A Code of Practice 9 ( COP9 ) is issued by the commissioners of HMRC when they suspect tax fraud. This invites the recipient to apply for the Contractual Disclosure Facility ( CFD ) under COP9 which gives the individual in question an opportunity to provide a complete report of all tax irregularities and other such wrongful deliberations. In exchange for a full disclosure, HMRC will not pursue a criminal investigation into your disclosed conduct, however, if they suspect that the disclosure is incomplete or falsified, they reserve the right to initiate a criminal investigation into your conduct. You have 60 days to respond to a COP 9 offer.
HMRC strongly advise that you seek professional advice from a tax investigation specialist if you have received a COP 9.
Steps you should take:
Irrespective of your beliefs in the validity of any allegations presented before you, a COP9 must be handled in a professional manner right from the beginning.
Deliberate your options before accepting or denying HMRC allegations and their repercussions.
As suggested by the COP 9, you are highly encouraged to seek specialist advice from an experienced tax adviser who understands the smallest of complications in such matters.
Your Options:
Accepting COP 9
Once your initial disclosure is submitted HMRC will check what you have stated in the outline disclosure information HMRC holds If the inspector is satisfied that you have disclosed all material tax issues you will be notified of this in writing and HMRC will usually request a meeting.
If HMRC is unable to accept your initial disclosure usually they will state this in writing. If the inspector is unable to accept your disclosure HMRC will generally want to start their own investigations (on either a civil or criminal basis).
Assuming the outline disclosure is accepted, HMRC will want to meet and it is generally best to have a meeting. To get the most out of the meeting and to ensure that facts are clearly presented most good advisors will spend a few hours with you to prepare you thoroughly making you aware of the wording HMRC will use (it is a very prescribed format which follows a standard brief) and helping you put some meat on the bones of the outline disclosure.
The next stage is for your advisor to prepare a disclosure report. The report should include details of the irregularities, the amounts involved and provide sufficient information to enable HMRC to understand the work done and the reasons for any conclusions.
During the report preparation a good advisor will keep in touch with HMRC and if there are any contentions points or areas of ambiguity then these can be openly discussed to ensure that when the report is received there are no surprises to HMRC. This usually means that the report gets accepted quicker and without too much scrutiny.
HMRC will then if they require test the report. This is where having an experienced advisor really helps as if HMRC are aware of them and the way that they work and a proper detailed disclosure report is provided they are less likely to spend days revisiting each and every point as they generally trust the work of the (usually more experienced) specialist.
Denying COP 9
Not everyone who is accused of tax fraud and offered COP 9 by HMRC has done something wrong. If you do not think you have done anything wrong it is even more important to discuss matters with a professional advisor.
HMRC will conduct the enquiry themselves. Often HMRC will say that if someone has nothing to hide then they should not be afraid to provide bank statements etc. It is our view that if HMRC are not legally entitled to the information then you should think carefully about providing it . We can guide you in that decision. In some cases providing additional information may assist in concluding matters quicker:
Always remember that when you have been issued with a COP 9 then the assumption is that you are guilty of tax fraud.
How We Can Help…
At WAYFINDERS Consulting, we have a team of experts with decades worth of experience in dealing with COP9 investigations. This division is directly supervised by our firm’s Managing Director who has more than 25 years’ worth of experience in this field.
Probate is a term used generically to refer to the process of dealing with the estate of a deceased person. The people who are legally entitled to deal with the estate of the person who has died are known as ‘personal representatives’. The probate process ensures that relevant taxes are calculated and paid, money owing to creditors and owed by debtors is collected, and, if a will has been made, the deceased’s remaining assets are distributed to the beneficiaries in accordance with his or her wishes.
The relevant obligations and procedures can be overwhelming during an already difficult and emotional period. As your trusted advisors, we are here to guide you through the complexities of probate.
Benefits of using an accountant for probate?
Since we already manage your accounts and finances, we have an intimate knowledge of your situation which enables us to understand your needs and case better. We can offer a complete probate service enabling the entire process to be dealt with by one professional, saving you both time and money. Our suitably qualified probate specialist can provide an overview of the process and provide assistance in relation to specific aspects if that is what you prefer. Where appropriate, we may also be able to provide technical insight regarding the tax implications as well offering practical support during this difficult time.
Our services range from providing assistance to obtain a probate, to inheritance tax and capital gains tax advice, and the management of the estate in accordance with the Will, or otherwise appropriately in the case of a sudden death.
