Tax FAQs

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February 25, 2022

So, you want to learn about tax. Well coming to Nottingham’s Top Certified Chartered Accountants & Business Advisers website is probably a good first step.

At Seagrave French tax are probably one of the areas of our business that we are most enthusiastic about. Seagrave French provides tax services to both business owners and private individuals. Let our tax advisors take the stress out of your tax return.

So it is safe to say that we are pretty experienced with this process so we get asked a lot of questions about what we do. In this blog, we will cover some of the most frequently asked questions we get asked at Seagrave French.

What is Personal Tax?

Personal tax is a taxation system that the government imposes on income generated by individuals.

What is a PAYE Health Check?

A PAYE health check is where an employer asks a third party to undertake a review of an employer’s payroll and benefit procedures to ensure that they are delivering the right results in terms of compliance with HMRC’s rules.

What are the Benefits of a PAYE Health Check?

  • Peace of Mind
  • Decrease Penalties
  • Reduce Disruption Cost
  • Protect Against Employee Fraud
  • Employer Compliance Reviews
  • Keep Up To Date With Legislative Changes

What is Tax Planning?

Tax planning is the legal process of arranging your affairs to minimise tax liability.

What are the Benefits of Tax Planning?

  • To get a head start
  • To See the Bigger Picture
  • To Minimize Litigation
  • To Ensure Economic Stability

What is Inheritance Planning?

Inheritance planning in simple terms refers to the passing assets/investments down from one generation to another.

What is Inheritance Tax?

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.

What are the Benefits of Inheritance Tax Planning?

  • Understand the value of your estate better
  • Minimise potential Inheritance Tax
  • Calculate the sustainability of your income
  • Help loved ones plan for the future

What is Property Tax?

Property tax is a tax paid on property owned by an individual or other legal entity, such as a corporation.

What is a Trust?

A trust is a legal arrangement for managing assets. In a trust, assets are held and managed by one person or people to benefit another person or people.

What are the Benefits of trusts?

  • Control Of Your Wealth
  • Protection Of Your Legacy
  • Privacy And Probate Savings

What are Tax Disputes?

Tax dispute implies the general conflict or disagreement between the tax authority and taxpayer arising from the decision of the commissioner-general.

What are Tax Enquiries?

A tax enquiry is a process by which HMRC check in detail that the information on a tax return is correct and complete.

What Happens During a Tax Enquiry?

During a full enquiry, HMRC will review the entirety of your business records, usually because they believe that there is a significant risk of an error in your tax.

What are Tax Investigations?

Tax Investigations are focused on the finding of significant tax fraud wrongdoing and punishing that tax evasion.

What does a tax investigation procedure involve?

During the investigation, a team from HMRC will audit your accounts and ask you a number of questions. They might ask to visit you in person at your home, business address or at your accountant’s office.

What are the possible outcomes?

  • Overpaid tax
  • Underpaid tax
  • Deliberate wrongdoing

We hope that any misconceptions about tax have been cleared up and that you have had your questions answered. Perhaps you are interested in investing in tax or one of our other services?

Whatever your reason for reading this blog we are happy that you did and if you are interested in reading more please consider visiting our knowledge bank here.

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