Tax Accounting
Taking away the hassles of tax accounting
Get comprehensive tax solutions to help you plan and minimise your tax bills
Heighten’s tax accounting services
As a business, an individual, or a family, wherever you are on your journey, it’s important to think of the future. Tax accounting and planning are key to your success in managing, protecting, and growing your wealth today and building a legacy for tomorrow.
We understand your wealth-building strategy requires your commercial and personal objectives to be taken into account, therefore at Heighten Accountants, we deliver your business tax and personal tax solutions by ‘one team’.
We help individuals, families, businesses, and property owners manage their constantly changing UK tax affairs. Our dedicated accounting specialists, tax advisors, and financial associates work with you on your business, personal tax, real estate, and a range of other tax planning solutions at every stage of your life cycle through growth, exit, and succession planning, and business and personal wealth management. We are dedicated to working with businesses and owners in building a bigger future.
We listen carefully to the specific tax needs of our clients and work to deliver exceptional service through practical tools and bespoke advice tailored to your priorities. Call us to book a free tax consultation today about how we can help you and your business.
I can thoroughly recommend them…
I have been using Heighten Accountants for a number of years now and they have always provided an excellent, timely and professional service.I can thoroughly recommend them and will be continuing to use them in the future. Thank you.
Dr. Dan Martin
Founder and Business Owner
NW3 Medical Practice
What is tax accounting?
Tax accounting primarily deals with compliance, planning, support, and advisory aspects of taxation. It applies to almost everyone including individuals and businesses of all types and sizes.
The main function of Compliance tax accounting should be to ensure that you are both tax compliant as well as tax efficient. The primary role of a tax accountant is to help you to understand and interpret tax law and regulations, and plan your taxes efficiently so that you can manage your personal and business current and future affairs effectively.
Driven by data and technology, Heighten’s tax accounting team is dedicated to helping you in relation to information collection, tax returns preparations and submissions, solving tax issues quickly and efficiently, and maintaining high standards of ethics and integrity while advising, supporting, and planning your tax matters.
Heighten Accountants team is ambitious to help you and your small business pay the correct amount of tax at the right time and plan for the future with the right tax advice. We have the experience and the knowledge for any corporate or personal tax challenges or issues you have. Book a call with us today about how we can help.
Types of tax accounting
A fundamental function of tax accounting is to ensure that companies comply with the tax laws. A proactive tax accountant also safeguard the tax efficiency and plan a logner time strategy. Tax accounting can broadly be categorised into two types:
- Tax Accounting for Businesses
- Tax Accounting for Individuals
Business tax accounting includes dealing essentially with:
- Corporate Tax
- Value Added Tax
- Payroll Tax
- Research & Development Tax
- Capital Allowances
- Real estate and construction taxes
- Statutory Tax Reporting
- Business Growth Planning
- Tax Investigation Support
Tax accounting for individuals primarily covers:
- Self-Assessment Tax Return
- Partnership Tax
- Rental Income
- Personal Income disclosure
- High Net worth Individuals tax
- Retirement planning
- Tax–Efficient Remuneration and dividends Planning
- Inheritance tax
- Capital Gain Tax
- Personal tax planning
- Crypto tax
- Residence and domicile matters
- HMRC tax enquiries.
Heighten tax accounting includes both business and individual tax compliance and planning expertise. We can deliver the right level of tax support that you need to achieve your goals, whether it is personal tax, inheritance tax, capital gains tax, or corporate tax advice, we guarantee you a bespoke personal service.
Following are the main areas covered by Heighten
Corporation Tax
Our objective is simple: helping you to have a happy successful and profitable business that is both fully compliant and tax-efficient means that you’ll have full peace of mind along with the satisfaction that you pay the right tax at the right time.
MAKING BUSINESSES AS TAX EFFICIENT AS POSSIBLE
Acting as the ideal basecamp for your business to reach new peaks, at Heighten Accountants, we are ready to put our well-established tax services into action for you. Through tax minimisation, and tax planning, alongside our rich network of associates, the dynamic team behind Heighten delivers proven results time and time again. Work with us and benefit from premium capabilities.