Services Include (but are not limited to):
Sending notifications of death to relevant organisations
Assessing whether there is any entitlement to bereavement allowances or benefits
Reviewing the validity of the Will, any codicils, and legacies
Identify the composition of the estate and work out whether a grant is needed
Value the estate
Prepare and submit inheritance tax forms
Calculating the tax position up to the date of death and for the period of administration of the estate
Prepare and submit applications for a grant of probate or a grant of administration
Place statutory notices of death in the London Gazette
Take control of estate’s assets
Settle any debts of the estate
Pay any legacies and transfer the balance to the residuary beneficiaries
Prepare accounts for the estate
While there is a cost associated with obtaining probate services, this can be seen in relation to the size and complexity of the estate, along with the emotional and practical difficulties faced when a death occurs.
Stages in the Probate process
WAYFINDERS Consulting can assist with various stages of the probate process. Here is a general summary of the stages and timeframes involved:
Time Period
Stage of process
1-2 Weeks
Initial Assessment: WAYFINDERS Consulting will review the information provided by the personal representative of the deceased person, this will include the estate’s assets, liabilities and the overall complexity of the estate. We will gather relevant documents such as the will, death certificate, and financial records to review the estate’s value and determine if probate is required and what Inheritance Tax Forms are required.
4-6 Weeks
Preparation of Inheritance Tax Forms: WAYFINDERS Consulting will calculate the inheritance tax liability based on the estate’s value and exemptions. We will prepare the necessary inheritance tax forms, such as the IHT400 form and the schedules, or the IHT205 for an excepted estate.
2 -8 Weeks
Submission of Inheritance Tax Forms: Once the inheritance tax forms are prepared, they will be submitted to HMRC along with any required supporting documentation. The time taken for HMRC to process these forms can vary, typically ranging from a few weeks to a few months.
2 – 4 Weeks
Application for Grant of Probate or Letters of Administration: We will prepare and submit the application for a Grant of Probate to the Probate Registry. This application includes the necessary forms and the appropriate fee. The Probate Registry may take several weeks to process the application.
4 – 12 Weeks
Response from Probate Registry: The Probate Registry may take several weeks to process the application. In our experience, we advise clients to allow 4 – 12 Weeks to receive the Grant of Probate (if there is a Will) or Letters of Administration (if there is not a Will).
Note that the time frame for any stage can vary significantly depending on the circumstances of the case, any unforeseen issues and case management workloads at HMRC and at the Probate Registry.
Estate Administration and Distribution (3-9 months or longer). As well as assisting in the preparation of papers for the application of Probate/Grant of Administration, WAYFINDERS Consulting can also assist in the management and distribution of the remaining assets to the beneficiaries according to the Will or intestacy rules (if there is no Will). The timeframe for this can depends on the circumstances of each case. As an indication, we would suggest that clients allow a minimum of 3 months and keep in mind that a timeframe for the administration and distribution of an estate of 6 – 9 months is not unusual.
Probate fees
This section provides information about how our fees are determined so we can provide clarity for our clients. Our fees are based on the estimated time required to complete the probate application process and to undertake any other work requested. The application process would include the following:
Identifying and verifying the status of the executors (if there is a Will and confirmed executors) or administrators (if no Will has been left by the deceased). The executives or administrators are known as the personal representatives (PRs) of the deceased.
Reviewing the estate of the deceased to ascertain the nature of the probate application and whether inheritance tax is payable.
Gathering and completing the relevant Inheritance Tax and probate forms.
Assisting the personal representatives to value the estate and to obtain independent valuations if required.
To communicate and liaise with HMRC and the Probate Office with any queries.
How the fees are determined
Estimated hours to:
Verify the personal representatives and to undertake the probate application process
Ascertain the value of the estate and to determine the IHT implications
If required, to undertake any other activities to advise about income tax and capital gains and options for mitigating inheritance tax
Fulfil any other requirements for the personal representatives
Charge out rates:
The estimated hours would be specified according to the skill level of the person(s) required to assess the IHT and other tax implications and to prepare the probate application
The hourly rate for the appropriate person(s) would then be applied to the estimated hours
Our hourly rates range from £150 to £450 per hour (+VAT)
Disbursements and other costs:
Any third party disbursements and other costs (+ VAT) would be agreed with you in advance and would be additional costs at the rate of cost incurred.
