Our Tax Services
At Kennedy Accountancy, we split our tax services for you into three areas:
Tax compliance: ensuring you to pay the right amount of tax to HMRC, on time.
Tax advice: delivery of work to improve your tax position, to make a future saving, or to get cash back into your business.
Tax Consultancy: reviewing your circumstances, overall and applying tax legislation to your situation, to see where you may benefit from advice retrospectively, presently or in the future – AKA a tax diagnostic review.
What Is a Tax Diagnostic Review?
Until recently, there has been no universal system for, reviewing your overall affairs and motives, and applying tax legislation to your situation, to see where you may benefit from advice retrospectively, presently and in the future.
That’s why we’ve invested in market leading technology to enable us to deliver a tax diagnostic review service that is not widely available to business owners.
In a tax diagnostic review service we will identify all the: tax advice needs, tax saving opportunities, allowances, incentives and reliefs, applicable to your business. The review covers all the relevant areas of tax, whilst applying your personal, business and financial situation. These are things that relate to you, your family, your life, your business. Make sure you’re doing them as tax efficiently as possible.
Depending on where your business is in it’s lifecycle, there are different tax diagnostic reviews.
As part of our tax diagnostic review service we will:
- Complete a full analysis to identify all the tax advice needs, tax saving opportunities, allowances, incentives and reliefs, applicable to your business.
- Produce a detailed report outlining all the tax advice needs, tax saving opportunities, allowances, incentives and reliefs, applicable to your business.
- Produce an action plan outlining the priority areas to focus on, including estimated tax savings and quotes for the delivery of recommended tax advice.
What To Expect
If you’re ready to go ahead with your tax diagnostic review, here’s what to expect:
STEP 1: Discovery Stage
We’ll gather the key information required about you and your business, in order to complete Step 2 the Tax Diagnostic Review.
STEP 2: Tax Diagnostic Review
We’ll run a Tax Diagnostic Review on you and your business, and analyse the findings, ready to share the results with you via the 45-min ‘Impact Meeting’.
STEP 3: Impact Meeting
We’ll invite you to a 45-min ‘Impact meeting’ where we will take you through the Tax Diagnostic results. We will explore three priority areas, explaining why it is relevant, the benefits and the tax savings.
You’ll take away an action plan outlining the priority areas to focus on, including estimated tax savings and quotes for the delivery of recommended tax advice.
Take Forward the Advice!
We’ll take forward any immediate any tax advice, and work with you to deliver your action plan.
At each stage of a business’ lifecycle, there are different tax service options to consider, to make sure you are paying the most efficient amount of tax. As a result, we have five different tax diagnostic reviews available to choose from.
The fees for our tax diagnostic review services are set out below.
Tax Diagnostic Review
Tax review 1: Starter planning
Ensuring the right split between Salaries and Dividends. Our standard level for tax consultancy is that we do salary and dividends planning, we calculate the perfect split, to make sure you get paid in the right way.
Suitable for early stage/start-up businesses.
Tax review 2: Extracting Maximising Value Tax Diagnostic
Exploring the different ways to tax efficiently put things through the business or take value out of the business to benefit yourself as a business owner.
Suitable for small, stable businesses
Tax review 3: Growing Business Tax Diagnostic
As the business grows, the director shareholders can look to maximise their takings, invest in the business and want to mitigate chargeable profits to corporation tax.
Suitable for growing businesses.
Tax Review 4: Business Expansion Tax Diagnostic
The business may now be disposing of assets and reinvesting to expand. Likewise, the structure of the business may need to be considered to better facilitate expansion whether in the UK or overseas.
Suitable for expanding businesses.
Tax Review 5: End Game Tax Diagnostic
Circa 3 years + in advance of any of the aforementioned, undertaking a review to think ahead. This is the full 360 review!
Suitable for concluding businesses.
Personal tax review
A 360 review for high net worths, successful business owners or individuals with property portfolio owner who want look at their tax position.
At the end of your tax diagnostic review service, tax advice will be identified to improve your tax position, to make a future saving, or to get cash back into your business.
Where tax advice is identified, we will provide calculated tax savings, a proposal of work and a quote for the delivery.
All tax advice will be quoted for separate from the tax diagnostic review fee.