Where we can help
Some of the areas where we can help your business with corporate tax include:
- Tax-efficient extraction of business profits
- Balance sheet optimisation
- Successful capital allowances claim
- Maximising tax savings on disposals
- Deciding the most tax-effective structure for your business
- Optimum utilisation of business losses planning
- Advising on minimising exposure to Capital Gains
- Liaising with the relevant authorities on your behalf
- Assisting with Corporation Tax Return
- Corporation Tax investigation support
Personal Tax Return
Self Assessment preparation can be a time-consuming and confusing business for busy individuals, there are:
- Strict registration deadlines
- Different filing arrangements
- Various tax payments dates
- Demanding Payment on Account (POA) reminders
- Strenuous supplementary pages to complete
TAKING AWAY THE HASSLES OF PERSONAL TAX …
Rather than spending hours figuring out which pages to complete, what to put in the boxes, how to calculate any tax due, and meeting the filing deadlines, our Tax Completion service takes that hassle away. Don’t waste time or worry about getting things wrong, we’ll do it all for you.
While completing your main tax return, our team of personal tax return specialist can help you completing supplementary pages such as:
- Employment or company director
- Self-employment,
- Business partnership
- UK property income
- Foreign income or gains
- Capital gains
- Crypto income and gains
- Non-UK residents or dual residents
- Construction industry (CIS)
- Trusts
- And many more
Our expert team can also advise you on all of your personal tax-planning needs, from extracting profit from your business, remuneration and gifting strategies, and tax-efficient savings and investments, to retirement, inheritance, and estate planning, we have got your back.
Where we can help
When it comes to personal tax, here are some of the areas where we can help you:
- Comprehensive pre-yearend tax planning
- Pre and post-sale CGT Calculations
- Advising on appropriate record retention
- Personal balance sheet
- Inheritance tax health check and estimates
- Tax investigation and representation support
- Advice and consultation for your family
- Mortgage reference support
- Property income and tax efficiency advice
- Self-Assessment Tax Return Registration
- Tax Digitalisation support
- CIS Subcontractor tax
- Tax Return completion and online filing
VAT and Indirect Taxes
Our VAT experts make it their business to help you stay on top of changing regulations, act quickly on your requests to deliver an efficient solution, and ensure maximum value by managing the impact on cash flow and your profitability.
We can help you reduce the burden of dealing with all your VAT matters, whether it is about registering your business for VAT, mitigating penalties, maximising VAT reliefs, or advising you with a VAT dispute, our team will take time to learn more about you and work together to make you VAT efficient and leaving you to get on with your business.
If you are looking for a complete and high-quality VAT solution or are concerned that you may be missing an opportunity or overlooking a potential risk, please speak to our team today.
Where we can help
There are a lot of areas we can help when it comes to VAT.
- Advice on choosing the right VAT Scheme
- International VAT
- VAT advice on sales & acquisitions
- Land, property & construction VAT
- Periodic VAT health checks
- VAT advisory & planning services
- Customs & excise duties
- Environmental taxes
- VAT litigation and HMRC dispute resolution
- VAT Returns submission
- VAT Registration & De-Registration
Property Tax
Heighten Accountants can deliver practical solutions to help you maximise profits and achieve financial freedom. Our property accountants and tax advisors have specialist skills in advising:
- Investors and developers
- Business owners with properties
- Individual landlords
- Furnished Holiday Lets
- Landlords & buy to let portfolios
- Serviced Accommodations & Hotels
- Construction Industry business
Minimising your property tax liability
If you have purchased, built, or renovated a commercial property or own property residentially, we’re here to make sure you make the most of your investment. Our Chartered Tax Advisors associates are keen on advising you on the best structure for your property portfolio and how best to Minimising your property tax liability.
Where we can help
We can help you and your business with any property related issues you may be having. Our property tax services cover:
- Property accounts & corporation tax
- Constructions Industry Scheme (CIS)
- Property directors and subcontractor’s payroll
- Let Property Campaign
- Property income & capital gains tax
- Capital allowances
- Restructuring property portfolios
- Advice on tax-efficient property holding vehicles
- Advising on the most appropriate finance arrangements
- Property tax Investigations
Cryptocurrency Tax
Heighten Accountants’ experienced crypto tax team can guide you through the complex world of crypto accounting, helping to ensure you are operating in a tax-efficient and compliant manner. We can also help you manage your capital gains tax on cryptocurrency, and ensure you meet any reporting obligations.
Like other taxes, cryptocurrency tax is not simple and straightforward. HMRC consider Crypto as a taxable property and not currency or money. You must report the gains and losses resulting from the ownership, sale, purchase, and trading of Crypto assets along with your overall personal tax position.
Any cryptoasset exchange tokens you receive from employment or mining and not trading count as other taxable income and you may need to pay Income Tax & NIC.