As of 1 January 2022, the probate application fee is £273 for estates over £5000. This would be the main disbursement unless, along with the costs or professional valuations costs payable to independent third parties approved by you
Indication of fees
For straight forward cases, if the estate value is less than £325,000, our fees would typically be in the range of £2,250 – £3,750 + disbursements + VAT
Although there are no “typical” probate cases, please note that usually our fees range from £3,250 – £8,500 + disbursements + VAT
Would always discuss and agree the fees with you in advance, advise you about the general process and the provide an indication of the timelines
Administration of the estate
The personal representatives undertake the administration of the estate in terms of making the disbursements to the beneficiaries listed in the Will. They are responsible for paying the inheritance tax and for completing any matters relating to the deceased such as submission of the tax return for the period to death and for reporting any tax related matters. The taxes that are usually payable are income tax, capital gains tax and inheritance tax. For many situations, it is likely that our assistance will only be required to obtain probate and for advice regarding inheritance tax. Where an estate is more complex and has many assets or assets in different countries, or where the terms of the Will or the situation of the beneficiaries requires specialist attention, we can help to ensure that the estate is administered smoothly and with the minimum of distress and disruption to the personal representatives and the family. We are authorised to assist the personal representatives with the administration of the estate. We are authorised to provide a full estate administration service. This means obtaining provide, calculating, reporting and paying the required taxes and making transfers and distributions in accordance with the Will subject to specific instruction from the personal representatives. The costs of administration would be based as above and we can provide an estimate after discussing the situation with you.
Our complaints procedure
Our aim is to provide you with service and advice of the highest quality. If, at any time, you are dissatisfied with any aspect of the work we have performed, we hope that you will bring your concern to our attention.
As part of our quality control procedures, we operate a formal system by which we undertake to investigate any complaint carefully and promptly, take the appropriate action to resolve the matter and fully discuss the position with you.
If you would like to talk to us about how we could improve our service to you, or if you are unhappy with the service you are receiving, please let us know by contacting the firm’s Principal Mr Ghulam Alahi or the Head of Legal Practice Mr. Atul Thakrar.
We will carefully consider any complaint you may make about our probate or estate administration work as soon as we receive it and do all we can to resolve it. We will acknowledge your letter within five business days of its receipt and endeavour to deal with it within eight weeks. If we do not deal with your complaint in this time, or if you are unhappy with our response, you may of course take up the matter with the Legal Ombudsman.
The Legal Ombudsman’s ability to deal with your complaint is dependent on the following factors:
you must refer the complaint to the Legal Ombudsman no later than:
six years from the act/omission; or
three years from when you should reasonably have known there was cause for complaint; and
you must refer the complaint to the Legal Ombudsman within six months of the date of our written response.
Legal Ombudsman, PO Box 6806, Wolverhampton WV1 9WJ
ICAEW Probate Compensation Scheme
WAYFINDERS Consulting is licensed by the Institute of Chartered Accountants in England and Wales (ICAEW) to provide non contentious Probate Services. As part of our commitment to providing professional and reliable services, we adhere to the ICAEW Compensation Scheme for Probate.
The ICAEW Compensation Scheme for Probate is designed to provide protection to clients in the unlikely event of fraud or other dishonesty by the accredited probate firm in conducting authorized work (i.e., probate and estate administration); or a failure by the accredited probate firm to account for monies received in the course of authorized work. It offers an additional layer of security and peace of mind to our valued clients.
Key features of the ICAEW Compensation Scheme for Probate include:
Financial protection: The scheme provides financial protection to eligible clients. This means that you may be entitled to compensation for any financial loss suffered as a direct result of the probate professional’s insolvency.
Eligibility criteria: To be eligible for compensation under the scheme, clients must have a valid claim and meet certain criteria established by the ICAEW. The scheme covers individuals and organizations that have engaged the services of a probate professional regulated by the ICAEW.
Claim submission process: Clients who believe they are eligible for compensation must follow the prescribed claim submission process outlined by the ICAEW online. This typically involves providing necessary documentation and evidence to support the claim.
