TAX PROBLEMS

Problems we solve ~ Tax...

One of life's inevitabilities, but are you paying your fair share or too much?

"The hardest thing in the world to understand is income tax" - Albert Einstein

Tax problems are faced by everyone who runs a business. "I'm sure I'm paying too much tax!" We've all been there and quite often it's true. It's no use complaining at the end of the year when your accounts are completed, submitted to the Revenue, and the demand is on your desk. Tax problems need to be solved then in the future avoided, by expert knowledge of the tax system and careful planning.

Corporation Tax, Personal Tax, Capital Gains Tax, VAT, R&D Tax Relief, Pensions ... there are a multitude of different taxes that if not planned for can cause you and your business major problems. To make sure you don't fall foul of the authorities you need to be sure that you are paying the right amount for each tax you are liable for at the right time. This is perhaps the hardest area of business to understand and get right. As a consequence, tax problems are one of the most common drivers for changing accountant. Frequently tax problems are the most pressing problem we have to tackle first for new clients.

Paying what you owe and not a penny more needs planning in advance. If you and your accountant don't plan not only for the year ahead but also for the longer term, you will face tax bills that could have been reduced with the right business and financial structures in place. Not tax evasion measures (this is illegal) or tax avoidance measures (ethically wrong) - Wood & Disney don't advocate or advise on tax avoidance schemes or structures. We simply make sure our clients are taking advantage of every legal opportunity to keep their tax bills to the lowest level permitted by law and which fits their individual risk profile.

You don't need to be a tax expert because Wood & Disney are!

We've been solving tax problems for too many decades, so to say we are experts is an understatement!

Taxation is one of the most complex elements of running a business. It is very easy to pay too much tax - money that you could use to grow your business. On the other hand, if you pay too little tax the consequences can be dire with investigations, heavy penalties, interest payments... Many businesses have gone under as a consequence of underpaying tax - remember ignorance of the rules is not a defence!

We understand and are experts on the tax rules and we understand our clients' businesses. We plan in advance to minimise your tax bills so that you pay exactly the right amount - not a penny more or less. We will be straight with you - if you need to pay tax you must pay it. We won't try to "please" you by agreeing to a quick fudge of your accounts or tax schemes that we know won't work, are illegal or unethical. It's our job to keep you out of trouble and sometimes that might make us unpopular.

Wood and Disney are qualified Chartered Accountants and possess expert, specialised knowledge and training in tax laws, regulations, and accounting practices. Here are some reasons why you should consider hiring us to address your tax problems:

Expertise and Knowledge:

As Chartered accountants we undergo rigorous training and education, equipping us with a deep understanding of tax laws and regulations. We stay updated with the latest developments in tax legislation, ensuring compliance and offering expert guidance.

Compliance and Accuracy:

Tax laws are complex and subject to frequent changes. As qualified chartered accountants we possesses the expertise to accurately prepare and file tax returns, minimising the risk of errors and ensuring compliance with regulations.

Strategic Tax Planning:

Wood and Disney can assist you in developing effective tax planning strategies to minimise liabilities and maximise deductions. We can help you identify legal avenues for reducing your tax burden while ensuring compliance.

Tax Dispute Resolution - Representation and Negotiation:

In the event of a tax investigation or dispute, a chartered accountant can act as your representative and advocate. We have experience in dealing with tax authorities, facilitating communication and negotiations on your behalf.

Financial Insight:

As Chartered accountants we offer a holistic view of your financial situation. We can provide valuable advice on financial planning, budgeting, and optimising your overall financial health.

Understanding Tax Problems

How can we help you solve them?

Tax problems can land your business in deep water if you don't face up to them and solve your tax problems

Tax problems can manifest in various ways, ranging from minor errors on tax returns to significant financial discrepancies that attract the attention of HMRC. Some common tax problems include late or incorrect filings, unfiled tax returns, tax investigations, disputes with tax authorities, and dealing with tax penalties and interest charges. These challenges can arise due to the complexity of tax laws, lack of knowledge or expertise, inadequate record-keeping, or simply human error. Other types of tax problems could be questions about how you arrange your affairs to pay the minimum level of tax legally allowed in your particular circumstances.

Have you ever been faced with some of the tax problems we sort out for our clients every day? Take a look below and see how many problems you recognise ...

Business Tax Planning

Do you only think about corporation tax at the end of the year when the demand comes in from HMRC? Your tax bill says you owe thousands but it can't be right as you're sure you haven't made that much profit? Do you wish you'd known earlier how much you owed the tax man so that you could have saved through the year? Do want to expand but are worried about the national insurance implications of taking on more staff?

VAT Planning

Are you struggling to understand the complex VAT rules and regulations? Did you think you were on top of VAT but now you've fallen foul of an update in legislation through interpretation by the courts? Do you have business interests or suppliers overseas and are unsure on the VAT position? Do you think you've over paid and are unsure how to get a refund?

R&D Tax Relief

Unsure whether you qualify for R&D tax credits? Afraid that you are missing out on "free cash" because you're not sure if you're eligible? Are you struggling to manage the application process? Have you wasted time that you needed to spend on developing your business filling in the complex, costly and time consuming application forms?

Personal Tax Planning

Have you worked hard all your life, built a nice nest egg to pass onto your children but are worried the tax man will take a big bite? Do you own property that you want to sell but are concerned about the capital gains tax liabilities? You are in business, work hard and don't mind paying tax, but seem to be paying more than your fair share?

Pension Planning

Confused by the number of pension providers and the myriad of schemes available? Unsure who to trust for advice and whether the advice they give is truly independent? Investments can be risky, are you worried about striking the right balance between return and risk? You know you need to save for your retirement but are unsure how to plan to meet your needs today but also for the future?

Estate Planning

Is your family the most important thing in your life? How can you protect what you've earned so that your family can inherit rather than giving too much away in tax? You've heard about inheritance tax schemes and trusts but are confused? Do they really work?

Real life case studies of Tax problems we've solved for our clients...

The biggest, immediate problem new clients come to us with are usually Tax problems

Small Business Tax Compliance

A small business owner was struggling to keep up with the ever-changing tax laws and filing requirements. Late filings and errors resulted in penalties and interest charges. By engaging Wood and Disney, the business owner received expert guidance on tax compliance, accurate preparation of financial statements, and timely filing of tax returns. We implemented efficient record-keeping systems, ensuring the business remained compliant with tax laws and reducing the risk of penalties.

Tax Investigation Support

An individual was notified of a tax enquiry by the HMRC. Overwhelmed by the complexity of the process, they sought our assistance. We meticulously reviewed the individual's financial records, prepared the required documentation, and represented them during the enquiry. Through their expertise and negotiation skills, we successfully resolved the enquiry with minimal penalties, providing the individual with peace of mind.