Tax Services
During tough times, you find out who your friends are; during an HMRC investigation, you find out how good your accountant is.
With constantly evolving regulations and stricter HMRC penalties, having a trusted tax advisor by your side has never been more important.
The right tax strategy can save your business thousands of pounds in tax.
Taxation services you can rely on…
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Our Personal Tax Accountants have supported hundreds of clients across Nottingham, the East Midlands, and throughout the UK. More than just a friendly face, our experienced team brings decades of expertise across a wide range of sectors.
We take pride in ensuring all tax submissions are accurate and on time. With HMRC increasingly focused on tackling non-compliance, having a Chartered Accountant who understands complex tax legislation—and can advocate on your behalf—has never been more important.
Our private clients come to us for assistance for a range of personal tax affairs to help them manage their personal wealth. Whether it is moving finances into Trusts and Estates to preserve wealth to pass onto your family, or mitigating tax liabilities; our expert private client services team are ready to assist you.
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Corporation tax is one of the most significant expenses for any business owner, and overlooking tax implications in your key strategic decisions can create gaps in your strategy and expose your business to unnecessary risk.
Our experienced tax advisors have supported thousands of businesses across Nottinghamshire and the UK in navigating tricky tax scenarios.
Our dedicated team have industry-specific knowledge in tax laws and regulations, which not only ensures full compliance but also provides valuable insights.
Our dedication to ethical advice means that we never cut corners or suggest risky, grey-area strategies. We are focused on stable, long-term solutions for your business, which will help you to optimise your tax position and reduce your tax bill.
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VAT is a completely unique tax and applies to every trading entity, whether you are a sole trader, a not-for-profit, a limited company or an international corporation. It is a tax collected by HMRC at a rate of 20% of all goods and services sold.
VAT is also one of the more complicated taxes as there are many items, for example, which can be exempt from VAT or have reduced rates. Therefore, it is essential that your VAT payments are processed correctly; otherwise, you may incur higher, unnecessary costs.
Monthly, quarterly or annual VAT returns
Our services include the preparation, review and submission of your chosen VAT return method.
VAT Registration
If your turnover is over £85,000, by law, you must be VAT-registered. This is called compulsory VAT registration.
There is also an option to register for VAT voluntarily, as this can bring benefits such as increasing the credibility of your business as well as reclaiming previous VAT charges.
If the admin of registering for VAT sounds like a hassle, don’t worry; we do it all for you!
VAT Planning
It's essential to plan for VAT costs to maintain a healthy cash flow and ensure that you're not overpaying or underpaying HMRC. There are various products and services that are exempt from VAT charges and others that have reduced rates. It is essential that these are recorded correctly within your submission.
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Whether you are a solicitor, a landlord, or an entrepreneur developing your own property portfolio, Stamp Duty Land Tax (SDLT) is a very complex tax, one that has been revised significantly over the last few years, making it essential that whatever the size of your business, you seek professional advice. There are various exemptions and reliefs to the tax available, such as if you are a first-time buyer.
The Stamp Duty Land Tax can be one of the most significant costs involved in a property transaction, and getting the calculations wrong can result in substantial overpayment. It is worth considering that Stamp Duty Land Tax now has a maximum charge of 15% for properties purchased at £1.5 million or more.
As a Chartered Accountant specialising in Stamp Duty Land Tax, we offer comprehensive, up-to-date advice on all aspects of this tax, helping you avoid unnecessary costs. We have assisted many clients in claiming eligible reliefs and exemptions, from those purchasing residential properties to those purchasing commercial or mixed-use properties.
Our Stamp Duty Land Tax services include:
Stamp Duty Land Tax calculations and liability assessments for property purchases
Analysis of reliefs and exemptions, including multiple dwellings relief, first-time buyer relief, and special rules for corporate acquisitions
Strategic advice for high-value property transactions, including planning around the 15% SDLT rate
Assistance with reclaiming overpaid Stamp Duty Land Tax or making amendments to past filings.
Advising on Stamp Duty Land Tax implications for trusts, partnerships, and Limited Companies.
We make sure you understand your Stamp Duty Land Tax obligations and help minimise your tax burden whilst ensuring that you are compliant with any legislative changes.
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An investigation by HMRC is something every self-employed person or business owner dreads. As a leading Chartered Accountancy practice in the East Midlands, we provide a sense of relief and peace of mind, doing everything we can to minimise unnecessary risk for our clients.