In accordance with the Probate Compensation Scheme Regulations, grants from the scheme will be wholly at the discretion of the Probate Committee and will be subject to a limit of £500,000 per estate. Applicants will usually need to apply to ICAEW for a grant within 12 months of the loss first coming to their attention, and will need to show that they have exhausted all other available remedies
It is important to note that the ICAEW Compensation Scheme for Probate is separate from any professional indemnity insurance held by the probate professional. It provides an additional layer of protection to clients, ensuring that their interests are safeguarded in unforeseen circumstances.
As a member of the ICAEW, WAYFINDERS Consulting is dedicated to upholding the highest standards of professionalism and integrity. By participating in the ICAEW Compensation Scheme for Probate, we demonstrate our commitment to providing excellent probate services while ensuring our clients’ interests are protected.
Licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales.
Details of the firm’s probate registration can be viewed at icaew.com/probate, under the firm’s reference number C004563153.
Maintaining proper business financial control is essential for any company that wants to succeed in today’s world. With so much market competitiveness, you need to keep every single fine detail about your business venture in check to have the upper hand in terms of financials.
One of the key components to sound financial health is to have a cash flow model you can rely on to know at all times the exact amounts of money your company has. WAYFINDERS Consulting is an expert company with years of experience in cash flow modelling. A professional chartered accountant is assigned to you to provide top-tier cash flow solutions.
What is Cash Flow Modelling?
When you think about cash flow modelling, there is one concept that you need to bear in mind: Solvency. The be-all and end-all purposes of cash flow modelling are to maximize solvency by magnifying the visibility of your company’s assets, investments, income, expenditure, and debts to predict your business’s future performance.
Modelling your cash flow adequately allows you to plan for the future, whether it be to weather storms during difficult market fluctuation seasons, or even during recessions. In addition, during times of prosperity, you also enable yourself to know more exactly how much you are to spend without going overboard.
For instance, if you want to expand your company but you also need to invest money, cash flow models tell you exactly how much you can spend on that particular purpose.
Each company is different, so a one-size-fits-all approach might not be the best for cash flow models. That is the reason why you need us. We create cash flow models tailored to your company’s requirements and leadership style, fuelled by data and analytics.
So long to unnecessarily rely on loans and debt to make your business grow. The ultimate desideratum is the services of WAYFINDERS Consulting.
Pros of Cash Flow Modelling
You get a trustworthy graphic representation of your company’s future
You can visualize data better
It allows you to detect opportunities better
It helps you reduce the impact of potential threats
You gain confidence in your decision-making processes
You manage to determine your company’s options better
Cons of Not Confecting Cash Flow Models
You are unable to properly gauge your company’s overheads
You do not maximize your profit margins
You cannot pace your company’s growth rate adequately
You are bound to underestimate general operational costs
You miss out on beneficial external investment opportunities
Get the Best Cash Flow Services in the Market Today!
When you hire us, you are incorporating the most valuable asset a company can possess: reliable information. Plus, guidance, undivided attention, and optimal customer support are traits that distinguish us and separate us from the crowd. Here is what you get with us:
Pensions are one of the most important aspects employers must take into account when deciding to take in employees, as some deductions from wages need to be done, and you must also choose an adequate pension scheme. Let WAYFINDERS Consulting manage these affairs for you with the provided assistance of a professional chartered accountant.
What Are Pensions?
Workplace pensions are one of the forms of saving for retirement that must be arranged by employers for employees. You must pay them under the context of Auto Enrolment rules.
Contributions are taken partly from your employees’ salary—that is 5% as a minimum contribution—and a part that you must also contribute with—a minimum of 3%—that amounts to a total of 8% worth of minimum contributions. These contributions can either be a fixed amount or a percentage that is based on the earnings of your employees in a given period.
What Is the Relevance of Pensions?
Pensions are very relevant, as they are a means for your employees to be able to retire in the future. There are different plans that can adapt to both your needs as an employer, and those of your employees.
WAYFINDERS Consulting provides intensive counselling, guidance, and support throughout all of the stages that pensions for employers demand.
Types of Pension
There are different types of pensions under the current system: State pensions, defined contribution pensions, and defined benefits pensions. The first one is public, while the other two are private.
State pensions are those that you can claim once you reach a certain age. This age is called the State Pension age. For a long time, this age has been a standardized age of 65 years. However, there are current plans to push forward the age to those born after April 6, 1970, to 67 and 68, depending on what age bracket you were born in. This is very important, as this will also help determine the amounts that must be contributed to your employees.