Book a free consultation today with one of our qualified crypto tax accountants to make sure you are up to date with legislation, paying the correct type and amount of tax, and your digital portfolio is working efficiently for you.
Where we can help
Our Cryptocurrency tax services include:
- Crypto Bookkeeping
- Assistance in keeping track of all of your wallets and record
- Guidance on Tax obligations
- Tax saving advice
- Automated reminders to avoid penalties
- Crypto tax software assistance
- Capital gain & losses management
- Crypto Tax Accounting
- Crypto Self-Assessment Tax Return submission
Research & Development (R&D) Tax Services
Successful Research and Development (R&D) tax credit claims depend on the extent and quality of evidence provided to HMRC in support of the claim. The claim process requires an understanding of the full range of R&D activities, knowledge of the projects that can qualify for government support, and expertise to make your business as tax-efficient as possible whilst maximising your development opportunities.
That’s where our team of expert tax accountants and associates comes into the equation. Our specialists have a deep knowledge of the legislation and the expertise to access all of the available incentives as effectively as possible. We will review all your recent activities as well as advise on all current and future projects.
Claiming your Research & Development (R&D) credits is an important consideration. Book a free consultation to discuss your research and development plans.
Where we can help
Our tax relief team knows innovation inside and out. Our R&D claim services include:
Free Discovery Consultation
- Knowledge sharing
- Assistance with the application process
- Claim preparation and submission
- Accounting assistance for the claim
- Expenditure review for current and future projects
Inheritance Tax
As a small growing business, your personal and business affairs are often interwoven. You need a team of advisors who can work closely with you, your business, and your family to provide tax services under one roof for both your short and long-term goals.
At Heighten we have One Power Team of highly experienced accountants, business, tax, and financial advisors with their finger on the pulse of taxes, reliefs, and future financial planning. When it comes to long-term personal and business planning, many factors can influence your wider tax picture. Our team of experts makes sure we cover it all to help you better manage your money.
When it comes to tax planning, every person’s situation is unique. Whether you are just starting out with tax planning or you are thinking of the future and need assistance with inheritance, estate, or other tax planning including trusts, working together we can provide a detailed plan to safeguard and pass down your wealth to future generations.
Book a free initial consultation and get access to our power team.
I am so glad that I chose Heighten as my accountant
I am so glad that I chose Heighten as my accountant when setting up my business and cannot recommend them highly enough. As a new business owner, I needed a lot of guidance and I have been fortunate to have the very knowledgeable team of accountants support me over the last few years. Without their advice, I would be truly lost! No question was ever too small or silly, they would respond quickly and with a high quality of advice. The prices are very competitive and the quality of service is excellent.
James L
MD & Entrepreneur
Do It With Love
Tips for tax accounting
Being in business is not only about growing your sales and team, it’s about ensuring you increase your take home as much as possible thus building a happily profitable business.
Efficient tax accounting means paying no more tax than you absolutely have to. Here are a few tax accounting tips to ensure you get to keep most of what you make in your business:
- Choosing the right business structure: Because tax rules differ based on business structure, it’s important that you choose the right business structure such as sole trader, partnership or a limited company, this can make a big difference to how tax efficient you and your business are.
- Smart remuneration planning: Bonuses and dividends are the traditional way of rewarding key people. But there are other alternatives that can lead to far higher levels of motivation and productivity, and at the same time can be more tax efficient than bonuses and dividends.
- Healthier personal financial management: Best personal financial management practice involves having your investment, pension, and insurance strategies looked at by an independent financial adviser at least every twelve months. The purpose of this annual review should be to ensure that you remain on track to achieve your personal financial objectives.
- Attractive Tax Savings with EIS investment – It may be possible to reclaim any Capital Gains Tax (‘CGT’) that you have recently paid, defer the ultimate payment of this tax and reduce the amount you need to pay, by making an investment in an Enterprise Investment Scheme (‘EIS’) or Seed Enterprise Investment Scheme (‘SEIS). It may also be possible to get an income tax rebate.
- Claim tax relief for commercial property: By using the right multi-disciplinary team of lawyers and surveyors it is now often possible to identify significant savings on the money you have already spent, or are about to spend, on commercial property. As a result, you can receive a substantial tax refund, and/or your future tax bills can significantly reduce.
- Business offset mortgages: Many mortgage providers now offer business offset mortgages that allow sole traders to offset the money in their business bank account against their residential mortgage thus reducing residential mortgage costs.
