Here’s just a few of the business sectors our Tax Team currently deals with:
At Folkes Worton we deal with a number of clients in the Construction Industry. We understand that you are busy and may not always have time to keep the best accounting records, this is why our Tax Team are here to help you We can deal with invoices and receipts so that when we prepare your accounts, we have a strong summary that would withstand any HMRC scrutiny.
We can help you with what we think is an allowable expense and what isn’t, ensuring that you are claiming as much as possible to minimise Tax bills or Maximise Tax refunds.
We deal with many CIS subcontractors and understand that you will want you Tax Returns completing as soon as possible after the deadline to ensure you get a maximised and compliant tax refund. Not only can we get you this in a timely and cost efficient way, we will chase HMRC on any slow paying refunds to ensure you have your money back as soon as possible.
Creative, Arts and Media
We understand that in an industry that can be up and down, you need to be on the right side of Tax compliance whilst paying the smallest amount of tax. Folkes Worton can help with this using our expert team we can show you all the different allowable expenses you may have incurred and the best way to claim them.
This may be when you start-up you have a high level of capital expenditure to get your business going – we can ensure that none of this is wasted and any losses created in the first years are carried forward and used in the most tax efficient way against your profits.
We can also help you understand if you fall into the arts category, enabling you to split profits across 2 years, this is not always allowable, but can be a big benefit if it is especially for cashflow.
Dentistry and Medical Professionals
Folkes Worton has worked with a number of dentists across the years and this means we are at the forefront of understanding your industry. We understand that having high earnings and a once a year tax bill can be quite a shock, this allows us to be able to help you plan for this. You can have partner meetings to discuss future earnings and the best way to plan for your tax bill, we can also help you with advice, putting you in touch with financial advisers who can help you plan for your future with pension contributions to save Tax at a higher rate.
We also know that many dentists have diversified away from normal dentistry to orthodontic work where profit may be able to be split across a period to cover any potential cash flow issued of having made a sale but not received all the money.
We can also help you understand what expenses are allowable such as training in any other industry related to the dental industry or medical industry where you may be looking into aesthetics, these expenses can be claimed and we can ensure they are done in the correct way.
We understand that in the last few years the Hospitality Industry has been through tough times. Now you are coming out of this, we can help you plan for the future and ensure you don’t get any hidden tax liabilities that you have not planned for.
We can help look into any payments on account you may not need to pay, whilst getting back into business fully and minimise your Tax ensuring cashflow can keep your business going.
Rental income and the allowable expenditure can really be a minefield. We deal with many clients who have a range of properties from one property rented out as a side income to a property portfolio, where they are renting it out as there main source of income.
We also know that some people have properties that they rent out as HMOs (House in Multiple Occupation) and this can be an incredibly complex system when it comes to preparing accounts. We work with people who have HMO properties and can use our expertise to ensure you accounts are accurate and clear when it comes to reviewing them before submission.
Meet the Tax Team
Matthew Morris FCCA CTATax Partner
Dan Simpson ACAChartered Accountant
Ellie Smith ATTTax
Call Folkes Worton today on 01384 376 964 to discuss your tax requirements.