The defined contribution pension, also sometimes called a ‘money purchase’ pension, can be conceived as a pension pot. One example of a very well-known workplace pension is Nest, which must be arranged by the employer. The money is invested by the pension provider, and the size of the pot is defined by the performance of these investments.
Then, there is a type named the benefit pension. This type of pension relies on your employees’ earnings, mostly based on their longevity at the workplace, and their pension scheme terms.
At WAYFINDERS Consulting we carefully assist you concerning which pension type to choose, safeguarding your interests and all those of the parties involved.
Pros of Pensions
Pensions make up for the typical losses of income experienced during retirement
Pensions provide economic protection to your employees and their families in case of demise
You also get retributions as an employer in the form of tax relief
We get you. Payrolling can be a headache. Endless pages of overwhelming information, tight deadlines, several organisms involved, and too much paperwork to deal with simultaneously. Running payroll is a headache, and without proper assistance, it can become a burden on your shoulders quickly. WAYFINDERS Consulting is your aspirin.
Some Information on Payroll
For those of you that are rookies to the role of employer, payrolling is the comprehensive concept of paying your employees. As easy as you might think it is, chances are you are wrong. Payroll involves heavy amounts of documentation, tight deadlines, and a strong sense of responsibility.
Since you must pay on a certain date, you must also engage in several bureaucratic affairs before the check lands in your employees’ hands. Payroll involves actions such as running payroll—this is the calculation and distribution of wages and taxes, registering and running payroll schemes, and payroll submissions to tax agencies, to name a few.
One of the biggest issues with payrolling is that any minor mistake or slip-up can represent major trouble for you, as correcting an error when payrolling means squandering valuable time that you could otherwise spend on other rather meaningful tasks in your company. Moreover, payroll miscalculations can also affect tax deductions and net salaries, and you also run the risk of losing track of how much money goes for employee salaries.
Why take a chance to allow all of this to happen when you can have a payroll specialist do it for you? WAYFINDERS Consulting is the firm that covers all of your payroll needs.
Why Is It So Relevant to Keep Payroll in Check?
Proper payroll is crucial to any company that wants to showcase its employee’s seriousness and punctuality. Employees make your company work, so it is wise to compensate them accordingly and expeditiously.
Payroll mistakes usually come with newfound mistrust from your employees, accompanied by productivity decreases, and slumps in results.
Get your employees the treatment they deserve. WAYFINDERS Consulting keeps you and your employees happy.
Advantages of Payroll Outsourcing
In case you wonder, payroll outsourcing is the act of delegating payrolling activities to third parties. Why would you ever need to outsource your payroll duties? The reason is simple: Our payroll outsourcing services are of top-notch quality. Our professional team is what your company demands.
These are some of the benefits of outsourcing your payroll:
You save time
You prioritize your mental health
You maintain and improve compliance
You avoid any potential payroll mistakes
You increase overall productivity
You create and facilitate a fluid payroll scheme based on your terms and possibilities
Why Choose Us?
As you can behold, payrolling is much more intricate than what you can perceive superficially. Therefore, it is vital that you summon a group that takes care of your payrolling needs with services that are catered to your possibilities and expectations.
This is what we can do for you:
Provide thorough payroll consulting and guidance
HMRC consulting
Supply online payment slips on your terms (weekly, bi-weekly, monthly, quarterly, etc.)
Credit control is essential to any business that wants to thrive. Credit is a vital part of the inner workings of the economic system. However, you have got to have credit under control. Otherwise, it gets out of hand, and the results are more often than not dire. This is the reason why you must acquire our credit control services.
What Is Credit Control?
When you hand out credit to your customers, you do so under the expectation that they are going to pay back for a given product or service. The same logic applies to banks, who usually give money loans or other facilities under the assumption that the borrower returns them, plus interest.
Like banks, you have to be careful how you extend credit. If you are not diplomatic about this, it can certainly lead to poor relationships with clients. Also, on the other hand, if client debt racks up, you may even have to undergo liquidation. The best way to avoid this is through credit control.
Credit control is a form of supervision that involves the meticulous inspection of the overall prospect of credit extension. In simple terms, it means that you develop and streamline concrete processes that help you deem acceptable suitors for credit to those who are not. Naturally, those that possess positive credit history can be granted—and in some instances, they should be—more credit than those with questionable credit histories.
