Tax Consultants

Oakwood Tax Consultants offer tax advice for the individual, whether personal or business, and for the Limited company, for the directors and the employees. Many times, all these things are interlinked – i.e. remuneration packages should be considered for their tax efficiency not only from the employee’s point of view but for the employer as well.

As Directors of a limited company, you may need advice not only on how to tax efficiently extract funds from your company but also what you do with your net income. If you may be thinking of insurances or pensions, do you want to pay for these out of your net pay or would it be better to get the company to contribute and save tax and NIC at the same time?

Just as you have money in your pocket, you could benefit from budgeting and financial efficiency. We can advise on budgets, tax efficient use of your net pay and investments and mortgages advice as well.

We have a number of clients who like us to manage their budgets from opening the post, sorting and agreeing bills, writing out the cheques and managing who is paid and when. We arrange credit accounts with all sorts of people, from the local shop and the butcher to builders’ merchants and the local garage. That way, you pay your bills once a month, you could get up to 30 days grace and you don’t have to keep track of everything yourself – we can do it all. The only things we can’t do are sign the cheques or move your money so there are funds in the right place! We can produce budget forecasts to assist you in making the most of your disposable income and keep more of it for yourself, more of the time!

Part of the fee charged for the preparation, completion and submission of a personal tax return, includes tax code checking – the previous year, the current year and the future year – trying to ensure you pay the right amount of tax at the right time. Also by the timely submission of your personal tax return, underpayments can be coded out – subject to limitations. If you are under PAYE, having the taxable value of current benefits coded out accurately spreads the load as you might be underpaid at the year end and this would result in a bill to pay – all in one go.

If you are self employed, we give advice on what to pay and when and how much we think you should be saving, on a regular basis, so that come 31 January and 31 July, you are prepared.

We have clients who ask us to assist with their applications for tax credits. As the applications/renewal forms have to be submitted by 31 July every year, we ask for the business records as soon after 5 April as possible so we have time to prepare the accounts and the tax return and the accurate figures can be input on to the form or submitted to HMRC. We do act for clients with the Tax credits office directly and completing the forms can be advantageous for our clients as there are some instructions in the completion of the figures on the form that many folk actually miss!

We can help with advice on pensions, taking one out, cashing one in, moving it etc.,- we help with all the tax considerations you need to know about so you can make an informed decision to speed the process when you decide to take action. If you are a director of a limited company, do ask us about the tax saving advantages of opening up the right kind of pension, that will save you tax and NIC and provide tax efficient savings for the company too.

We offer financial and investment advice but it is just that. Although Jane has completed her IFA exams, we choose not to go down the route of offering a complete service. We specialise as accountants not financial investment consultants – but the advice we offer, will be relevant and interesting and will lead you to make informed decisions as to where you might want to invest your money, your attitude to risk and will arm you with knowledge that you will find very useful when actually making the investments.

We also offer mortgage advice, Jane has also completed her CII exams and is a qualified mortgage adviser. The reason she did all these exams was so we could offer a comprehensive service. After all, who knows you and your business better than your current accountant? We are ideally placed to discuss your mortgage needs before you actually sign on the dotted line. However, the market place is huge and we have two dedicated mortgage advisers who can sort you out- no problem- once we have talked things through with you first. This is essential if you are thinking of buy to let or freeing up money in your buy to let for other purposes – do talk to us first!

All these services are bespoke and are fee chargeable. We will discuss your basic requirements and agree a fee base structure before we proceed. That way you know what fees you are incurring and we can tailor make the consultation and advice to exactly what you want. We can cover other aspects of taxation – principal private residence and buy to let property income and elections, capital gains and even inheritance tax planning. We must point out that we can offer advice but certainly inheritance tax planning is a specialisation all of its own.

We also offer a will making service for simple and straight forward estates. We can give advice on what you can give away and the audit trail necessary to ensure gifts to individuals, families, charities etc are dealt with correctly and timely- thus minimising inheritance tax and giving our clients peace of mind.