TRANSFER PRICE ASSESSMENT SERVICE PAGE

by with No Comment TaxTransfer Price Assessment

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

The Solutions We Grant

  • Function analysis
  • Risk assumption and asset utilization analysis
  • Adequate transfer pricing methodology selection
  • Internal and external comparables assessment
  • Revision of transfer price required documentation
  • Tax audit support
  • Counseling
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TAX PLANNING

by with No Comment TaxTax Planning

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 WAYFINDERS Consulting

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:

  • Income Tax counseling
  • National Insurance counseling
  • Advance tax planning
  • Investment strategies (i.e., EIS, VCT)
  • Estate planning
  • International taxes
  • Bookkeeping
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COMMERCIAL PROPERTY PURCHASE PLANNING SERVICE PAGE

by with No Comment Commercial Property Purchase PlanningTax

Commercial property purchase planning is a company milestone that requires considerable amounts of planning and also refined decision-making processes based on concrete, factual information.

Purchasing property for your business can either become a quintessential step in increasing your company’s assets or a liability that becomes the nail in the coffin of your company’s final fate.

Therefore, it is of crucial relevance that you summon a group of trustworthy people that can accompany you through every part of the process. Something as daunting as commercial property purchase planning is blissful when WAYFINDERS Consulting is on your team.

What Is Commercial Property Purchase Planning?

Commercial property purchase planning is the act of carefully devising a plan of action for purchasing commercial property. Although it can sound like a very straightforward notion, commercial property planning can—and usually does—have many intricacies along the way.

The company’s financial well-being becomes jeopardized when incurring a faux pas in the confection or execution of the said plan.

Thus, resorting to individuals that can do this for you in an analytical fashion becomes not only a wish but a must. WAYFINDERS Consulting is the group you are looking for.

Steps for Successful Commercial Property Purchase Planning

1.Assess Your Current Needs

Is it better for you to buy at the moment or to continue leasing? Do you have a long-term projection for your company? What does your company require in terms of space, parking, storage, and basic services?

You must reflect upon these factors. A balance sheet can be a very necessary part of the documentation you must use to arrive at a conclusion. At WAYFINDERS Consulting, we confect balance sheets expeditiously so you can decide based upon evidence.

2.Gather a Team

Your team should have the finest professionals in the market. Settling for mediocre team members only calls for mediocre results. You can forget about that with WAYFINDERS Consulting, as our team of experts in estate accounting guide you meticulously throughout the procedure.

3.Get Your Finances in Order

In terms of finances, having every single income and expense under check makes or breaks. Bookkeeping, cash flow projections, and more. At WAYFINDERS Consulting, we can do it all so that you can rest easy knowing that you are in charge of your finances and not the other way around.

4.Find the Correct Spot

Finding the correct property to buy is much more effortless when all the previous steps are carefully followed through. At WAYFINDERS Consulting we can also offer you counseling in this regard.

5.Plan for All Expected Costs and Possible Contingencies

Rarely does purchasing property only consist of paying the list price. Consider saving at least an extra 10% for repairs and operational costs. We can help you determine exactly what that amount is to the penny.

6.Perform Due Diligence

Due diligence is a must before all is said and done. Assessing the general conditions of the building and the environment are steps to be taken to perform a cautious and sensible purchase.

Commercial Property Purchase Planning with WAYFINDERS Consulting

WAYFINDERS Consulting is an elite UK-based company composed of the best chartered accountants, and a following of worldwide satisfied clients, from UK to Bahrain. Amongst the scores of accounting services we proudly provide to our clients, these are some the features you obtain with us:

  • Balance sheet confection
  • Cash flow forecasting
  • Building Condition Assessment (BCA)
  • Environment Site Assessment (ESA)
  • Due diligence
  • General accounting
  • Counseling
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TAX ALLOWANCES, RELIEFS, AND EXEMPTIONS SERVICES

by with No Comment TaxTax Allowances, Reliefs, and Exemptions

Let us face the facts. Taxes are burdensome. You can spend countless hours staring at a page without being able to grasp what you have in front of you. And guess what? That is perfectly normal when it comes to taxes.

Yet, with due foreseen tax planning, they can help you reduce overall operational costs in case you run a business, or simply reduce the tax load off your shoulders if you are a sole trader or individual looking to get your taxes right.

You can squeeze the most juice out of taxes with WAYFINDERS Consulting. With our tax allowance, relief, and exemption services, taxes become a friend of yours, instead of a foe.

Key Aspects of Taxes

Essentially speaking, taxes are levies placed onto entities or individuals by governments to generate sufficient funds for basic governmental expenses, claimed by the same territory that imparts them.

Taxes are an obligation that almost all citizens and businesses around the world have to pay in one way or another. These taxes can be either direct (i.e., income taxes) or indirect (i.e., VAT).

With obligations also come rewards, as most of these taxes are returned to the payers in the form of exemptions, credits, or reliefs. WAYFINDERS Consulting is in charge of helping you get the biggest return for all the taxes that you pay.

