CORPORATE CLIENT SERVICES
Company formation
A limited company is a distinct legal entity that is able to enter into contracts in its own name. The fact that the company is a separate legal entity from its owners is very important as it means that all the company's liabilities are the responsibility of the company - not that of the directors and shareholders.
We provide your company registration, nominee director and company secretary, and annual return filing with Companies House services.
Company bookkeeping and Management accounts
Partnering with TRA helps clients to devote more time and resources to their businesses and removes the necessity for routine bookkeeping and accounting.
A full assessment of a client's specific requirements is undertaken to ensure appropriate accounting procedures and controls are in place, and that accounts are updated in compliance with statutory regulations.
TRA's gap analysis will identify areas of potential weakness in exiting systems and recommend a strategy to support business improvement.
TRA provide regular monthly/quarterly management accounts as timely information to clients on essential areas such as:
Cash flow/Profitability / Performance ratios / Customer activity / Credit control / Budget comparisons
TRA focuses on alleviating the burden of bookkeeping, and provide a fixed and competitive fee structure that accommodates payment by monthly instalments.
Payroll Services
Administering a small business payroll can be time-consuming and burdensome. Employers are faced with complex taxation and employment legislation and an accompanying regime of penalties for non-compliance. Many businesses benefit from the support of an outsourced payroll function, irrespective of their size.
TRA payroll services include:
- Initial PAYE tax registration
- Weekly , fortnightly, Monthly small business payroll production
- Payroll accounting and summaries and analyses of staff costs
- Administration of incentive schemes, bonuses, and ex-gratia and termination payments
- PAYE tax administration, national insurance, statutory sick pay, statutory maternity pay etc
- Filing statutory forms including employer annual returns
- Production of P11D's and other related documentation.
- Guidance on Real Time Information ( RTI), auto- enrolment and salary sacrifice schemes
- Liaising with HM Revenue and Customs in relation to payroll enquiries
VAT
Value Added Tax is a complex and onerous tax regime imposed on businesses in the UK. It is an indirect tax charged on taxable supplies of goods and services made in the UK by VAT-registered businesses. Such businesses pay VAT on supplies of goods and services and claim credit for VAT paid to other businesses for goods and services purchased. The net difference of VAT tax is either payable to HMRC or claimable from HMRC as reflected in a VAT return usually filed on a quarterly basis.
TRA provide comprehensive VAT advice and efficient and cost-effective VAT services, which include:
- VAT registration
- Preparation of VAT Returns and online filing with HMRC
- Advice on the most appropriate scheme: flat rate, cash accounting or annual VAT returns
- Advice on VAT planning and administration
- VAT control and reconciliation
- Liaison with HMRC on behalf of clients
- Handling VAT enquiries or investigations
- Dealing with VAT compliance issues.
Year-end financial statements
Year-end financial statements are vital documents that will be used for tax preparation, performance monitoring and decision-making.
TRA works alongside businesses to get this process right and to reflect accurate information in the required format.
Year-end financial statements are submitted to Companies House to deadline.
Corporation tax returns
TRA will calculate the corporation tax liability and submit tax returns to HMRC.
Businesses can be assured that the advice they receive drawn from experience. TRA clients will be given a straightforward assessment of their profitability and how best to minimise their tax liability, by way of capital allowance claims, small self-administered scheme ( SSAS ), employee incentive plans, salary sacrifice etc.
Capital allowances
Capital allowances are a way of obtaining tax relief on capital expenditure and are typically available for:
- equipment (e.g. computers, telecommunications, printers)
- integral features (e.g. air conditioning, electrical wiring)
- furniture
- machinery
- vehicles
- Many businesses are missing out on millions of pounds of tax allowances, it is estimated that the majority of owners of commercial properties have not claimed because the dormant tax benefit in embedded fixtures is often overlooked.
- We apply our expertise to ensure you obtain the maximum tax relief available on your capital expenditure.
Business planning and company reorganisation
- Clients wishing to launch businesses as a self-employed, a partnership or limited company, will need firstly to consider a number of issues, including: Business strategy, Profitability, Business structure, Legal issues, Financing, Tax planning etc.
TRA can assist clients to challenge assumptions which should lead to the right decisions being taken at the outset of each venture.
- If clients have run the business for years and plan to expand the business, we can help reorganize the business into the most tax efficient structure.
