Taxation Advice - ICOTAX

Taxation

Business Taxes

As a business owner there are a number of duties that you are responsible for. The increased reporting obligations can be a burden and any non-compliance can result in HMRC financial penalties for your business.

Areas we can assist in:

  • Corporation Tax
  • Partnership Tax
  • VAT
  • Construction Industry Scheme
  • Payroll

ICOTAX can also support you through any HMRC enquiries that are raised against you and can at a very competitive cost, provid an insurance policy that will cover the professional fees of dealing with a HMRC tax investigation.

Our service provision includes advice on the most efficient structures for your business by taking full advantage of tax opportunities and reliefs including:

  • Dividend policy
  • Shareholder structure
  • EMI Schemes
  • R&D Tax Credits
  • Director loan account interest payments

Our team of professionals have many years’ experience in helping individuals and businesses take the stress away from dealing with their personal and business tax.

We can complete Tax Returns for all of the following:

  • Individuals and sole traders
  • Partnerships
  • Limited Companies

Organising your tax can be a very stressful, time-consuming exercise for many people. ICOTAX team can take that away and also look at helping you pay less tax. We will thoroughly investigate your circumstances and make sure you only pay what you need to when you need to and put an effective on-going tax strategy in place. We will draw upon our many years’ experience and training to offer fantastic advice to our clients at all times.

Personal Taxes

There are a number of personal taxes that will affect us all at some time in our life:

  • Personal Income Tax
  • Capital Gains Tax
  • Inheritance Tax

We all work hard to earn our money so it is worthwhile spending a little time each year to ensure that you are managing your tax affairs in the most beneficial way possible.

ICOTAX can help you:

  • With advice on tax allowances and tax beneficial investments
  • Avoid falling foul of tax allowance restrictions
  • Ensuring your tax returns are submitted on time
  • For company owners advising you on the most beneficial way to extract profits
  • Manage your affairs to reduce inheritance taxes
  • Consider the impact of asset disposals and the tax implications

Research & Development

Research and Development (R&D) tax relief and tax credits are amongst the most under-claimed tax incentives currently available. Many people often believe that unless a scientist is employed by the company, then R&D is not taking place. This is not the case, if you are undertaking the development of new or appreciably improved products and/or processes, and there is a degree of technical risk, you could be entitled to claim significant amounts of cash.

R&D tax relief can be claimed whether your company is making a profit or a loss.  Retrospective claims can also be made for the past two accounting periods, this can often result in a significant repayment of corporation tax, or if a company is loss-making, a claim for R&D tax credits. It is therefore important to discover if a claim can be made as soon as possible, so as not to miss out on any time limits.

ICOTAX can team submit the necessary paperwork in an HMRC format. Our tailored approach combined with our expertise ensures seamless liaison with the tax authorities. ICOTAX expert team will ensure the best advice is given relating to this niche area of opportunity.

Please do not hesitate to contact us with your requirements.