Clients are often terrified, as most people have never been in a court before. I had one client who didn’t stop shaking during the entire meeting. He hadn’t even done anything wrong.“
Richard Bonnello
If you ever face a dispute with HMRC, our experienced team can represent you, provide evidence, and assist with appeals or representation in tax tribunals.
We have decades of experience dealing with HMRC; we’ve advocated for countless clients, negotiating tirelessly on their behalf to reduce penalties.
HMRC investigations occur more frequently than you might think; among our client base alone, there are always a few ongoing investigations. We recommend that all our clients consider taking out insurance to cover any additional costs. We can advise you on the best policy to protect you.
"Some accountants can negotiate, and some can’t. In other cases, the accountants are culpable. The argument I made to the revenue on this particular client’s behalf was that my client had a fully qualified firm of accountants who the client depended on, only to find that they had been misled and they had been badly led down." Richard Bonnello
If you are worried about an impending HMRC investigation, please get in touch with us. We’d be happy to help or to offer a second opinion.
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One of the main talking points for businesses, especially in the media, is Making Tax Digital (MTD). The original tax return has now been abolished and instead; businesses, the self-employed and landlords will be required to keep various tax records digitally and update HMRC more frequently.
Xero MTD compliant software:
We support clients with the implementation of digital systems and make sure that everything is running smoothly. Helping clients with this transformation is one of the main focuses of our Xero certified team, who have achieved Xero Champion Partner status and are the largest Xero Champion practice in Nottinghamshire.
Having this status gives clients peace of mind that they are going to get the support they need when implementing a software solution to help them get ready for Making Tax Digital.
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Our Chartered Tax advisors have helped hundreds of clients throughout the UK navigate the complexities of Capital Gains Tax, from tax-efficient investments to setting up a Trust.
While Capital Gains Tax is an obligatory payment imposed on the increased value of an individual's or business's sold capital assets, there are various ways we can help you to alleviate the effects of Capital Gains Tax while ensuring that you remain compliant and on the right side of the law.
Capital Gains Tax is an essential aspect of financial management that affects many individuals and businesses. It requires you to pay on the profit you earn when you sell an asset which has appreciated in value.
Various assets can attract Capital Gains Tax, spanning from tangible items like property, valuable personal possessions, business equipment, machinery, and vehicles to intangible holdings such as company shares or stock. When you sell a capital asset for more than its initial purchase price, CGT is imposed on the resultant profit.
Understanding the annual allowance for CGT is crucial. For the 2024-2025 tax year, individuals have a Capital Gains Tax allowance of £3,000, implying that gains up to this amount are exempt from tax. Any gains exceeding this threshold will incur CGT.
The rates of Capital Gains Tax vary based on your taxable income and the type of asset sold. Basic rate taxpayers generally pay 10% on most asset gains, and 18% on gains from residential properties. Meanwhile, higher or additional rate taxpayers face a 20% tax on most asset gains and a 28% levy on residential property gains.
Timeliness in paying Capital Gains Tax is important. Generally, CGT is due by January 31st following the close of the tax year when the gain was made. However, in the case of residential property sales, CGT must be reported and paid within 60 days of the completion of the sale.
Computing your Capital Gains Tax involves subtracting the asset's original purchase price (considering allowable costs like legal or improvement fees) from the selling price to determine your gain. If any gain is made which surpasses the annual exemption, the surplus will be taxed at the appropriate rate.
Offsetting losses against gains is a viable option, and any loss from an asset disposal can be offset against gains within the same tax year or carried forward to future years. However, consulting a tax specialist for detailed advice is always recommended.
Transferring an asset to your spouse or civil partner usually remains exempt. Gifting to family or friends may trigger a liability if the asset's value has appreciated.
Private Residence Relief (PRR) is another key aspect, providing exemption from Capital Gains Tax on the sale of your primary home. Yet, partial Capital Gains Tax may apply if part of the home has been used for business or not lived in throughout ownership.
Other available reliefs include: Business Asset Disposal Relief, Investor's Relief, and Gift Hold-Over Relief for specific business assets or trading company share gifts.
We have also helped our clients defer Capital Gains Tax by reinvesting their gain into certain qualifying investments, such as the Enterprise Investment Scheme (EIS) or Seed Enterprise Investment Scheme (SEIS), postponing the tax until the new investment is sold.
Capital Gains Tax is inherently complex, and our advice is dependent on your personal circumstances, so it’s best to get in touch for a confidential discussion about the most tax-efficient strategy for you.
