TAX SOLUTIONS

Tax Solutions

Keeping your tax bills to the legal minimum

There are lots of ways to reduce your tax bills perfectly legitimately.

Taxation is an essential aspect of our financial lives, impacting individuals and businesses alike. While tax problems can pose significant challenges, as at team of qualified chartered accountant we have the tax solutions to set you on the right path and keep you on the straight and narrow, so that you keep your tax down to the legal minimum and still sleep soundly at night.

Surprisingly many small businesses pay too much tax because of poor administration of their financial records; they forget or lose deductible expense receipts. Some tax solutions are really simple such as making sure you claim all of the expenses to which you are entitled. This is very easily rectified by ensuring your bookkeeping is accurate and up to date. Wood and Disney's Tax Solutions can advise you on using a receipt photographing App linked to your cloud accounting system.

Some tax saving opportunities however are much more complicated and unless you are aware of the latest tax regulations you may miss an opportunity. It is our job to stay up to date with the latest tax regulations ensuring that we prepare your tax return accurately and submit on-time, making sure that they are compliant with the latest regulations.

Tax planning is key. Planning means thinking about tax in advance rather than after your accounting year end, not just for your business but also for your personal tax and thinking ahead about inheritance tax.

We do not 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.

From strategic planning to proactive compliance, our tax solution expertise can make a substantial difference in optimising tax outcomes.

Tax Compliance and Preparation

Tax laws are complex and subject to constant changes, making compliance a daunting task for individuals and businesses. However, Wood and Disney specialise in tax compliance and have tax solutions to ensure that you meet all the necessary requirements. We stay up to date with the latest tax regulations, ensuring accurate and timely preparation of tax returns.

By entrusting your tax compliance to Wood and Disney, you can have peace of mind knowing that your returns are prepared with precision, reducing the risk of errors or omissions that may attract penalties or enquiries. Additionally, we can assist in maintaining proper record-keeping systems, ensuring that you have the necessary documentation to support your tax positions and deductions.

Furthermore, if your tax problem is exceptionally specialised, we have access to experts with the tax solutions to help navigate the complexities of international tax compliance for individuals or businesses with global operations. These specialists possess knowledge of cross-border tax laws, treaties, and reporting requirements, enabling them to address any potential tax challenges that may arise from international activities.

Strategic Tax Planning

One of the key areas where Wood and Disney excel is strategic tax planning.

One of the key areas where Wood and Disney excel is strategic tax planning. We possess in-depth knowledge of tax laws and regulations, enabling us to devise effective tax solutions and strategies that minimise tax liabilities and maximise deductions. By analysing your financial situation, we can identify opportunities for tax optimisation, such as utilising tax-efficient investment vehicles, taking advantage of tax credits and incentives, or structuring transactions in a tax-efficient manner.

Wood and Disney can also help individuals and businesses plan tax solutions for the long term, anticipating potential tax implications and offering proactive advice. By considering the tax consequences of various financial decisions, such as expanding a business, selling assets, or estate planning, we can help you make informed choices that align with your financial goals while minimising your tax burden.

Business Tax Planning

Business Tax Planning – means thinking about potential tax relief BEFORE the year end. This is why we insist that our clients use our recommended cloud accounting systems so we can monitor their potential profit and advise on tax savings while there is still time to sort them out. Tax is a cost like any other. Minimising tax will provide additional cash to help your business to grow and become even more successful.

VAT Planning

VAT Planning – so complex and so expensive if you get this wrong. Our cost effective VAT compliance and planning services can relieve you of this burden. We have a specialist who lives and breathes VAT and does nothing else.

R&D Tax Relief

R&D Tax Relief – one of the most generous benefits approved by HMRC but take up remains low due to the belief that you have to be a boffin wearing a white coat to qualify. However any limited company can apply as long as they are undertaking research and development work to overcome scientific or technological uncertainty which in general terms means a project where the desired outcome may not be achievable. Our specialists get the very best results.

Personal Tax Planning

Personal Tax Planning – again you cannot save tax after the tax year has ended so you need to plan. Every pound of income tax you save means more income at your disposal. Every well planned disposal of assets means minimal capital gains tax, and every inheritance tax saving means more benefit for your beneficiaries. We make sure you take advantage of every legal opportunity to keep tax bills as low as possible.

Pension Planning

Pension Planning – this is potentially your second biggest asset after your home but it doesn’t happen by accident or by itself. It needs planning and advice from a qualified professional. Wood and Disney are not authorised to offer advice regarding pension investments and therefore will introduce you to suitable Independent Financial Advisers.

Estate Planning

Estate Planning – who would you prefer to get your money after you die? Your beneficiaries or the Government? Inheritance tax (IHT) used to be referred to as a ‘voluntary tax’ for the very wealthy, but not any more. With the recent dramatic increases in property values without a corresponding increase in the IHT threshold, many more estates have come within the Taxman’s grasp. We can put in place the financial structures to pass on your life savings to your loved ones.

Tax Dispute Resolution

In the unfortunate event of a tax dispute or enquiry, Wood and Disney can provide valuable support and representation. HMRC may challenge your tax positions, deductions, or business practices, leading to lengthy and complex investigations. Wood and Disney have experience in tax dispute resolution so can guide you through the process, acting as your advocate.

Our expertise in tax laws, regulations, and enquiry procedures allows us to effectively communicate with HMRC, present your case, and negotiate on your behalf. We can gather and organise the necessary documentation, prepare responses to HMRC enquiries, and provide a strong defence to protect your interests. Our goal is to resolve the dispute in a fair and favourable manner, minimising potential penalties and ensuring compliance with tax laws.

Additionally, our Tax Solutions can assist in implementing corrective measures to prevent future tax disputes. We can review your business practices, internal controls, and record-keeping systems to identify areas of improvement and ensure that your tax reporting aligns with the requirements set forth by HMRC.

Maximising Tax Incentives and Credits

The Government often provides various tax incentives and credits to promote specific activities, such as research and development, energy conservation, or job creation. However, navigating the eligibility criteria and application processes can be complex. Wood and Disney's tax solutions help you identify the available tax incentives and credits that apply to your specific circumstances and guide you through the application process.

By leveraging our knowledge of tax laws and regulations, we can help you maximise the benefits of these incentives and credits, potentially resulting in substantial tax savings. We can ensure that you meet the necessary requirements, compile the required documentation, and submit accurate and timely applications.

Navigating the world of taxation requires expertise and proactive planning

From strategic planning and compliance to dispute resolution and maximising tax incentives, Wood and Disney's Tax Solutions make sure you and your business have the best tax outcomes today and into the future.