ACCOUNTS, AUDITS & TAX

Audit

As a business, it’s hugely important to keep your financial records as accurate as possible. An audit is an examination of your financial information by an independent professional, to form an opinion as to whether your financial statements show a true and fair view.

Accuracy of your financial statements refers to whether the information provided in your balance sheet, income statement and supporting notes are correct. An audit is required by statute for some businesses.

At Corrigan CA Limited, we undertake numerous statutory audits, which can also identify the strengths and weaknesses of your systems and processes and give you the opportunity to improve them.

Though business owners traditionally regard the annual audit and preparation of annual accounts as a cost centre - a necessary evil that adds no value to the business! - we strive to transform it into a profit centre. Besides helping you meet the statutory requirements, we also take the opportunity to conduct a review of your financial and management systems. This can often result in our identifying potential problem areas and recommending opportunities to improve your business performance. We discuss the problems and opportunities with you and help you implement any agreed solutions.

Independent Examination

The Charities Commission of Northern Ireland now require all registered charities to have some form of examination of their accounts. As with audits, as well as carrying out the independent exam we use this as an opportunity to identify any areas for potential improvement within the client’s systems. This is a relatively new area for most charities and generally speaking we find that clients welcome our input.

Corporate Tax Planning

Corporation tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government. We offer a range of services to help you minimise your corporate tax exposure and relieve you of the administrative burden of complying with tax legislation. Electronic filing via IXBRL is now in place and we can assist companies file all necessary documents online.

Personal Tax Planning

With the tax regime becoming more complex and more emphasis being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.

Self Assessment

We can save you a lot of time, worry, and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability. We can act as your agent, dealing directly with the Inland Revenue on your behalf and, should you be selected for a self-assessment enquiry, act for you at any meetings. As the majority of self-assessment tax returns are now submitted electronically one now needs to become familiar with the process of electronic filing. This is not everybody’s forte and we can assist here. We have invested in electronic compliant systems which will enable us to file electronically on your behalf and forward all payments electronically on your behalf.  With the introduction of Making Tax Digital in April 2022 we envisage that this is an area where clients will require an increased amount of assistance from us

VAT

Value added tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT. The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of Customs and Excise, particularly in relation to Making Tax Digital (MTD), call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay the Exchequer more than you need to! We provide an efficient cost effective VAT service. We can assist with registration, deregistration, zero rating and with the ongoing compliance of composite vat and second hand vat schemes etc.

Capital Gains Tax Plannings and Returns

Recent changes to reporting requirements for capital gains means that gains on the sale of residential properties must be reported to HMRC within 60 days of the gain being made. This can involve complex calculations and we often assist clients with this and the setting up of online HMRC accounts so that they can report and pay any tax within the timescale given by HMRC.

Inheritance Tax Planning

Inheritance tax ( IHT) is a tax on the estate of someone who has died, including all property, possessions and money wherever located. The standard rate is 40%. More and more estates are becoming liable to incur IHT – that is those estates above the tax-free threshold which is currently £ 325,000. So tax planning is essential to minimise IHT and it’s never too early to start this process. We can assist you in this and help ensure your estate is IHT efficient.