Finances and accounting are among the hardest things to manage for a business, but the right tax strategy can save your business thousands of pounds in tax.
We have helped countless business owners in Nottinghamshire navigate tricky tax scenarios to reduce their corporation tax.
Our expert tax advisors can:
Provide ongoing support and guidance
Give invaluable tax advice to ensure that your business is as tax efficient as possible
Shoulder the burden of your compliance and financial admin so that you can focus on other areas of your business.
Create business growth strategies for both long-term and short-term growth.
Here are eight strategies to help you reduce your Corporation Tax
Claim all allowable expenses: This sounds straight forward but it’s essential to have an accountant who understands expenses specific to your industry to ensure that you claim back all expenses possible.
Make the most of capital allowances: If your business invests in equipment or machinery, you can claim tax relief through the Annual Investment Allowance (AIA). This allows you to deduct the full cost of qualifying purchases, reducing your taxable profits. Even if an asset isn’t fully covered, you can still claim deductions over time, helping to ease cash flow.
A well-planned mix of salary, dividends, and pension contributions can help reduce your tax bill while ensuring that you’re rewarded efficiently. Dividends are often taxed at a lower rate than salary, and pension contributions can be a tax-deductible way to plan for the future.
Utilise R&D tax credits: If your business deals with innovative projects, claiming R&D tax credits could lead to significant deductions. We've saved our clients over £1.2 million in R & D tax credits.
Take advantage of the patent box regime: Businesses with patents or intellectual property rights can benefit from the 10% Corporation Tax rate under the Patent Box regime.
Make the most of group tax planning: If your business is part of a group of companies, or could be structured as one, you may be able to offset losses from one company against the profits of another. This can significantly reduce your overall tax liability by ensuring that taxable profits are minimised across the group.
Make charitable donations: Donations to registered charities not only reduce your tax bill but they’re a great way to support local charities, as well as enhancing your corporate social responsibility profile.
Use loans as a tax-friendly way to take money out of your business: Instead of taking large salaries or dividends, which can be heavily taxed, directors can borrow money from the business in a structured way. If managed properly and repaid within the required timeframe, this can be a tax-efficient way to access funds while keeping personal and business tax liabilities lower.
Why choose RWB?
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We have decades of experience in helping clients with a full suite of accountancy services. Our diverse and dedicated team specialise in everything from Personal Tax and Corporate Accounts to Inheritance Tax Planning and Forensic Accounting.
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We are governed by the ICAEW, which has the highest standards of integrity and ethics.
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We have a rigorous protocol: all completed work is checked by your dedicated client manager and then again by one of our directors
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Our meticulous procedures significantly reduce the risk of anything being missed or completed incorrectly.
What our clients say
“Thank you to Lisa and Yuna for all their help and hard work. I really appreciate their skills and help”
— Debbie
“Anne and Beth are very friendly and very helpful, nothing is too much””
— Sally
“Very helpful process and all good!!”
— Mark
Contact us
Would you like to learn more? Our team are happy to help!
FAQs
How much is Corporation Tax for a limited company?
Corporation Tax is a business tax applicable to UK resident companies on their worldwide profits and foreign companies’ profits generated from UK-based activities. It also extends to organisations like clubs and associations, levied on trading profits, investment income, Capital Gains, and other miscellaneous income. As of April 2024, the general Corporation Tax rate is 25% for profits exceeding £250,000. A lowered rate of 19% applies to companies with profits of £50,000 or less. For profits between £ 50,000 and £250,000, a system called Marginal Relief applies, which means the tax rate gradually increases from 19% to 25% as profits increase. Profits surpassing £250,000 may qualify for Marginal Relief, with the rate scaling up to 26.5% for profits over £250,000.
How can Corporation Tax be reduced for a small business?
Our specialist tax advisors in Nottingham have a thorough knowledge of which expenses are allowable by law and whether these expenses can be deducted from your profit. Our specialist tax advisors can guide you on efficient remuneration structures, such as paying dividends to shareholders and making pension contributions, which can significantly reduce your tax bill. Also, our Chartered Accountants in Nottingham can help you utilise available allowances, claim tax credits, and strategically use losses and group relief to effectively reduce your overall tax liability. Finally, our tax specialists can advise on how loans can be used for tax-efficient profit extraction. It’s essential to regularly review your tax strategy with them to ensure that you are making the most of the latest tax reliefs and allowances.
When does MTD for Income Tax start?
