Written by Ray Coman
A tax accountant is a specialist in taxation. In the case of Coman&Co, we are chartered tax advisers and accountants and can assist applying specialist knowledge to dealing with HMRC. Our services include self-assessment Tax Return preparation, preparation of small company and contractor accounts and company Tax Returns, other Companies House and HMRC forms including reporting under the let property campaign and worldwide disclosure facility. Our dedicated accountant can guide you through the most suitable service in a free, initial meeting.
Applying our broad understanding of tax regulations and experience in tax law compliance we can assist with minimising tax liabilities and compliance with the UK tax authorities. This is through annual and quarterly tax calculation through VAT and Tax Returns.
As demonstrated on this website, we maintain specialised knowledge of tax laws, and maintain an awareness of key changes. For instance, following each Budget or Autumn statement we publish a precis in the news section of this website as it applies to our client base. That report will help to identify tax risks and opportunities. The updates distil a broad range of announcements into those that apply in the case of tax and as applicable to the individual and small business sector. The reports are in simple to understand language and to the extent possible stripped of rhetoric and political posturing. We can demonstrate- often with examples- how the changes affect the specific business of our clients.
We provide tax advice as part of our annual tax service and often in specifically commissioned letters of tax advice. The tax guidance will be aligned with the business needs of each client, and gained through our experience in commerce and understanding of how that business operates. Where applicable, we will attempt to identify tax reliefs such as research and development relief and capital distribution from a company which is being dissolved.
Our system of reminders and checks are robust with the aim of safeguarding our client from the costs of late or erroneous reporting to HMRC. We therefore send timely reminders to facilitate prompt filing of tax documents. We let our client know what needs to be filed and what tax to pay -and by which dates- in a communication which is both responsive and proactive.
We also offer a precise bookkeeping to free up time for our clients, reduce the possibility of error arising especially in VAT and, to the extent possible, reduce VAT and tax liability.
We advise on any gain made through disposal of an asset. A gain is any increase between the value of an asset when disposed of and compared with the value of the asset when acquired. It can be acquired and disposed of either by gift or by purchase and sale. Occasionally a disposal can occur if the asset is destroyed and proceeds in that case would comprise of insurance payout. Damage to an asset can be regarded as part disposal.
We can advise and assist on:
If the disposal of an asset is taxable or tax exempt
Any tax reliefs that are available to reduce tax payable on the gain
The reporting of capital gains via a Tax Return or, in the case of residential property, via stand alone form.
Opportunities to keep tax to a minimum, for instance through spousal transfers or forward planning.
The implication if disposed of by an individual, company, Trust or partnership
Buy to let property, shares and other type of investment
Ensuring that the calculation is carried out properly
How to make use of losses
The potential for the remittance basis for non-UK domiciled individuals.
Tax implications when an asset is transferred, sold or destroyed
We offer Tax return preparation other tax reporting services for a fixed fee which can be viewed on the pricing page. Our main tax accountant, Ray Coman, is the dedicated specialist at hand to respond to individual queries related to the tax matters of business and individual clients. The yearly service includes representation before the UK tax authority, HMRC. We look forward to our next engagement in a free, initial consultation.