- Are you considering transferring your personal owned business to a corporate company?
This transaction would result in the realisation of capital gains, but if you structured correctly and certain conditions are met, you can get incorporation relief, which is particularly pertinent for property investors who plan to expand their portfolio.
TRA can help you plan and implement the optimal structure.
PRIVATE CLIENT SERVICES
PAYE Refunds
The pay as you earn (or PAYE) system is not a tax in itself - it is simply a system under which tax on employment income and National Insurance is taken from salaries at the point of payment and handed over to HMRC. PAYE schemes are operated by employers
TRA assists employed clients whose tax is calculated through PAYE to ensure correct tax codes are applied and any overpayments refunded. You might think you have over paid tax, if HMRC gave you incorrect tax code, we can check your tax code and estimate the amount is due for refund.
Sole trader & partnership business accounts
Many clients find being a Sole Trader a simple way of starting a business as there is only limited bureaucracy. You have total control of your business and the responsibility for management decisions. Equally, you are personally responsible for any debts incurred and any profits made will be under your control.
Some clients start a business with a group of people requires the formation of a partnership. In effect, this is the same as a sole trader with all the partners sharing responsibility for managing the business. The same applies to any debts of the partnership, in that each partner is personally liable.
Starting a business as a sole trader or partnership is a big step, often requiring professional help to maximise and protect the venture. TRA's range of advice and services cover all aspects of a sole trader or business partnership, in particular:
- Sole trader & Partnership registration with HMRC
- Book keeping, management accounts, year-end accounts and tax returns
- VAT services
- Payroll outsourcing
Inheritance tax planning
Inheritance tax (IHT) is charged on the value transferred by a chargeable transfer; the value transferred for IHT purposes is measured by the loss to donor principle. A chargeable transfer for IHT purposes will either be a lifetime gift or a transfer on death.
An IHT liability can be reduced by appropriate tax planning. TRA can assist with planning in this area.
HMRC investigation
Tax investigation and conflicts with HMRC create difficult and stressful times. TRA specialise in resolving any tax investigation or disclosure in the most efficient, cost effective and timely manner possible.
Our specialists are non- judgemental and will rigorously defend your position within the scope and parameters of the law.
TRA take control of the investigation and liaise with HMRC on your behalf, which allows you to concentrate on your business.
The main types of tax investigation handled by TRA are as follows:
Income tax investigation/Corporation tax investigation /VAT fraud /PAYE audit tax investigation
International client services
Non domicile tax advice and consultancy
An individual’s liability to personal taxation in the UK depends largely on that person’s tax residence and domicile status. TRA is experienced in the taxation of non-UK domiciled individuals and can assist with a range of associated issues including:
- Assessing an individual’s residence and domicile position
- Completion of non-dom tax returns with associated disclosures etc.
- Advising on whether or not to claim the remittance basis in any given year
- Structuring offshore assets and bank accounts to maximise the benefit of non-dom status
- Pre-arrival planning for non-doms moving to the UK
- Planning for tax-efficient remittance of funds to the UK
- Inheritance tax and excluded property trust planning
Property ownership in and outside UK
Property is one of the most common types of investments, which involves some complicated financial issues, and one of those is tax.
When you buy and sell main residential properties, buy to let residential properties, commercial properties or properties development with sole intention to sell held in and outside UK, We will provide you the best structure of your property investments and do our best to minimize the tax arising on your property investment.
Offshore trust
An offshore trust is a trust that is resident outside the UK for UK tax purposes, which is often created by, and for, non-UK domiciled individuals, is one of the most secure, effective financial planning vehicles available today. By establishing Offshore Trust you can gain confidentiality and protect your assets from tax liabilities.
TRA will advise you if offshore trust is the right choice for your situation, preserve your wealth in a tax – efficient manner and plan your estate by maximizing the benefits of your wealth to your family members and others.
Tax structuring for international groups
Whether you are a UK resident individual or business considering business or personal activities in foreign jurisdictions or a non-resident individual or business wanting to do business in the UK, there are a host of tax and related a issues to be considered.
TRA will advise you on the tax implications if you wish to locate your business in the UK or set up overseas business, you can get all the help you need to:
- Set up the right corporate structure for tax efficiency.
- Improve the tax efficiency of international group structures.
- Minimise your personal tax liabilities when working abroad.
