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Immigration Accounting & Taxation

We are proud of ourselves having advised many of our overseas clients with the most up to date taxation and immigration guidance for individuals coming to the UK.

We offer a wide range of tailored accounting and taxation services to clients who often require particular paperwork for their initial or / and extension visa application to the UK Border Agency.

We will help you to:

  • Pre arrival tax planning
  • Domicile
  • Remittance basis of assessment
  • Bringing capital to the UK
  • Entrepreneur investment (Tier 1)
  • Representative of an overseas business
  • Innovator visa
  • BN(O) visa
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Taxation

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.

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 and the planning opportunities available to you. Over recent years HMRC have increased the penalties for failing to file a return on time and for errors. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

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.

In the United Kingdom, the HM Revenue and Customs (HMRC) imposes a 40% inheritance tax on the portion of the estate whose value exceeds £325,000. We understand 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
  • arranging adequate life assurance to cover potential inheritance tax liabilities.

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 due.

Ever changing regulations and the growing demands of HMRC 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 HMRC
  • negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.

The HMRC have powers to investigate any individual / company without prior notice. Some checks will be completely random, while others will be made on businesses operating in ‘at risk’ sectors or where prior risk assessments have been conducted.

 

An investigation can be stressful and you could be overwhelmed with the enquires made by the tax office.

 

If you are investigated then we recommend you contact us immediately as we have years of experience in dealing with the HMRC and are in the best position to advise you and assist in fighting your case.

There are various penalties the HMRC can impose following an enquiry for various breaches, such as failure to pay the correct tax, undeclared income etc.

The penalties imposed by the tax office can be:

  • pay the tax and
  • pay a fine and / or
  • pay interest
  • We can limit the chance of you being investigated randomly by dealing with your financial affairs and limiting the trigger points for a random investigation.
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Property Development & Buy-to-Let (BTL)

Many people are investing in rental property, but a surprising number do not register for property tax, which falls against the tax laws and could lead to an investigation by the HMRC.

We specialise in providing tax planning and accountancy services to landlords and property investors both based in the UK and overseas. We recommend a free informal discussion with us to identify your tax liabilities in relation to your rental property / capital gains tax.

We offer the following services:

  • Tax-planning service. An effective tax planning can help you minimise your tax liability. We aim to find the most cost-effective solution by assessing your needs and advising the best business structure for you.
  • ‘Lender-friendly’ property account service. When you want to expand your property portfolio and require raising finance through loan or mortgage, we offer a wide range of professionally prepared property accounts that will comply with the lenders specific requirements.
  • Act as a ‘virtual finance director’ for your property business.
  • Connect you with others. At Oscar Ip and Co Chartered Accountants, we have a wide range of clients from different professions whom we can network you with others in the property development and management trades.
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Business Start Up

Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through.

Most however are not experts in the legal and financial aspects of running a business and such matters can appear daunting. Fortunately you do not need to be an expert in these fields to succeed in business, but you do need the support of a team of trained experts.

We can help. Just bring us your business ideas and we will help you to make them a reality!

We will help you to:

  • decide on the most suitable structure for your business – sole trader, partnership, limited liability partnership or limited company
  • prepare a business plan, cashflow projections, budgets, and trading forecasts
  • assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals
  • establish a good working relationship with your bank
  • complete any registration procedures with Companies House and HMRC
  • deal with company secretarial issues
  • set up a recording system for your internal use and for complying with statutory requirements
  • decide on what computer hardware to buy and help with the installation of accountancy software
  • keep on top of bookkeeping, VAT, payroll and other accounting requirements and
  • help with all aspects of business compliance and administration
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Compliance Services

All businesses, regardless of size, need annual accounts to calculate the annual tax bill or to comply with the relevant law.

Annual accounts allow the business to review their financial performance and assess their future business strategy.

At Oscar Ip & Co. Chartered Accountants we take care of the annual accounts and leave you with more time to concentrate in running your business. We make sure you do not miss any deadlines when complying with your tax obligations.

We provide a range of compliance services to support all aspects of business administration. We can help you by making sure accounts are prepared in the correct format, statutory books and other company secretarial records are kept up-to-date and that all statutory returns are prepared. Our experienced team will relieve you of the regulatory burden and leave you more time to concentrate on your core business activities. In short, we will make sure everything is in the right format, in the right place and at the right time.

Our range of compliance services includes:

  • Statutory audits
  • Annual accounts
  • Specialist/niche audit and accounts
  • Company secretarial services
  • Payroll procedures including Real Time Information and Pensions Auto Enrolment compliance
  • Tax returns and
  • Grant claims
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Consultancy & System Advice

Your professional and personal goals are central to our consulting services; we take the time to get to know you better so we can offer the best advice.

Our management consultancy service can review your credit control, stock control, budgeting and financial reporting systems and allow you to take full control of these key areas of your business. We can also help you address specific problem areas in your business such as gross profit, cost control and stock valuation.

 

Effective management information will allow you to seize opportunities when they arise or identify problems quickly so you can take effective corrective action.

 

Information technology (IT) is one of the key resources available to every business to achieve its short and long-term objectives.

 

Using the knowledge gained from our own systems and those designed for other clients, our in-house IT team are able to advise on IT related matters with first-hand experience. We can install software, provide training and help you to obtain the best from your chosen system.

 

Our expertise enables a complete range of services to be offered, including:

 

  • software selection
  • hardware selection
  • installation and training
  • management reporting solutions and
  • payroll systems

 

If you are spending too much time writing up books, typing invoices and chasing debts we help to take control by computerising your accounts system. We can help you to make the best use of IT resource to produce financial information that is accurate and appropriate for running your business effectively. With the correct accounting software you will save hours of hard work leaving you more time to deal with the more important areas of the business.

 

In short, whether you are investing in new technology, reviewing existing systems or have simply outgrown your current resource, we can help.

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Support Services

The combination of your business knowledge and our support services will help your business to grow and increase profitability.

Obtaining regular reliable management information is vital to the continued success of any business. Let us work closely with you to get to know your business so we can make suggestions to help improve profits or to develop and grow your business. We can prepare your monthly or quarterly management accounts to ensure you always have reliable and accurate information on which to base your business decisions.

Administering the payroll / PAYE can be time consuming, stressful and in many cases a full time job.

 

We offer a comprehensive payroll service to alleviate the responsibility away from you or your staff and as we are up to date with all the legislation changes, you can rest assured your business will comply with all the rules.

 

Payroll can be complicated and with all the legislation changes it is quite simple in falling foul of the relevant rules.

 

We make sure all the payroll is done on time and you stay up to date with the PAYE.

 

We provide the following:

  • Monthly or weekly payslips
  • Monthly or weekly reports
  • Real time information (RTI) PAYE
  • Deal with the P60 and P45
  • Deal with statutory sick pay
  • Pension calculation and submission
  • Declaration of Compliance
  • Returns for the HMRC
  • Student loan deductions
  • Maternity pay
  • P11d / P9d benefits and expenses

 

We can offer payroll services to all individuals and businesses, whether or not you use us for your accounts.

 

There is no minimum term contract for the payroll service, therefore we recommend you try the service and we can guarantee that you will not be disappointed.

 

We can help you with all your general bookkeeping requirements, either at your business premises or at our office. Maybe you need help writing up the books or just want us to add the finishing touches to the information in order to create your own management information. If you do not employ a bookkeeper then we can take up the role or help you recruit the right person for your business.

Every business should plan ahead to ensure success but daily business pressures often conspire to delay the strategic planning process. Financial forecasts are a crucial part of any business plan and we will ensure these are both meaningful and robust.