Fenn & Co - Business Tax And Corporation Tax

Accountants, Tax Advisers And Business Consultants

BUSINESS TAX AND CORPORATION TAX

Due to the ever changing tax legislation and commercial factors affecting your company or business, it is now advisable to carry out an annual review of its tax position. Pre-year end tax planning is important as the current year's results can normally be predicted with some accuracy and time still exists to carry out any appropriate action.

The Inland Revenue retains the power to make an assessment (a 'discovery assessment') if information comes to light after the end of the enquiry period indicating that the self assessment was inadequate as a result of fraudulent or negligent conduct, or of incomplete disclosure.

For Corporation Tax, a company can amend a return up to 12 months from the statutory filing date.

The Inland Revenue have nine months from the date the return is filed to correct any 'obvious' errors in the return (for example an incorrect calculation). This process should be a fairly rare occurrence. In particular the correction of errors does not involve any judgement as to the accuracy of the figures in the return. This is dealt with under the enquiry regime. The Inland Revenue check returns and have an explicit right to enquire into the completeness and accuracy of any tax return. This right covers all enquiries, from straightforward requests for further information on individual items through to full reviews of a company's business including examination of the company's records.

We can advise on the areas where advance planning may produce significant tax savings as well as identifying some of the problem areas where procedural errors may prove to be costly. In addition of course we will prepare the necessary Corporation Tax Return or supplementary pages of a Self-Assessment Personal Tax Return.

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