Why Would You Need Tax Advice?
There are a number of reasons why you might require advice. Firstly, you could be having a problem with your tax returns that HMRC cannot solve. This is a very common situation that can cause a lot of unnecessary stress. Speaking to a professional accounting team is the most efficient way to resolve your tax worries.
Another reason could be that you’re just unsure of how the tax system works and want to guarantee that you’re covering your liabilities. Again, chartered accountants can provide advice on this topic and take you through the correct process step by step.
Professional Advice On Any Type Of Tax
Capital Gains Tax
Capital Gains Tax (CGT) is something that affects many small businesses at some point during their development. It is charged on profits that are made from transferring and selling assets. Eligible assets are usually shares of the business capital or large personal assets such as houses.
If you’re planning on selling an asset that is subject to Capital Gains Tax, then it’s always worth seeking advice from tax professionals first. There are a range of reliefs and exemptions for CGT, and an experienced accountant will know exactly which of them your business can claim.
The best way to avoid hefty CGT bills is to engage in proper tax planning. This will ensure that you sell assets at the optimal and most tax-efficient moments. Of course, tax planning is a process that Lumbview Accounts can assist you with capitals gain.Capital Gains Tax Advice
For many people, understanding and dealing with their taxes can be a stressful process. This is especially true for self-employed workers, who have to fill out a complicated personal tax form at the end of each year.
Our financial services team can help out with your personal tax processes. Whether you’re filling out tax returns, claiming back VAT, or just generally getting your tax affairs in order, we can be there every step of the way.Personal Tax Accountants
If you’re a business owner, then you already know all about corporation tax. Business tax is by far one of the most confusing areas of the taxation system – for someone without any experience, corporate tax can seem like a daunting topic.
Income tax is just one of the layers of corporation tax. There’s also payroll, unemployment and sales taxes to consider. At Lumbview, we manage corporation taxes for a wide range of clients, ensuring they are covering all their liabilities whilst saving them money where possible.Corporate Tax Accountants
Inheritance tax is charged on estates worth over £325,000 when the owner dies. Inheritance tax is another area that can be difficult to navigate without expert assistance. It’s important that you have a tax plan in place that guarantees everything your family is entitled to.
The inheritance tax rate currently stands at 40% on any value over £325,000, regardless of the owner’s individual circumstances and total wealth. That said, there are a number of exemptions available that many people are entitled to. Our team would work alongside you to create a tax-efficient plan.
Contact Us Today For Professional Tax Advice
If you would like to find out more about our services, don’t hesitate to send us a message via our contact form. Alternatively, give us a call on 0161 793 9737 or visit us at our offices in Swinton. Our premises are easily accessible from anywhere in Greater Manchester by car or public transport.
You can also contact us to find out more about our range of other accountancy services. Whether you’re looking for a forecasting report, a business valuation, or a bookkeeper, you can be sure that Lumbview Accounts will be able to help out.Get in touch
Frequently asked questions
Tax Advice FAQs
Will hiring an accountant reduce my corporation tax bill?
Corporation tax can be a very confusing topic, and without years of experience in the area, it can be difficult to know where you’re up to. Professional accountants provide the expertise you need to become tax efficient you’re never overpaying.
Letting an accountant take care of your tax return will also free up some of your valuable time. This time can be invested elsewhere in the company, which could lead to more money being made.
When deciding whether you need to hire an accountant, it’s important to consider this saved time as a direct benefit of the hire.
Does HMRC give advice on tax?
HMRC does not provide direct tax advice to businesses. However, if you’re an individual on a low income, then you may be entitled to receive free professional advice. This is definitely worth looking into if you have concerns about personal tax returns.
If you have a problem that HMRC can’t sort out, then Lumbview Accounts would be more than happy to provide expert advice. Our team has years of experience working within the tax world and has dealt with a wide range of tax issues over the years.
Is hiring a tax adviser worth it?
In our opinion, hiring a tax adviser is worth the investment. The UK tax system can be a difficult place to navigate. Having an experienced professional by your side can be a big advantage that might even save you money in the long run.
That said, some businesses may want to take care of their taxes in-house. This is completely fine and can be a good choice for the right business. Even these companies may benefit from tax advice though, and our team can provide that whenever it’s needed.