These are some of the aspects that involve credit control:
Credit period outlining
Percentage of cash discounts determination
Debt collection policies
Invoicing
Late payment processing
Client vetting and outreach
As you can observe, credit control is an arduous process that you may singlehandedly not be able to manage on your own accordingly. You are better off with a professional chartered accountant that does it for you. WAYFINDERS Consulting is that group that does credit control for you.
Why Is Credit Control Important?
Credit control is the cornerstone of any functional company. When you are a worker, oftentimes you just worry about doing your job right, and you then go home, taking for granted that you will collect your salary on a given day or time.
When you become a business owner, taking payments for granted without any concrete course of action to achieve it is borderline implausible. When you have to pay salaries, utility bills, and operational costs, it makes or breaks acquiring a crystal-clear outline of processes that ensures that the money will be flowing into your accounts by the end of a given period.
That is the sole reason why hiring us becomes a must. WAYFINDERS Consulting is a firm that maximizes your financial health, helps you attain a steady state of incoming cash flow, and creates a seamless stream of happy clients that pay for their invoices on time.
What You Get When You Hire WAYFINDERSConsulting
Correct credit control on its own already holds numerous advantages for your business. But, what if you are not squeezing the most out of your possibilities? What if there is a firm that is willing to go the extra mile for you? That is WAYFINDERS Consulting. This is what we offer as a firm:
Credit management advice
Cash flow confection
Cash flow forecasting
Systems, personnel, and processes reviewing and counselling
Many companies usually face considerable challenges when they must fulfill administrative duties. This becomes even more noticeable when the company is large, as there are more departments, more personnel, and even minor aspects such as compliance start to weigh more.
It is a usual happening that companies begin their downfall when they become unable to surpass these common setbacks. At WAYFINDERS Consulting, we provide your company with company secretarial services that help you avoid these crashes.
What Are Company Secretarial Services?
You may be predisposed to assume that company secretarial services are the typical functions taken on by secretaries on any normal working day. This premise is erroneous, as this type of service consists of administrative-function-oriented assistance concordant with high levels of corporate governance, follows legislation-related compliance regarding businesses and industries, and guarantees effective administration policies.
This is an essential feat for all businesses, as many companies must adhere to diverse company standards, like, for example, UK’s Companies Act of 2006. This act calls for specific maintenance of certain records, such as those belonging to meeting holdings, interactions with any stakeholders and shareholders, activities involving government authorities, and conduct of board members, just to name a few.
Why Are Company Secretarial Services So Important?
Company secretarial services are crucial to any company that strongly desires to comply with all present-day regulations and to establish direct, solid relationships with shareholders and stakeholders. They lead most of the administrative tasks you can find in any company. However, the company secretarial’s main areas of focus are the following:
Ensuring correct paperwork supply
Consistency of proper conduct and legislation compliance concerning your company’s activity
Correspondence with shareholders and other similar parties
For instance, company secretarial is the segment of the company that is in charge of providing all of the necessary paperwork to all of the board members before any relevant meeting between all involved parties. At WAYFINDERS Consulting, we take care of this so that you do not have to.
Also, when your company is not legally compliant, secretaries are the ones to bring order. At WAYFINDERS Consulting, we carefully inspect all of your documentation so that your company is aligned with the requirements present in today’s active companies acts.
If any inspections are coming your company’s way, our crew of secretaries prepares accounts and reports that will transform inspections into concerns that belong to the past.
We also acknowledge how pesky setting up meetings with shareholders can be. With us, all you have to care about is showing up. The time and date, communication with shareholders, and preparation and paperwork are inclusive company secretarial services we diligently provide.
Advantages of Company Secretarial Services
Effective duty and responsibility management in timely ways
Years of expertise are put to work in your favour
You save up on training costs
You reduce risks
Why Hire Us?
We are a company with years worth of experience in company secretarial services. Our vast portfolio of satisfied clients is a testament to the quality of the work we bestow. Also, when you hire WAYFINDERS Consulting, you automatically acquire these services:
Annual Confirmation Statement filings at Companies House
Accounting referential dates
Restoration and dissolution
Registered office and service address
Diverse share actions, such as allotments, meetings and resolutions, and transfers
Transfer price consists of one of the most challenging corporate activities to assess. Determining the correct price for products and services can be a very arduous task, as there are tax implications amidst this type of financial operation.
Luckily, there is an elect group with years of trajectory behind willing to take on those situations that no other accounting firm dares to. We are WAYFINDERS Consulting. We are the firm that scrutinizes all of the needed elements so that your transfer prices no longer pose major inconveniences in your transactions.
