What we can do
Accountancy and Audit
Buffery & Co can handle most types of accountancy and audit services necessary to meet statutory obligations, the requirements of HMRC and yet also to assist in the operation of a business. It is important to remember that every business operates in a slightly different way and there is no ‘one size fits all’ solution. Where possible we will provide such services on the basis of fixed fees so that you are not subject to open-ended commitments and can plan effectively for the future.
Tax
The UK tax system is one of the most complex in the world whether dealing with income tax, corporate tax, VAT or the myriad of other taxes to which we are all subject. Almost every year sees an increase in the amount and complexity of tax law.
Tax Returns
Many of our clients seek our assistance in order to file the returns required by HMRC, and to meet the various statutory legal requirements laid down by Parliament, alongside our accounting and auditing services. We can help with self-assessment (individuals, partnerships and companies); payroll (PAYE/CIS); and indirect tax (VAT returns, Intrastats and ESLs).
Planning for Tax
Tax planning should be exactly that – planning. It cannot be done retrospectively and in most cases there is no quick solution to a problem. Claims by others that massive savings are to be made from proper tax planning are usually greatly exaggerated. The best tax planning involves the effective use of reliefs and allowances available under existing tax law in line with the particular circumstances relevant to you as a business or as an individual. When done properly, the cumulative returns can be significant.
As a matter of course, when dealing with your tax or accounting affairs, we will consider whether your tax position can be improved. However, tax planning is most important and relevant when transactions are planned or changes intended to the affairs of a business or an individual. This is because there are often a number of different ways in which those changes can be effected, some of which can have greatly differing consequences for tax, whether direct or indirect.
Tax planning does not have to be aggressive to be effective but it does need to be carried out at the right time and in the right way. Over the years, there have been many instances of failures of tax planning as a result of errors in either timing or implementation. We never forget that the main priority of our clients is to run their businesses successfully, and in the current political climate, the benefits of over aggressive tax planning will be more than lost if our clients have to defend, or worse still, unwind any tax planning.
Business Planning and Advisory Services
Whether you are starting a new business, looking to attract new investment, considering changes to the way in which you run your business or simply taking stock of your present position, Buffery & Co can provide advice and assistance. Business planning is much more than just producing financial projections, it is about helping you identify financial, tax and other factors relevant to the operation of your business so that you can be more successful. This can range from acting as a sounding board for your ideas, through the drawing up of a detailed plan to assisting you in obtaining finance.
Investigations and Enquiries
HMRC are taking an increasingly aggressive approach towards the affairs of all taxpayers. Proper tax planning involves minimising both the risk of disputes and the cost of dealing with HMRC. Buffery & Co has expertise in handling most types of disputes with HMRC, including providing assistance in taking appeals to the new first tier Tax Tribunal. Should specialist skills also be required we have a network of contacts in the legal and accounting fields to draw upon.
Other Business Services
Buffery & Co can also provide advice and assistance in relation to many other aspects of commencing or developing a business, including the formation of companies and LLPs, acting as your registered office and providing company secretarial services.
What happens if we can’t help
Buffery & Co have a large network of contacts in the accounting and legal professions, as well as a few other areas. If we can’t handle any aspect of your affairs ourselves, such as in cases where specialist assistance is needed, we know where to find it.
Please contact us on 01491 576659 or email enquiry@bufferyandco.co.uk to discover more about who we are.
