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Accounts & Tax

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SOLID, STRUCTURED ADVICE


Accounts for any business must be prepared and submitted to HMRC to determine the tax payable. If the business is incorporated as a limited company or LLP the accounts must also be submitted to Companies House. At Maccallum Slator we also offer advice on Corporation Tax, Personal Tax Returns and VAT Returns.

Accounts


At Maccallum Slator we can prepare your accounts and file them with the appropriate authorities within the respective deadlines. Our clients use a range of accounting software packages, so we have a detailed knowledge of working with the likes of Sage, Xero, QuickBooks and FreeAgent. We also have some clients who maintain accounting records on Excel or manually and we are happy to support these formats as well.

Under HMRC’s new ‘Making Tax Digital’ (MTD) Plan, from April 2019 VAT registered businesses with a turnover above the VAT threshold will have to start filing their VAT returns using software which is compatible with HMRC’s MTD system. We can advise on what you need to do under the new MTD rules, as well as provide training and support on which MTD compatible accounting software would be most suitable for your business. If you use Excel for your accounting records, you will need to use ‘bridging’ software to enable you to file your VAT returns digitally to HMRC. If you have any questions relating to MTD, please don’t hesitate to contact us. 

Corporate Tax

We can prepare the corporation tax computation based on your annual accounts and  submit the Corporation Tax Return Form CT600 online to HMRC together with the accounts and computation.

We also review tax planning opportunities such as loss relief, capital allowances, claiming R&D tax credits and Patent Box relief.

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Personal Tax Returns


We prepare personal tax returns and associated tax computations for private individuals who may also be directors of client companies. In doing so we will advise on the amount of tax which is due to HMRC, payments on accounts and if appropriate apply to reduce payments on account.

We also prepare Trust accounts and tax returns.

As well as dealing with the statutory and compliance aspects we will also review the overall position and suggest tax planning ideas, in particular estate planning and the minimisation of Inheritance Tax and claiming Entrepreneurs’ Relief.

VAT Returns


We can deal with VAT registration and deregistration and advise on the  right VAT scheme to apply for your business i.e. the flat rate scheme and cash accounting scheme.

HMRC’s ‘Making Tax Digital’ (MTD) Plan comes into effect from 1 April 2019, initially this will focus on VAT registered businesses with a turnover above the VAT threshold, although in time this is likely to be extended to other businesses and individuals.

MTD is the biggest change to the UK taxation system for over 20 years. HMRC’s aim is to digitise tax administration so it becomes more effective, more efficient and easier for taxpayers to get their tax right.

If you have any questions relating to MTD and how it may affect your business now or in the future, don’t hesitate to contact us.

We can also advise on special situations e.g. relief for charities and green energy products and application of compliance with special calculations e.g. partial exemption, second-hand margin and retail schemes.