What Is Transfer Price?
Transfer price is the price that is utilized by related companies to sell each other products or services.
Related companies are those that are somehow connected by a commercial relationship between them. This is usually achieved by one large holding having some form of control of the capital, management, or control of both companies, making them related to each other by belonging to the same group.
However, these relationships do not necessarily imply that companies have to sell their goods at lowered prices. Au contraire, they are meant to establish relationships as if they were independent parties. This is called the “arm’s length principle.”
The major inconvenience with this form of economic operation is that both parties may have different tax rates when selling—or reselling—the product or service. So, given that the rates are different, you can obtain a significant tax reduction by setting the correct transfer price in accordance with different preponderant variables.
Since this process can be very intricate, it is commended to look for professional help. Our team of chartered accountants holds vast experience in transfer price assessment, so when you choose WAYFINDERS Consulting, your transfer price assessment becomes unparalleled.
Transfer Pricing Common Setbacks
Knowing the accurate price of high-value transactions, both products and services
Inter-company financing
Service transactions between departments
Limitation of deductibility costs
Possibilities of double taxation
These are some of the most common problems that may befall from improper transfer pricing assessment. These scenarios also entail diverse adverse situations for your company, such as tax disputes.
You can avoid all of this by hiring us. WAYFINDERS Consulting meticulously looks after each stage of the transfer pricing assessment so that you can avoid its common mishaps.
Situations that Demand Transfer Price Assessment
You may want to double-check if company transactions are done complying with the arm’s length principle
You may want to optimize your opportunities as a company owner
You may need a better way of handling transfer price documentation
You may need support and counseling in regard to dealing with tax authorities like the HMRC
Paying your taxes, and just abiding with the legal requirements your state demands is insufficient. If you want to accomplish greater objectives, such as retiring with a decent pension or simply getting the most out of taxes, you need to have a solid plan for them. At WAYFINDERS Consulting we achieve that for you.
What Is Tax Planning?
Tax planning revolves around the concept of unraveling a strategy in order to pay the least amount of taxes possible. Tax planning ensures that all of the combined elements work for you as efficiently as possible.
When you plan your taxes you become a tax-efficient individual. Therefore, it is vital for you to have a solid tax plan, especially if you own a company or are looking forward to executing a financial investment plan.
Other considerations are your income timing and size, your purchases, and overall expenditures. You must gather all of these to create the best strategy possible. We are believers that tax planning is paramount, and at WAYFINDERS Consulting we make your plans a reality.
What Is Advance Tax Planning? And Why Is It Important? Advance taxes are those taxes paid in advance for the earned income in a given financial year. It is usually calculated by estimating yearly income. Upon this estimation, you pay at a specific time interval.
Advance tax planning is highly important because they mostly allow you to keep close track both of your income, and the money that must be spent on taxes. At WAYFINDERS Consulting we provide advance tax planning services as well.
Advantages of Tax Planning
You reduce your tax liability more efficiently
You also reduce any form of tax disputes
You acquire higher economic stability
You optimise resources for your financial future
You make the most out of tax benefits, deductions, and exemptions
You leverage your productivity
You reduce your bills
You gain more flexibility with your tax payments
You get to assess your economic situation better
Tax Planning Common Errors
When tax planning, there are common errors that many times surface. They usually consist of these:
Late tax filing
Not paying the correct estimated tax
Not having documentation for tax planning
Not having correct or complete documentation for tax planning
Tracking personal and business expenses conjointly
Only reporting a part of your income
Trying to perform accounting and bookkeeping duties that exceed your technical knowledge
All of these mistakes can undemandingly be avoided, as WAYFINDERS Consulting creates a feasible, tax-efficient plan that minimizes tax liability, and maximizes tax benefits. Also, we ensure that your taxes are paid timely.
Furthermore, we also provide bookkeeping and chartered accounting services that enhance the advantages of advance tax planning. WAYFINDERS Consulting is your company when it comes to tax planning.
Magnify Your Tax Payment Strategy to the Maximum with WAYFINDERSConsulting
When you hire a company, you want it to fend for your best interests as fiercely as possible. WAYFINDERS Consulting adamantly takes this into stride as well, so that you can be assured that all of your taxes are being paid out in the best way possible. For this purpose, this is what we do for you:
