Compliance and advisory services
We have the full range of compliance and advisory services that you would expect from any competent firm of advisors. The difference is in our approach. To us tax – whatever tax – is seen as just another cost.
Tax can be managed and mitigated by taking action in advance.
UK Corporation Tax
Companies that are resident in the UK are subject to CT on their profits (income plus gains) arising in an accounting period.
An accounting period cannot be more than 12 months. If a company prepares accounts for more than 12 months, the profits are apportioned between the first 12 months and the remainder. Non-resident companies may be subject to CT where they trade in the UK through a permanent establishment.
A company incorporated in the UK is treated as UK resident.
A non-UK incorporated company is treated as resident in the UK if its central management and control is exercised in the UK.
The amounts of income and capital gains are basically determined by the tax rules that apply to individuals. For example, trading profits may be reduced by allowable expenditure incurred wholly and exclusively for the trade. However, companies are subject to many special rules.
Value Added Tax
Parker Russell help you take advantage of cashflow opportunities by setting up VAT registrations that include cashflow planning considerations and return dates that will lighten the administration burden.
We offer easy to follow guidelines for completing your returns and can recommend training courses for your staff. VAT planning is an important area in which we offer advice, especially in property transactions.
We also assist and advise our clients should their business be subject to investigation. We advise on HM Revenue and Customs powers, types of records to be maintained and how to ensure you keep control of the investigation. We can assist with assessments and negotiate on your behalf and ensure interest and costs are minimised.
Stamp Duty
Stamp duty is essentially a charge on certain documents, not transactions.
However, an equivalent tax is charged on electronic share transfers under the CREST system.
The most significant duties are based on the amount of consideration.
0.5% duty on share transfers.
Conveyance or transfer on sale of certain assets including land, exchanges or partitions of land and lease premiums. Rates, charged on the whole consideration from 28 March 2000, are:
| Value | Rate |
| Up to £60,000 | nil |
| £60,001 to £250,000 | 1% |
| £250,001 to £500,000 | 2% |
| More than £500,000 | 4% |
A special sliding scale applies to duty on rents.