Tax Exemptions

Tax exemptions are taxes you do not have to pay depending on the type of income you perceive. Diverse qualifications are needed to apply for exemptions, and they mostly rely on your situation.

Tax Allowances or Credit

The tax credit is a form of “currency” to your favour that you can employ for future tax payments. These credits are either directly given to you, or you have to claim them. These credits are usually carried onto the upcoming tax years when unused.

Tax Reliefs

Tax reliefs are either direct or indirect, and they consist of deductions—not complete exemptions—of payment. Most tax reliefs are graded on your tax payment rates and your situation.

Differences Between Them

Exemptions are taxes you do not have to pay altogether, and deductions are reductions in the total amount you must pay for a given tax. The tax credit is the remaining credit that you can use later on to pay for future related taxes.

Most Common Problems with Taxes

Taxes usually entail many problems, whose consequences can vary in intensity depending on the severity of the fault:

  • Lack of tax payments
  • Not filing for tax returns
  • Filing tax returns too early or too late
  • Applying for exemptions, credits, and reliefs in mistaken forms
  • Income underreporting
  • Math errors
  • Penalties

WAYFINDERS Consulting Gets Taxes Done Right

WAYFINDERS Consulting manages it all. Whether you have to file for tax exemptions or reliefs, or you simply need to get your due credit returns, we take the baton and deal with the whole process from start to finish, so you do not have to.

WAYFINDERS Consulting’s team of chartered accountants can help you with some of these affairs:

  • Income taxes
  • Tax planning
  • Tax forms (e.g., P45, P60, P112)
  • Tax overpayments and tax underpayments
  • Tax-related bookkeeping
  • Pensions
  • Married Couple’s Allowance
  • Blind Person’s Allowance
  • General counseling and assistance
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VAT SERVICES

by with No Comment TaxVAT Services

Value-added taxes—also known as VAT—are a very transcendental form of tax recollection. They often induce confusion, and generally, the consequences of VAT errors can severely hamper the functioning of your ventures.

Whenever you feel that taxes are going out of your hands, it is time for you to call the true professional problem-solvers you can find at WAYFINDERS Consulting.

Value-Added Taxes and All that You Need to Know?

Value-added taxes, or VAT, are a type of tax that is applied in a proportional part to the final price of a sold product or provided service.

This tax is contemplated in all of the commercial sales operations taking place within the EU Member States, as well as in several other parts of the world. Regarding the EU, it also comprises a given State’s territorial sea within its limit of 12 nautical miles. This means that if you sell a product or service while navigating the sea inside its limits, you have to apply VAT to your sold products or services.

The VAT is a tax that is ultimately absorbed by the final consumer in the chain when paying for the final price of the product.

In the case of the provider of the product or service, it acts as the VAT collector on behalf of the HMRC—or His Majesty’s Revenue and Customs. However, when you return VAT, you can reclaim back the part destined for purchases as long as you are VAT-registered.

However, this can be highly bureaucratic and cumbersome. You are better off leaving it to the group of chartered accountants specialized in VAT services you can find in WAYFINDERS Consulting.

Common Problems Associated with VAT

VAT can lead to a myriad of difficulties and setbacks when dealt with in an untidy way. Some of them encompass the following:

  • Claiming VAT without the corresponding purchase invoices
  • Missing sales on your stated returns
  • Invoice duplication
  • Late filings or late payments on returns
  • Wrong VAT time supply
  • Improper handling of out-of-the-norm business transactions such as bonus payments, or internal company charges for management purposes
  • Issuing credit notes incorrectly
  • Wrong management of partial VAT exemptions
  • Inaccurate record keeping

With VAT many daily, seemingly simple errands can become a problem for your business when you handle them in erroneous ways. At WAYFINDERS Consulting, we provide a vast gamut of VAT services like invoicing and VAT returns, so that you do not have to worry any longer about any VAT misdemeanors. You can be concerned instead about what really matters: making your business grow.

Common Consequences of VAT Mismanagement

The problems with VAT can be numerous, and for each possible issue, even more negative consequences are possible. Therefore, it is of optimal importance to acknowledge all of the possible problems that can surface due to a lack of strict VAT control:

  • Paying for penalties and interest charges
  • VAT inspections
  • Prolonged audits
  • Trading bans
  • Damage to your company’s reputation
  • More tax-induced liabilities
  • Criminal prosecution

Avoid all of these situations by calling experts on the subject. WAYFINDERS Consulting fends for your business in those areas you need it the most.

Why VAT Is No Longer a Concern

VAT is no longer a concern, because you have the best accounting firm behind your back, safeguarding all of your tax-related interests. Hire WAYFINDERS Consulting and obtain this set of benefits:

  • Direct and indirect tax support
  • VAT invoicing
  • VAT returns
  • VAT-related bookkeeping and recording
  • VAT overall counseling
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