecution if the company is operating but fails to make submissions to Companies House.

The Accufile service takes the hassle out of filing documents with Companies House – we will prepare and submit the relevant documents for you and keep track of upcoming deadlines, helping you and your business to avoid any late filing penalties.

PD Tax are experienced in providing Companies House compliance services to businesses.

What’s included:

  • Reminders of when accounts, confirmation statements and any other documents are due
  • Submission of your Confirmation Statement
  • Notification of Director/Secretary changes
  • Notification of a change of address of your registered office and of your company records
  • Notification of a change of company name
  • Notification of a return of an allotment of shares (excluding non-cash)
  • Recording dividends
  • And maintenance of the statutory books

Find out more today and call 0113 887 8432 or email laura.b@pd-tax.co.uk

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Tax Returns

Are YOU looking for a cost effective and seamless tax return service?

Do YOU want a tax EXPERT looking after your tax affairs?

Would YOU like comfort and clarity that your compliance obligations are met, and you will not receive any unexpected penalties.

All our clients’ tax returns are considered in detail by a Chartered Tax Adviser, yet our team is structured to prepare your tax return in an efficient and cost-effective manner.

For a LIMITED TIME we are offering 20% OFF* your first self assessment tax return. To claim YOUR discount, provide your details in the link below, and let us put you on the road to peace of mind.

*Offer open to new clients who sign up by 31 May 2020.

Do I Need To File a Tax Return?

Submitting a tax return may be necessary for a particular tax year (running from 6 April to 5 April) if you:

  • Disposed of assets resulting in a capital gain;
  • Were self-employed or in a partnership;
  • Received untaxed income (such as rental income or dividends);
  • Have income of more than £100,000;
  • Earn more than £50,000 and you or your partner claim child benefit;
  • Claim expenses or reliefs (such as employment expenses or relief for pension contributions);
  • Want to utilise tax efficient investments such as Enterprise Investment Schemes (EIS), Seed Enterprise Investment Schemes (SEIS), or Venture Capital Trusts (VCT);
  • Have foreign income;
  • Receive income from a trust or estate;
  • Live or work abroad or
  • Are non-domiciled in the UK;

This list is not exhaustive and some exceptions do apply.

Are you a company director?

Then you may have been informed that you are required to submit a tax return, even if you have no tax liability to report.  However, this is not the case, as our blog post on  the updated HMRC guidance  on tax returns for directors can explain in more detail. Having the position of director is not, on it’s own, reason to submit a tax return.

 

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What is the Health Check?

As a business owner, you will invest a significant amount of time and money into ensuring the continued success of the business, which undoubtedly can leave little time for understanding the business’s tax position. UK tax laws are an everchanging maze, and it can be difficult to keep abreast of the changes affecting your business.

At PD Tax, we are committed to fully understanding your business, its tax needs to help you to ensure that you are fully tax compliant, and to assist you in identifying areas of risk which may have adverse effects on you/your business and tax planning going forward.

The Health Check will allow you and your business to put appropriate planning in place to tackle such risks, and provide peace of mind that the business is compliant, and operating tax efficiently. We aim to ensure that you are making full use of relevant reliefs and allowances, considering the historic tax position, and the future objectives of the business.

Choose from 3 service offerings as a part of the Health Check:

Bronze Review – from £1,500

Silver Review – from £2,500

Gold Review – from £5,000

Further details on what is included under each review may be found below.

To get started, please click the button below to complete our short questionnaire, and put yourself on the road to peace of mind. We will contact you within 2 working days to discuss your business/company in more detail, and will follow up with an in-depth synopsis of each review, and tailored fees for your business.

Areas Covered

  1. Review of remuneration package
  2. Business Expenses and Tax Free Benefits
  3. CIS (if applicable)
  4. Follow up meeting
  5. Call 6 months later

Areas Covered

  1. VAT compliance
    • claiming VAT on expenses
    • VAT records and returns
    • flat rate scheme/cash accounting scheme
    • capital goods scheme
  2. Review of remuneration package
  3. Business Expenses and Tax Free Benefits
  4. CIS (if applicable)
  5. Review of Capital Allowances
  6. PAYE Compliance Review
  7. Follow up meeting
  8. Meeting 6 months later

Areas Covered

  1. VAT compliance
    • claiming VAT on expenses
    • VAT records and returns
    • flat rate scheme/cash accounting scheme
    • capital goods scheme
  2. Review of remuneration package
  3. Business Expenses and Tax Free Benefits
  4. CIS (if applicable)
  5. Review of Capital Allowances
  6. PAYE Compliance Review
  7. Employee share schemes (EMI/CSOP)
  8. R&D Tax Credits (if applicable)
  9. Miscellaneous Items (eligibility for ER, BPR, review of SH agreements, business activities)
  10. Follow up meeting
  11. 2 further meetings at 6 and 12 months

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Business Asset Disposal Relief (formerly Entrepreneurs' Relief)

Business Asset Disposal Relief is a valuable capital gains tax relief which may be available when you sell all or part of your business.