- Use accountants’ tax minimisation checklist: We strongly recommend hiring an accountant who uses a tax minimisation checklist. The list is designed to help you consider over 65 mainstream tax-saving opportunities, set out in a simple checklist format. You can work through the checklist on your own.
- Maximise inheritance tax savings: It is essential to take inheritance tax planning very seriously. In addition to the obvious assets such as houses, shares, bank accounts, and businesses, it is important to also take account of such things as life insurance policies and house price inflation to maximise the potential savings from IHT planning.
- Minimise the tax liability on business sales: Plan your taxes wisely when you may consider selling your business at some point in your entrepreneurial journey. the earlier tax matters are considered and addressed the more likely you are to get the best possible sale price and deal.
- Adapt Real-time accounting earlier: Bring automation and AI into your bookkeeping to make all important accounting and tax information available at the touch of a button. Benefits include MTD compliance, expense management, and early tax planning to save you money and make the right financial decisions at the right time.
- Claim R&D tax credits: Research & Development Tax Relief is often mistaken for tax relief, reserved for rocket scientists and laboratory professors however based on our experience of working with small businesses over the years, we turn the focus onto the “development” element of this tax relief, and have claimed £000’s of tax relief for businesses like yours.
How our tax accounting services work
We plan for your future instead of only measuring your past numbers. We listen, understand, and help solve your most important business problems. Our objective is simple, helping you pay the right tax at the right time. Our tax accounting service is effortless and simple to use:
We’ll discuss your specific personal and business tax needs during our complimentary initial consultation, and let you know how we can help you best plan your future. You are welcome to visit our lovely offices, have a video meeting or if it’s more convenient, we will come to you.
- Get a custom plan:
We’ll discuss our bespoke tax and accounting services proposal and then send it to you to look through. This will summarise what we have talked about in the initial meeting, our recommendations, and a value-based fixed fee. This step sets out the understanding of what you tell us you need. No surprises – you’ll know exactly what your investment with us will be.
- Achieve your desired success:
We will allocate a dedicated Client Manager from one of our qualified accountants who will look after your statutory tax reporting, help you plan personal and business taxes, meet and answer any on a regular basis for any accounting queries and provide business growth advice to help you build happily successful and tax efficient business.
Heighten Accountants understands the challenges you and your small business face. Our tax accounting team provides advice on a range of issues, considering your specific tax needs and future objectives. With support from our tax experts and associates, you can make better decisions regarding tax and stay compliant.
Professionalism, Quality, Responsiveness, Value
I have been working with them for last 20 years for my personal, business, tax and accounting work. I have found them very professional and resourceful. Initially, I found them a bit pricey but they justified their fee by bringing a lot of value to my business. I appreciate the support from their passionate team and have already recommended them to most of my business friends.
Paul Forsythe
CEO
Innovative Constructions & Build
Why choose Heighten’s tax accounting services?
With the twists and turns of the rocky road to success, seeing the end of your journey isn’t always easy. That’s where we come in:
- One power team for all tax efficiencies
Get complete service for your business and personal tax from our accountants, tax advisors and associates as they work as one to make sure to bring tax efficiencies to you and your business.
- Effective communication
Stay informed about what’s happening on your tax matters on or ahead of time with our unmatched speed of service and profit from our advice with jargon-free communication. Our team is open to communicating, whether you want to bounce an idea off someone with an open mind or need a second opinion on a business brainwave, or discuss your tax planning and wealth management strategies.
- Excellent results with great value
Enjoy uncompromised high standards of integrity, professionalism, confidentiality, and results-oriented fixed fee service. We operate on the principle that a problem isn’t solved, or a piece of work is finished until you are 100% delighted.
- Unlimited advice
Get unlimited technical advice from our team. As a part of our exclusive Meeting Support service, we can join your business meetings as a free resource to help you make the very best use of your time. Use us from silent observer to adjudicator, technical adviser to an independent sounding board, and even as the facilitator for brainstorming sessions.
- Turning dreams of success into a happy reality
Get much more out of your business than a great set of records and an on-time tax-return. You have dreams that you would like to achieve – it could be fame, fortune, security, a long and comfortable retirement – or any one of a hundred other things. We use our skills with numbers to turn your dreams into a reality.
Heighten offers a selection of packages to suit every ambition. Whether you need help clarifying a new end goal or a capable pair of hands to see your existing one through, we provide what you need to make an impact. Contact us today to review your options.
Tax accounting services FAQs
How much should my small business set aside for taxes?