From April 2026, self-employed individuals and landlords with a gross income over £50,000 will be required to comply. Those earning between £30,000 and £50,000 will be brought in from April 2027. There is no confirmed date yet for those under £30,000.
This applies to:
Sole traders (self-employed individuals)
Landlords (including those with multiple properties)
Individuals with a combined gross income (not net profit) of over £50,000 (2026) or £30,000 (2027).
I have both property and self-employment income — do I need to comply?
Yes, if your combined gross income from those sources exceeds the relevant threshold.
What if my income fluctuates above and below the threshold?
Once you’re in MTD, you stay in — even if your income later drops below the threshold, unless HMRC introduces new guidance.
Do I need to buy accounting software?
Yes, you will need MTD-compatible software (or bridging software if using spreadsheets). This must be able to:
Keep digital records
Send quarterly updates
Submit the End of Period Statement (EOPS) and Final Declaration
As the largest Xero practice in Nottingham, we have over 13 years of experience with digital accounting. We can also support our clients who prefer to hand over physical copies of receipts and invoices, scanning these in and submitting these on their behalf.
What if my income fluctuates above and below the threshold?
Once you’re in MTD, you stay in — even if your income later drops below the threshold, unless HMRC introduces new guidance.
What if my income fluctuates above and below the threshold?
Once you’re in MTD, you stay in — even if your income later drops below the threshold, unless HMRC introduces new guidance.
What if my income fluctuates above and below the threshold?
Once you’re in MTD, you stay in — even if your income later drops below the threshold, unless HMRC introduces new guidance.
What are my reporting obligations under Making Tax Digital?
Under Making Tax Digital for Income Tax, you'll be required to submit quarterly updates to HMRC—four times a year—reporting your business income and expenses digitally. After the end of the tax year, you must also submit an End of Period Statement (EOPS) to finalise each income source, followed by a Final Declaration (formerly known as the Self Assessment tax return or SA100), which brings all your income together and confirms your overall tax position. MTD does not eliminate the need for a year-end submission—you’ll still need to file this Final Declaration, which effectively replaces the traditional tax return under the new system.
How long can an HMRC tax investigation take?
A tax investigation can last between 12 to 18 months before it reaches the tribunal stage, and the Revenue mandates that clients be present throughout the process. Tax investigations can be costly, time-consuming, and incredibly stressful, even for those who haven't done anything wrong. The impact of these investigations can be significant.
Are there simple rules I can follow to avoid a tax investigation?
It’s critical to strike a balance between minimising your tax liabilities and avoiding unnecessary risks. This is why an experienced Chartered Accountant, with knowledge of the latest legislation and compliance, is essential as tax regulations can often be ambiguous. Maintaining meticulous records is crucial, particularly in these circumstances.
Can I switch accountants during a tax investigation?
Absolutely, you can switch accountants during a tax investigation. Many clients choose to do so because their current accountants lack the necessary expertise to negotiate effectively with HMRC. In some cases, accountants may be partially to blame for the situation.
What expenses can I claim if I’m self-employed?
As a self-employed individual, you can claim a wide range of expenses that are wholly and exclusively for business purposes—such as travel, office costs, professional fees, and use of home. However, identifying and claiming these expenses correctly can be complex. Our experienced Chartered Accountants can help you to navigate the HMRC rules and claim the full range of legitimate expenses relevant to your sector. This ensures accuracy, compliance, and tax efficiency on your tax return.
Can I reduce my tax bill through pension contributions or charitable giving?
Yes – pension contributions and Gift Aid donations can extend your basic rate band and reduce your overall liability. Our experienced Personal Tax Accountants can advise you on the most efficient ways to plan your strategy.
How do I register for self-employment or as a landlord?
You must register with HMRC by 5 October after the end of the tax year in which you started. We can handle the registration process for you.
What records do I need to keep for my personal tax return?
Generally, if you're self-employed, you must keep all relevant tax records—such as receipts, invoices, bank statements, and mileage logs—for at least five years after the 31 January submission deadline for the relevant tax year. However, there are situations where records should be kept longer: if you file your return late, if you're under HMRC investigation, or if your records relate to the sale of assets subject to Capital Gains Tax, you may need to retain them for six years or more.
Additionally, Limited Companies must keep financial records for six years from the end of the financial year, and employers must retain PAYE records for at least three years. Where losses are carried forward or reliefs are claimed, it's wise to keep supporting documentation until the final year they're used. In practice, retaining key records for at least six years is a safe and compliant approach.
