Taxation Services

Well-organised tax planning ensures to pay the optimum level of tax. Businesses employ practical operations that are more tax-efficient and save tax that changes from one financial year to another. On the other hand, individual taxpayers understand the value of every pound, hence, require effective tax planning services for income tax. Tax systems are gradually getting more restrictive and emphasising the responsibilities of businesses and individuals. Thus, it has become essential for those subject to taxation to optimise their tax position and meet all the compliance requirements.

At Bloom Financials, we do not provide one-size-fits-all tax solutions. Our tax services are tailored to your specific needs with uninterrupted evaluations, changing situations and innovations.

We are always eager to maximise your wealth and reduce tax. Our tax advisors provide tax advice to clients having divergent circumstances, ranging from simple tax computations to exceptionally complex UK tax affairs. We provide efficient tax planning advice to ensure your business complies with all the compliance and regulatory requirements for tax purposes.

We offer employment tax assessment, tax compliance with HMRC, and tax planning services to individuals and SMEs.

Personal Tax Service

Personal taxes are crucial for the monetary contribution in the public finances. Income tax levied on individuals is the most important source of revenue for the UK Government, influencing certain state policies. Effective tax planning plays a significant role in creating a sound financial plan, a successful strategy for tax benefits, calculating risks, accounting for tax liabilities, and preserving wealth. Personal tax is likely to represent the most significant financial expenditure, yet many of us are too busy to dedicate the time required to sort taxes on time.

Our certified personal tax advisors provide a wide range of tax planning services to individuals ranging from contributions into pension schemes to ISA’s, Capital Gains Tax, inheritance tax, and investing in the government-approved schemes to minimise your tax liabilities.

• Personal Self-Assessment

Effective personal tax planning begins with reducing potential liability and taking the required steps to assess it. We adopt a personalised approach when preparing the self-assessment of our clients, considering all their circumstances and strive to apply all the available tax allowances and rebates applicable to an individual.

People work hard, and they want to create benefits from it. Therefore, ensuring not to pay too much of wealth back in tax is essential, and just because of it, adequate tax planning of your personal tax affairs is vital. Our friendly team of tax experts at Bloom Financials provides strategic personal tax planning and evaluation so that you can make the most of the current opportunities in the tax system. Click Here to get a quote about our personal self-assessment pricing.

• Inheritance Tax

Inheritance Tax (IHT) is a tax on the estate (the property, money and possessions) of someone who has died.

Usually, there’s no Inheritance Tax to pay if either:

1.  The value of your estateis below the £325,000 threshold
2.  You leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club

If the value of your estate is below the threshold of £325,000, you’ll still need to report it to HMRC.

Estate planning must be completed as early as possible as nobody knows what the future will hold. Inheritance Tax is increasingly having severe effects on families due to the rise in house prices. So, it’s essential to work with an estate planning accountant to plan and reduce Inheritance Tax liability whenever possible. Our estate planning accountants work with individuals and families to ensure that hard-earned lifetime savings are as tax efficient as possible when the time comes to pass them on to your loved ones.

Seek our expert opinion on the allowances and IHT reducers for your estate.

• Capital Gains Tax

Capital Gains Tax (CGT) is a tax on the profit when you sell (or ‘dispose of’) a chargeable asset that’s increased in value. Chargeable assets include:

1.  Most personal possessions worth £6,000 or more, apart from your car
2.  Property that’s not your main home
3. your main home if you’ve let it out, used it for business, or it’s very large
4.  Shares that are not in an ISA (Individual Savings Account) or PEP (Personal Equity Plan)
5. business assets

For higher or additional rate taxpayers, the capital gains tax is paid at:

1.  28% on your gains from residential property
2.  20% on your gains from other chargeable assets

For basic rate taxpayers, the capital gains tax is usually paid at:

1.  18% on your gains from residential property
2.  10% on your gains from other chargeable assets

Bonds, property, and valuable metals when sold are subject to capital gains tax. Every person who makes a Gain, i.e., “Profit”, is liable to pay taxes, and the amount of chargeable taxes vary depending upon the type of asset sold, how long it was held, how the asset was utilised etc. Individuals and enterprises are both subject to CGT; however, the tax rates may range significantly.

Additionally, capital assets can include stocks, mutual funds, real estate holdings, precious metals, art collections. It can only be regarded as a gain if the sale price of an asset is higher than the amount invested in the original purchase. Our qualified accounting team handles the most complex CGT situations to provide you with comprehensive support in your capital gains tax calculations, reporting and filing.

Seek our expert opinion on the allowances and CGT reducers for your chargeable assets’ selling and disposal.

• Tax Credits and Incentives

Many lucrative federal and state tax credits and incentives are available to individuals and businesses, resulting in tax savings. Bloom Financials ensures that businesses get the maximum benefit from credits and don’t waste time or money on credits that aren’t ultimately beneficial to you. However, businesses sometimes don’t realise they qualify for tax credits or are not claiming their full entitlement. However, if your organisation is developing goods, systems, or processes, you are most likely eligible for these credits. Our experienced team look holistically at potential tax credits and incentives that may be available for your business in the context of your entire tax planning strategy.

Typical examples of tax credits and incentives available in the UK to businesses include foreign tax credit, capital allowances, Annual investment allowance, R&D incentives, patent box, and other incentives for films, television, video games, theatres, orchestras, etc. museums and galleries exhibitions are available.

Want to know if your business qualifies for any of these tax credits or incentives? Please contact our tax experts.

Business Tax Services

The business tax creates an impact on business operations and transactions in multiple jurisdictions. With the increasing concentration on governance and regulation, tax compliance has become very important for corporations to avoid financial risk, penalties and increased tax liabilities. Domestic and multinational businesses must comply with an increasing number of tax laws. When companies expand their business operations into new markets, managing tax risks and complying with reporting requirements also gets complex.

