Our Expert

Karen Best – Director

Tax Services

There’s no avoiding it, taxes are a fact of life and the UK’s tax system is one of the most complicated in the world. Which makes anything tax related a daunting prospect for most people, whether it relates to their business or personal life. Unless you get the right tax advice, you could easily find yourself not taking full advantage of the reliefs and concessions you are entitled to.

Thankfully, that’s where the experienced team at Clay Shaw Thomas can help. Whether you are a company, a sole trader or a private individual wishing to protect the wealth of your family, we keep up to date on the latest developments so that our clients’ tax exposure is minimized.

Our tax services range from basic self-assessment tax returns through to advice on the tax-efficient sale and purchase of businesses, probate applications and retirement planning.

We offer our clients regular reviews to identify opportunities to make tax and national insurance savings. This is a complex area, which is why keep on top of the very latest financial planning requirements and government legislation.

Tax Planning

At Clay Shaw Thomas we understand that you would like to keep as much as you earn and enjoy or pass on as much of that money as possible! Our priority is finding the strategy that not only makes a fundamental difference to your overall tax liability, but also helps you to achieve your business and personal goals. Our Accountancy and Wealth Management teams combine their expertise to make your money work harder for you, achieving financial freedom in the future.

Capital Gains Tax

Individuals are charged Capital Gains Tax (CGT) relating to gains made from selling, or otherwise disposing of assets.

This is a complex area with significant changes in legislation over recent years. Luckily the experts at Clay Shaw Thomas know about the many exemptions and adjustments which could lead to significant tax savings.

If you are a small business owner or individual considering selling an asset or business, we can advise you of the options available to you before you take things further.

Tax Enquiry Service

Every individual taxpayer and business is at risk of being chosen at any time for a tax enquiry. This applies to private individuals and businesses and could be as a result of HM Revenue & Customs (HMRC) picking up something they see as unusual on a tax return. This needn’t mean that you have done anything wrong though.

Our Tax Enquiry Service is essentially an insurance policy that covers you against any HMRC disputes. So, should you be chosen, the experienced team at Clay Shaw Thomas are here to give you peace of mind and minimise the stress an enquiry might cause.

Income Tax

Nine million people complete a self-assessment tax return each year, each of them legally obliged to meet HMRC deadlines to avoid financial penalties and interest charges.

While self-assessment online offers an easy solution, you may be missing out on potential reliefs and incentives. At Clay Shaw Thomas, we offer an efficient and comprehensive tax return service for individuals, whether you are resident in the UK or not.

We can prepare your personal self-assessment return, carry out any necessary calculations, correspond with HMRC and deal with any enquiries. Leaving you to concentrate on all the other aspects of your business and personal life.

Corporation Tax

At Clay Shaw Thomas we realise that Corporation Tax can be something of a headache.

It takes up a substantial part of your trading costs, with harsh penalties for non-compliance and increasingly complex legislation attached to it. Seeking professional, expert advice is a wise move for any business.

We can help you to develop a financial strategy for your business, prepare corporation tax self-assessment returns, calculate liabilities, correspond with HM Revenue & Customs and agree computations. Where appropriate, we can also assist in preparing claims and elections to reduce your liability.

This complements our wealth planning strategy services, by allowing you to take advantage of tax-efficient pension and remuneration opportunities.

Inheritance Tax

More people than ever before are affected by Inheritance Tax; even relatively modest estates are paying a tax which very often could be reduced or avoided with careful financial planning.

Our expert team can substantially mitigate your beneficiaries’ Inheritance Tax bill. Where all or part of a business is tied up in an estate, careful planning can ensure the continuity and survival of your business. They can suggest options such as Alternative Investment Market (AIM) shares and portfolios, gifts, including lifetime gifts, life insurance policies held in trust and Wills that could reduce IHT liability.

Stamp Duty Land Tax

When you buy property or land, whether it’s residential or commercial, you’ll more than likely have to pay Stamp Duty Land Tax (SDLT). You’ll need to submit the appropriate paperwork, including an assessment of the tax due, to HMRC within 30 days of completion. Failure to do this will result in an automatic fine.

The team at Clay Shaw Thomas can advise you on your Stamp Duty, calculate your liability and help you complete the appropriate paperwork and submit it to HMRC.

National Insurance

It’s becoming increasingly difficult for employers and contractors to keep up with the numerous changes that have been made to National Insurance, Pay As You Earn (PAYE) and the Construction Industry Scheme (CIS). With regular returns needed in order to comply with HMRC requirements, the possibility of errors or omissions increases, which could result in investigations or fines.

The expert team at Clay Shaw Thomas can carry out a “health check” on your national insurance, PAYE and CIS procedures and reports to identify any potential problems and resolve them ahead of an audit or compliance review.

VAT

Dealing with VAT can not only take up valuable time and resources but, in some cases, can prove so complex that businesses could be overpaying or underpaying their VAT. Our expert team can offer help and advice to make sure that your business complies with these ever-changing regulations and avoids paying more tax than you need to.