As tax advisers in Belfast, our objective is to work closely with you to ensure you pay the minimum tax required by law. We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.
Corporation tax services
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
Personal Tax (including sole-traders and partnerships)
We are specialists in income tax, capital gains tax and inheritance tax.
We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
Personal tax planning
Today, more and more emphasis is being put on taxpayers' individual responsibilities and everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our specialist tax team can provide you with year-round advice on all aspects of personal taxation.
Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.
It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight – along with a detailed knowledge of the current tax regime. We provide a discreet comprehensive estate planning service that includes:
- help with planning and reviewing a will;
- making full use of exemptions and lower tax rates on lifetime transfers;
- optimising lifetime transfers between family members;
- transferring agricultural or business property;
- transferring assets into trust; and
- arranging adequate life assurance to cover potential inheritance tax liabilities.
We also have expertise in dealing with trusts; a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.
Cross Border Taxes
An increasing amount of business is now being carried out in the Republic of Ireland. Our advisors can offer you advice on how to best minimise tax liabilities payable both north and south of the border.
Transactions involving properties can result in a complex interaction of a number of taxes such as Capital gains Tax, VAT, Stamp Duty, Corporation Tax. Prior to carrying out any transaction it is important to contact us so that we can advise on how the deal is structured and prepare computations in order to minimise tax effectively.
Profit extraction from business
By choosing an inefficient method of extracting profits from your business, it is possible you are paying more tax than is necessary. We will advise you on a remuneration strategy, incorporating salaries, dividends, pensions and benefits, which will maximise you after tax profits.
PAYE and NIC
Our payroll team offers a confidential Payroll Bureau Service that is arranged to meet your payroll requirements and will keep your records up to date with changes in legislation
Key features include:
- Processing of weekly or monthly wages
- Customised payslips
- Completion of in-year forms (P45’s, P46’s etc)
We can also assist you in setting up and running your own payroll systems.
From April 2013 HM Revenue & Customs have required employers to report all employee payments and changes under Real time Information (RTI) . We can file these submissions online on your behalf, or help set up your system to ensure you are able to comply with this requirement.
Construction Industry Scheme (CIS)
Operating under the Construction Industry Scheme has become a difficult process in recent years due to changes in legislation and reporting requirements. Contractors can face large fines for supplying the HM Revenue and Customs with late or inaccurate information.
At McKeague Morgan we can offer advice to contractors explaining the procedures and rules involved in taking on subcontractors. We can also assist in the completion of the monthly returns or complete and file these returns on your behalf.
Ever changing regulations and the growing demands of HM Revenue & Customs mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:
- assistance with VAT registration;
- advice on VAT planning and administration;
- use of the most appropriate scheme;
- VAT control and reconciliation;
- help with completing VAT returns;
- planning to minimise future problems with HM Revenue & Customs; and
- negotiating with HM Revenue & Customs in disputes and representing you at VAT tribunals if necessary.
Being the subject of a tax investigation by the HMRC can be a stressful and worrying experience. With the onset of personal and corporate self-assessment, HMRC staff can now review cases on a 'sample basis'; consequently, tax investigations have become more frequent. We have a wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return under the Self Assessment regime, more detailed enquiries or employer-related investigations into PAYE and P11d compliance. If you are about to be the subject of an investigation, we can provide expert help and support.
Require more information?
If you would like more information or would like to speak to us direct then call us on 028 9038 1520. Or if you would prefer, ask us a question online.