All companies registered in the UK with Companies House are required to pay corporation tax on their profits, submit a corporation tax return (CT600), and account for corporation tax liabilities. To remain competitive, companies are increasingly aiming at their core competencies and activities that create value, while experts can handle other ancillary matters in their fields. Bloom Financials suitably defines your business objectives to help grow your business. Our business tax specialists cover all aspects of technical tax guidance according to your business needs. We spend time understanding business circumstances to minimise your tax and corresponding liabilities.

Our tax experts advise businesses to create the most tax-efficient structures and literate them to take advantage of different ongoing tax-efficient government schemes and benefits. Corporation tax is a complex area of constant change; we help you stay up-to-date and fully compliant while reducing your tax liabilities within efficient, commercially driven structures.

• Tax Compliance

Tax compliance is a strategic business matter that varies with increased regulatory obligations. Large and multinational businesses are analysed more closely to ensure that they are paying the correct amount of tax. It’s critical to follow tax laws in all countries where you do business, as any perceived “avoidance” can lead to penalties.

We provide tax compliance services to individuals, corporations, trusts, and estates. Our tax professionals work closely with you to understand your business requirements and create a successful compliance process tailored to your needs. We strive to deliver personalised services considering our clients’ circumstances and meeting their deadlines on time every time.

Our services include submitting annual tax returns, calculating tax liabilities, payroll and pensions administration, Enterprise Investment Scheme (EIS) relief claims, VAT assistance, and tax compliance checks and investigations.

• Corporation Tax

You must pay corporation tax on business profits if you are:

1.  A limited company
2.  Any foreign company with a UK branch or office
3.  A club, co-operative or other unincorporated association, e.g. a community group or sports club

Corporate tax planning is necessary to ensure tax-efficient operations and business understanding are being developed to minimise the Corporation Tax bill. Various tax treatments and business expenses are considered when calculating the corporation tax liability of an enterprise; for example, important ones include application of capital allowances and depreciation, allowable and unallowable business expenses, and various tax reliefs and incentives to corporations etc.

At Bloom Financials, our tax experts consider all available HMRC tax allowances, reliefs and credits applicable to your enterprise to reduce corporation tax liability as much as possible. Our team of professionals have the urge and knowledge to help you plan your corporation tax efficiently. We skillfully structure your tax affairs in a way that minimises the tax your company pays and identifies available tax reliefs. Our entire team is devoted to your corporation success.

• Capital Allowances

Businesses can claim capital allowances when they buy any asset for business purposes. These assets include:

• equipment
• machinery
• business vehicles, for example, cars, vans or lorries

These are known as plant and machinery.

These allowances reduce your tax liability, and it is very important to consider all capital assets when computing the tax liability of a business. Our tax experts carefully examine your business when working out your tax liability to determine if any capital assets have been acquired by the business and request you to provide the necessary documentation to claim a capital allowance to reduce your tax bill.

Contact us to find out what allowances your business can claim. We will explain and assist you in making the claims to reduce your tax bill.  

• Value Added Tax

Value-added tax (VAT) is the tax you pay when buying goods or services. The standard rate of VAT is 20% in the UK. A reduced rate is 5%, and there are certain goods and services that can be zero-rated in the UK. It is essential to apply the right VAT rate on certain goods and services when recording business transactions; otherwise, it can lead to the wrong amount of VAT calculated for HMRC compliance purposes, which can lead to penalties and surcharges. VAT can severely disrupt your cashflows if not dealt with carefully.

At Bloom Financials, we manage all VAT matters professionally and provide cost-efficient services. Our experts proficiently handle the problematic areas of value-added tax and get it done right via actual savings to help you in side-stepping from penalties. We offer, across and beyond, VAT services, from compliance, VAT registration to VAT returns. We handle the complex procedures of VAT, i.e., real estate transactions implications, construction, international import & export of goods, electronically supplied services and many more. We understand the existing pitfalls and prospects to make your tax viable.

The VAT penalty is a serious matter in the UK; hence, we don’t want you to get caught in the VAT net and proceed without any delay. We guarantee compliance with correct VAT treatments and liabilities. Our VAT experts provide you assistance and guidance based on their broad expertise in the area. We can assist you with VAT registration and administration in the UK and in some big European markets, including Germany, France, Spain, and Italy.

• Tax Enquiries & Investigations

HMRC Compliance Checks are a formal investigation into your tax affairs. Your tax affairs may be checked to make sure you are paying the right amount of tax. This can happen if you are an individual taxpayer or if you run a business as a limited company or a partnership. Any compliance check or investigation starts with a letter called an Information Notice. Such notices will inform you that HMRC wants to look deeper into one or several aspects of your tax, and the letter will request more information from you. HMRC will write or phone to say what they want to check. This could include:

1.  any taxes you pay
2.  accounts and tax calculations
3.  your self-assessment tax return
4.  your company return
5.  your VAT return
6.  PAYE records and returns, if you employ people

If you use an accountant, HMRC will contact them. If you are a client of Bloom Financials and we provide you with the bookkeeping services, then you don’t need to worry about these compliance checks and tax investigations, as we will keep all your necessary paperwork and invoices in line with HMRC’s compliance and regulatory framework. If you are not our client and you want us to deal with your HMRC compliance check or tax investigation, we can certainly help you in such matters. You would need to authorise us as your accountant to the HMRC to deal with them on behalf of you and discuss your tax matters.

If you are interested in appointing us as your accountant to deal with your compliance check or any tax investigation, please get in touch with us to discuss your tax matters.