Provided that the relevant conditions are met, capital gains tax will be charged at a rate of 10% on the entirety of the gain.

As this is such a precious relief for entrepreneurs, PD Tax recommend that regular reviews are undertaken to ensure that you and your business meet the necessary requirements. We can advise you on whether you qualify for the relief, and if not, recommend steps you can take to ensure that you are eligible on a future sale.

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Investors' Relief

Investors’ Relief is available to investors on the sale of shares in unquoted trading companies purchased on/after 7 March 2016.

Provided that the relevant conditions are met, investors who realise capital gains on the sale of their shares will be liable to capital gains tax at a reduced rate of 10%, subject to a lifetime limit of £1 million per person.

This is therefore a valuable relief for investors and care should be taken to ensure that the you, the business, and the shares all meet the necessary requirements.

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Roll-Over Relief

When you sell a business asset and reinvest the proceeds in acquiring another business asset, Roll-Over Relief may be available to defer the payment of capital gains tax.

In order to be eligible for the relief, the asset must be used for the purposes of the business and qualifying assets include land and buildings, goodwill, and fixed plant and machinery.

If the proceeds are not fully reinvested in a new asset, then Roll-Over Relief will be restricted.

The rules differ for for non-depreciating assets (e.g. land/property) and depreciating assets (e.g. leases of 60 years or less, plant and machinery), therefore expert advice should be taken to ensure that the correct tax treatment is applied.

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Gift Hold-Over Relief

A gift is a disposal for capital gains tax purposes. Therefore, you may have tax to pay on the gift of an asset even if you did not receive any money for it.

In light of this, Gift Hold-Over Relief is available in certain situations to roll over the gain against the base cost of the gift, effectively transferring the gain to the person who received the gift.

It is important to note that not all gifts qualify for Gift Hold-Over Relief; only qualifying business assets and gifts into trust will be eligible for the relief.

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Incorporation Relief

On the incorporation of a sole trade or partnership to a company, the transfer of assets (e.g. land/property, goodwill) may give rise to a chargeable gain on which capital gains tax may be charged.

Where all the assets of the business are transferred to the company in exchange for shares, then Incorporation Relief may be available to reduce the capital gain to £nil.

The effect of the relief is to “roll-over” the gain on incorporation into the base cost of the shares, effectively deferring the gain until the shares are sold at a later date.

In some circumstances it may be beneficial for the taxpayer to sell the assets to the company in part for a loan and in part for shares, however this will in turn restrict Incorporation Relief available.

With this in mind, expert advice should be taken prior to incorporation to ensure that is structured in the most tax efficient manner.

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Principal Private Residence Relief

Principle Private Residence (“PPR”) relief is one of the more widely known tax reliefs, providing relief from capital gains tax on the sale of your home.

The level of PPR relief available is calculated by reference to the “period of ownership” and the “period of occupation” on a pro rata basis. With this in mind, where an individual has lived in their home as their main residence throughout their period of ownership, a liability to capital gains tax should not arise.

Complications arise where there are periods where the property was not occupied by the owner (e.g. because you left to work abroad or move in with a partner), or where you are residing in more than one property.

Therefore, where there is any doubt over whether PPR relief will be available in full, expert advice should be taken.

Lettings Relief

Where PPR relief is available on the sale of your home and you have let out the property to tenants, then additional relief may be available under Lettings Relief.

Up to 5 April 2020, Lettings Relief is available (up to a maximum of £40,000) where a property has been let as residential accommodation during a period of absence.

From 6 April 2020 onwards, Lettings Relief will be restricted to situations where the landlord is living in the same property as the tenant in shared occupation.

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Tax Partner Service

Practical, expert tax advice is just a phone call away

As an accountant, your focus is on helping your clients thrive by supporting them to reach their goals, whether that be growing their business or planning for the future.

By signing up to our Tax Partner Service, you will have access to an experienced Chartered Tax Advisor who can assist with tax queries so you can concentrate on what you do best – developing your clients’ businesses and helping them prosper.

Our consultants have years of experience with advising clients on a practical level and are therefore just as familiar with the processes and procedures as they are with the relevant tax principles and legislation.

With our Tax Partner Service, you will benefit from:

  • Immediate access to an experienced Chartered Tax Advisor
  • Quick turnaround of work
  • Tax knowledge with a practical application
  • A reduced charge-out rate

So whether you require assistance with a tax matter outside your comfort zone or just chatting through your ideas with another professional, our Tax Partners can help!

Fee Structure

With our Tax Partner Service, you can benefit from practical, straight-talking tax advice at a discounted rate.

Our bespoke service is tailored to your business’s individual needs. However, to give you an idea of how you can save by signing up today we have provided some examples below:

Please note that the above figures are for illustrative purposes only, and the monthly fee and number of hours provided will be determined on the facts of each case.

To find out more about the Tax Partner Service and to receive your bespoke plan, please call us on 0113 887 8432 or email Paul Davison at paul@pd-tax.co.uk