What happens if I miss the filing deadline?
Suppose you miss the Self Assessment filing deadline of January 31 (for online returns). In that case, HM Revenue and Customs (HMRC) will impose an automatic fixed penalty of £100, regardless of whether any tax is owed. If the return is submitted more than three months after the deadline, additional daily penalties of £10 will be incurred, accumulating up to a maximum of £900. After six months, an additional charge amounting to 5% of the tax due will apply (or £300, whichever is greater), and this penalty is similarly applied at twelve months. Furthermore, interest charges will accrue on any late payments, and additional penalties may be imposed if tax obligations remain unsettled.
We understand that deadlines can be missed for many valid reasons, and we’re here to help you get your finances back on track. This may involve submitting overdue returns, engaging in negotiations with HMRC, or seeking to mitigate penalties wherever possible.
Can my business qualify for Stamp Duty Land Tax Reliefs or Exemptions?
We have assisted clients in obtaining several reliefs and exemptions, including group relief and charity relief. Acquisitions by public bodies are also available and can potentially exempt your transaction from Stamp Duty Land Tax.
I’ve received a letter from HMRC—what should I do?
Don’t panic. Forward it to us, and we’ll explain what it means and help you respond appropriately. It might be a routine query, but it’s always best to handle it correctly.
Will my prices increase if I become VAT-registered?
VAT registration does impact the cost for your customers, so it can be an essential factor in your decision on whether to register for VAT. However, as long as your customers are VAT-registered, they can claim back this VAT.
When is my VAT payment due?
The deadline for your VAT payments is one calendar month plus seven days after the end of your VAT accounting term. For instance, if your VAT accounting cycle finishes on 31st July, you should ensure that your VAT payment is made by 7th September. This deadline encompasses both the submission of your VAT return and the actual payment to HMRC. However, if this due date falls on a weekend or a bank holiday, you must ensure that you have paid before the due date.
Can VAT be claimed on staff entertainment?
Yes, VAT charges can be deducted from employee entertainment. However, certain restrictions do apply, so it’s essential to have a Chartered Accountant with a thorough understanding of VAT legislation to assess this.
Are VAT surcharges tax deductible?
VAT surcharges are not tax-deductible in the UK because they are considered penalties for non-compliance rather than regular business expenditures. The HM Revenue & Customs (HMRC) disallows the deduction of penalties, fines, or interest from taxable income as they stem from the failure to fulfil legal responsibilities, not from business operations. Allowing such deductions would essentially lessen the penalty's effect, countering its intended purpose as a deterrent against non-compliance. This is another reason why having an experienced Chartered Accountant can save your business money. Our fees are tax-deductible, whereas VAT surcharges are not.
What if I forget to submit a VAT-deductible expense?
If the error is less than £10,000, we can simply include it in the next VAT return. However, if the error exceeds £10,000, we complete a VAT 652 form.
What are VAT disbursements?
VAT disbursements are costs that a business incurs on behalf of a client, such as court fees or travel expenses. The client is responsible for the price, and the exact amount is passed on without any additional charges. Invoices require separate itemisation, and no input tax is claimed. It’s imperative to have an experienced Chartered Accountant who can report VAT disbursements accurately.
What is the Vat 652 form?
A VAT 652 form is used to correct errors on a previously submitted VAT return. We sometimes have to complete this form if we take on a new client and realise that mistakes have been made in their previous VAT returns. HMRC tends to be more understanding if this is discovered early on rather than years later, when you might risk an investigation. Our specialist tax advisors have vast experience in guiding our clients through this process.
If my profits decrease, should I de-register for VAT?
If your turnover is below £88,000, you can deregister from VAT. However, although it can be tempting to deregister, it is significant that if your turnover is fluctuating, there are several pitfalls associated with deregistration. The primary loss is that you can’t claim your VAT back. It’s best to have a Chartered Accountant who specialises in VAT to advise you on how much money you are potentially saving versus the additional accountancy costs.
Our Business Consultancy service is a great way to create a business plan with budgeting and forecasts, allowing you to have a better idea of your projected income and, therefore, whether it’s worth deregistering.
Which products are VAT-exempt?
Certain products and services are exempt from VAT, which means that you aren’t required to charge VAT on these items or include them in your VAT-taxable revenue. VAT-exempt items include insurance, professional training, property, medical equipment, dental services, and postage stamps. Our tax specialists have thorough knowledge of VAT legislation, so they will ensure that you are charging VAT correctly.