Tax

  1. Corporate Tax Planning and Compliance
  2. Personal Tax Planning
  3. Tax Returns
  4. Personal Tax Planning
  5. Inheritance Tax
  6. Capital Gains Tax
  7. Self Assessment
  8. VAT

Corporate Tax Planning and Compliance

Every business must prepare tax computations based on their annual accounts; these must be filled with the tax authorities when Tax Returns are submitted.

The computations can reduce your business' corporation tax liability by including tax relief for all the relevant expenses and capital expenditure. They also ensure that your business pays the correct amount of tax by excluding any spending which is disallowed by the tax regulations.

To avoid increasingly heavy fines and penalties, it is essential that your returns are accurately prepared and filed on time. Howard Frank can assist your business by:

  • Completing and filing business Tax Returns.
  • Preparing and submitting end of year payroll
  • Intermediating in any dispute with the tax authorities.

Personal Tax Planning

Your personal tax affairs can benefit significantly from professional advice. The service we can offer ranges from the calculation of tax liabilities and preparation of returns to advice on pensions, investments, annuities, share options, Capital Gains and Inheritance Tax.

Through Tax Planning, Howard Frank can reduce your exposure to taxation and make a real impact on your finances.

Tax Returns

Each one of us - with the exception of employees with no other taxable income - has to file an annual Income Tax Return with the Inland Revenue.

Many of us find these tax returns confusing and complicated. It is estimated that some 10% of all income tax assessments issued by the Inland Revenue are incorrect - invariably in favour of the Inland Revenue. Nevertheless, there are automatic penalties for submitting Returns late and for errors made by the tax payer.

With the introduction of Self-Assessment more and more taxpayers are turning to tax professionals for help in dealing with their tax affairs and with the Inland Revenue. For many people, the personal finances are inextricably linked to their business affairs.

Personal Tax Planning

Howard Frank's client also number many individuals for whom we provide guidance and advice on dealing with all aspects of personal tax matters, as well as assisting with personal investment planning and pension and insurance of all kinds.

Regardless of the complexity of your personal finances, Howard Frank's range of services is both comprehensive and flexible, saving you time for things and removing the worry from your mind.

Planning to buy a house?
Planning for retirement?
About to benefit from an inheritance?
Howard Frank can help.

Our expertise is in the kind of financial planning which ensure that you meet your objectives whilst still making provision for a financially secure future.

Howard Frank can assist you with:

  • Preparing and filing personal tax returns.
  • Tax planning.
  • Personal investment advice.
  • Inheritance tax planning.
  • Capital gain tax planning.

Inheritance Tax

In simple terms, Inheritance Tax is based on the value of your home and its contents, your savings and investments, and any other assets that you own in your name or jointly with others when you die. Assets passing to you spouse or to charity will be excluded. Qualifying business and agricultural property can also attract relief of up to 100%. Certain gifts that you may have made in the last seven years may be taken into account. Debts outstanding at the time of death will normally be deductible in determining the value of your taxable estate.

Without inheritance Tax planning, many people can end up leaving a substantial tax liability on their death so that bequests can have a much lower value than anticipated. In some cases, the tax burden left on the beneficiaries, particularly in respect of property, can result in the having to sell rather than retain the asset in order to meet the inheritance tax liability. Although transfers between husband and wife are tax free, such transfers really only postpone the tax liability because tax is payable on the estate of the surviving spouse.

Inheritance Tax is currently charged at 40% on the value of estates above 263,000 policies and savings. It is also worth bearing in mind that the value of some assets, particularly property, may have increased significantly since they were purchased.

Howard Frank specialise in providing solutions to minimise your Inheritance Tax liability. We want your intended beneficiaries to benefit most from your estate, not the tax man.

Capital Gains Tax

Capital Gains Tax is payable to the Inland Revenue when an individual or a company sells or transfers an asset to someone else.

You only have to pay Capital Gains Tax on disposing of an asset if you have made a chargeable gain. Typically, you make a gain if the asset is worth more than it was when you acquired it.

Certain kinds of asset do not give rise to a chargeable gain when you dispose of them. For example, you will not normally have to pay Capital Gains Tax if you sell your home.

The rate of Capital Gains Tax depends on your circumstances. In general terms, you pay tax at whatever your highest rate of tax is.

Complicated and detailed calculations are required in order to conclude how much Capital Gains Tax is payable on a disposal.

In addition there are many reliefs and exemptions available, which can reduce or completely wipe out your tax bill.

Howard Frank can ensure that you pay the least tax possible. In many cases it is vital to have expert advice, even before you sell or transfer an asset.

Self Assessment

The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that tax payers risk incurring more penalties through failing to complete their self assessment tax returns on time or correctly.

We are tax specialists and can save you a lot of time, worry and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.

We can act as your agent, dealing directly with the Inland Revenue on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.

VAT

Value Added Tax is one of the complex taxes imposed on business - so complex that many businesses inadvertently overpay or under pay.

With the ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of Customs and Excise you will require someone to ensure that you comply with the regulations.

Howard Frank provides a cost effective VAT service, which includes:

  • Assistance with VAT registration.
  • Advice on VAT planning and administration.
  • VAT control and reconciliation.
  • Help with completing VAT returns.
  • Negotiating with Customs and Excise in disputes and representing you at VAT tribunals.