Looking for a local accountant that can provide quality tax advice?
If you own a business or are self-employed, a company director or an individual then Sherwin Currid can provide specialist tax advice tailored to your individual needs.
Tax is complicated and there are many pitfalls to be aware of. At Sherwin Currid we have expertise in all aspects of taxation and specialise in assisting individuals and small businesses to structure themselves in a tax efficient way that complies with all HMRC requirements.
Introductory tax consultation
When a new client joins Sherwin Currid they have an introductory session with their dedicated accountant. This session will ensure that a client’s tax situation is fully understood and that they have the best advice from the outset. Tax planning is an essential consideration of our service as the maximum tax efficiencies can only be achieved this this in mind.
Our clients have a dedicated accountant as their point of contact. Normally this accountant is able to deal with all of your tax queries. However in some cases a tax query may be complex and we can provide specialist expertise to deal with this. Whatever the situation you will deal with your dedicated accountant who will coordinate any other help needed. This means you will only need to deal with one person for all of your accounting and tax needs.
Areas where we provide clients with specialist tax advice include Self Assessment and personal tax, corporation tax, VAT, capital gains tax, and the construction industry scheme CIS.
We can also help with Making Tax Digital, which represents a significant change in the way tax returns are prepared and filed.
Self Assessment and Personal Tax
Self Assessment is a system used by HM Revenue and Customs (HMRC) to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. However individuals businesses with other income must report it in a Self Assessment tax return.
Making sure that you fill in your Self Assessment form to accurately declare your personal tax and avoid any HMRC penalties is complicated and can be daunting. Sherwin Currid can prepare your return for you, helping you ensure that you pay the correct amount of Income Tax and National Insurance. This includes all aspects of your personal situation such as PAYE Income, investment income such as dividend income, Child Tax Credits as well as any property income and landlord taxes.
When compiling your self-assessment tax return we will look at any Capital Gains Tax and can advise on whether the claiming of Business Asset Disposal Relief (formerly Entrepreneurs Relief) is appropriate.
VAT
VAT (Value Added Tax) is a tax added to most products and services sold by VAT-registered businesses. Businesses have to register for VAT if their VAT taxable turnover exceeds a threshold level but they can opt to register if their turnover is lower, which can be beneficial depending on your circumstances. We can advise clients about VAT registration and help them with the process.
Once a business is registered for VAT, regular returns (usually quarterly) need to be filed to HMRC. We help many of our clients with this process with our bookkeeping and software services.
VAT is a complicated tax and there are many different schemes available and also requirements that need to be adhered to. If you are unsure of all the aspects of VAT that are relevant to your trade then you should seek out an accountant that can help with VAT advice such as Sherwin Currid.
The VAT penalty regime can result in large fines for late submissions, therefore it is helpful to work closely with a dedicated accountant to make sure you submit your returns correctly and on time. We can also help you with an appeal to HMRC if you have a reasonable excuse.
Construction Industry Scheme (CIS)
If you work in the trades, it is likely you will be affected by the Construction Industry Scheme (CIS). This was introduced by HMRC to collect taxes from subcontractors in this industry through the year, rather than annually. The deductions count as advance payments towards the subcontractor’s tax and National Insurance.
If you are a subcontractor in the construction industry, it is recommended to register for CIS in order that you can potentially reclaim taxes deducted from you through the year. If you don’t register, deductions will be taken from your payments at a higher rate and it is possible you will pay too much tax.
If you are a contractor, then you will need to deduct money from your subbie and pass it to HMRC. You will be able to offset any deductions you have suffered if you are also a Subcontractor for a larger firm.
Contractors must register for the scheme although subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered.
We support many clients using the Construction Industry Scheme, if you think it might apply to you please get in touch and one of our experts will be able to advise and, if necessary, guide you through the process.
We can also help you apply for ‘gross status’, then you contractors will not make CIS deductions on your pay.
Corporation Tax
If you have a limited company, you must pay Corporation Tax on your business profits. However, Sherwin Currid can help you reduce your tax bill with legitimate deductible expenses and Capital Allowances.
We support many limited companies with their tax, enabling them to the pay the correct amount before the deadline and avoid HMRC penalties and fines.
It may be that additional tax reliefs are available for your business – have you considered reducing your tax bill with R&D tax credits? We will be able to advise you whether a claim is relevant to your circumstances and then help you make that claim.
If you currently operate as a sole trade, Partnership or LLP and want to understand the implications of incorporating a business then we can help. We can provide advice tailored to your personal situation. We can then help with the Company Formation process if appropriate.
Other Tax Services
There are many other areas where expert tax advice is important and far too many to mention individually. If you think you need tax advice the simplest thing to do is to take advantage of one of our free no obligation initial consultations.
Inheritance tax is an area where advance planning can be very effective in reducing tax liabilities. This is particularly important where family businesses are involved.
Franchises are a popular way of working for yourself but being part of a bigger community. At Sherwin Currid we have a lot of expertise in this area and work with both Franchisors and Franchisees.
We can help with countless other tax needs from crypto assets to stamp duty. Whatever your tax need we will be able to help
Online Tax Calculators can be a useful means of estimating tax. However tax calculators can only work on the data is entered but often a conversation with an experienced tax advisor can identify other information that can be taken into consideration to reduce your overall tax bill.