Tax rules are based on business structures. Majority of the UK businesses are more likely to fall into one of the four structures, sole trader, partnership, limited company, or limited liability partnership. Directors also pay dividend tax separately to business tax. Businesses and owners, depending on their circumstances, may also pay VAT, payroll tax, contribution to National Insurance & auto-enrolment pension, property tax, Inheritance tax, stamp duties, local council tax, capital gain tax, and other trade taxes.
While the exact amount you’ll pay varies, however, as a thumb of rule, your small business should keep about 30% of your profit i.e. after all expenses and deductions aside for income and corporate tax. This percentage can significantly be reduced by using tax minimisation and planning tools.
Along with being one of the most important bills, taxes could be the largest business expense, therefore, it is crucial to choose the right tax accountants for your business who have knowledge of all taxes and can help you minimise your tax liabilities and plan your future as a long-term strategy.
How does VAT work for a small business?
VAT is a percentage charge paid by consumers when purchasing certain types of goods and services. As a small business, you act as a collector for HMRC and charge VAT to your clients on your sales also known as output VAT. On your purchases and expenses, your business also suffers VAT, this is called input VAT. When you prepare your VAT return, the difference between output and input VAT is either paid to or claimed back from HMRC.
There is a compulsory threshold for VAT registration, however, your small business can register voluntarily anytime. VAT rules for threshold, percentage, and registration stay the same across the UK. VAT is a transaction-based complicated tax, your queries usually demand a quick and accurate answer. You may require assistance with a wide variety of VAT issues, ranging from initial application to selecting the right VAT scheme and chargeable rate to complex matters such as partial exemption calculations, EC Sales Lists, the capital goods scheme, VAT Mini One Stop Shop (MOSS) and dealing with HMRC inquiry.
In a digital age, HMRC is increasingly using technology to improve compliance and focusing on indirect taxes as a source of revenue. Heighten team helps you stay informed with regular changes and proactively manage your VAT to minimise risk and maximise value.
Does my small business qualify for R&D Tax Credits?
R&D Tax Relief was introduced in the UK in 2000 as part of the EU’s drive to encourage investment in innovation. Any investment or project that results in improvements may qualify for some form of incentive.
Many businesses did not believe that this relief was applicable to the work they undertook and so didn’t think it important to speak about their business developments during the regular meetings they had with their accountant. However, over the years, we have seen many of the businesses we work with accessing these reliefs by simply discussing the activities they undertake each day where they:
As tax relief amounts to a percentage of the expenditure on any such project, often a substantial part of the wage and salary expenditure of a company is claimable. This relief is given by way of a reduction in the company’s CT liability or if the company is loss-making, by way of a tax refund.
What is the tax-efficient way to reward my key employees?
Your key people, including you, are extremely important to the success of your business. It is therefore essential that you keep them highly motivated. Research shows that the way employees and owners are rewarded makes a critical difference in their levels of motivation and productivity.
Bonuses and dividends are the traditional way of rewarding key people. But there are other alternatives that can lead to far higher levels of motivation and productivity, and at the same time can be more tax efficient than bonuses and dividends.
Some of the ideas you can gain more value through your employee reward system may include salary sacrifice, share schemes, loans, recreational benefits, and staff suggestion schemes. In addition, if you are generating profits within your company you will probably also want to find the most tax-efficient way of extracting those profits for the benefit of the shareholders.
Taken together, these two areas make up “remuneration planning”. Speak to our expert to identify the best way of rewarding your key people and extracting the profits in order to increase productivity and reduce costs.
What is Tax Minimisation service and how it can help me plan my future?
In addition to all compliance tax requirements, you and your business require robust support with tax planning and minimisation. Through Tax minimisation service you get help in implementing tax relief schemes, such as R&D Tax Credits, EIS Tax Relief, IHT planning, Venture Capital schemes, pension schemes, capital allowances, and personal tax planning to ensure that you never pay any more tax than you absolutely have to.
Simple but effective tax planning can help to release cash flow now and boost your profitability which can further be reinvested into your long-term future plans to generate more wealth. Your tax planning should be ethically strategic and forward-thinking to achieve the best outcome. You need a team of accountants, and tax, financial, and wealth advisors to support your future aspiration while using your business as a vehicle to achieve this success.
At Heighten Accountants, our one-power team of business, tax, and growth accountants, and financial associates provide advanced personal and business tax planning to help you benefit from tax relief schemes and minimise the tax you pay now and in the future.
