BtaxQ (business tax review questionnaire)



Why use BtaxQ Questionnaire? The questionnaire has been designed as a quality control checklist, ensuring everyone delivers pro-active advice to the same level to all business tax clients.


Client information

Q1

Client Information and completion data

Tailoring Questions

Q2

Your responses here determine the sections that will be included in this checklist.

Tailoring of sections

You must tick one answer on all rows. Answering "No" will skip the questions in the relevant section

General business section

Q3

If trading sole have you considered a partnership and have you considered trading as a limited company to reduce tax bills?
Q4

Leased vehicles- are there any leased vehicles where restriction of the leasing payments is due?
Q5

Can wages be legitimately justified to family members?
Q6

Are the family wages actually PAID?
Q7

Have you ensured that Fixed Asset additions in the accounts agree to the fixed asset additions in the tax computations?
Q8

Has capital v Revenue expenditure been considered and allocated accurately?
Q9

Have you considered existence of work in progress?
Q10

Farmers/Authors - has averaging been considered?
Q11

Has a lease premium been paid?
Q12

Have addbacks to accounts been reviewed and personal/private expenditure properly identified and analysed?
Q13

Are you aware of the true ownership of properties on the balance sheet or are there any properties used in the trade not on the balance sheet?
Q14

Could any claims be possible for Research and Development expenditure?
Q15

Consideration has been given to any personal loans (not qualifying for tax relief) which could be paid off using business funds so that tax relief is obtained on the interest?
Q16

Have you considered a change of accounting date or admitting a partner to release Overlap Relief?
Q17

If this is a new business, can any pre-trading expenditure be claimed?
Q18

If also employed have you considered NI contributions? (Should also be considered where employment ceased and self employment started part way through a tax year).

Capital allowances

Q19

If there are vehicle additions have you checked that they did not qualify for 100% FYA and have you obtained the Co2 emissions figures?

Q20

Capital allowances - Has any energy saving equipment qualifying for 100% FYA been purchased?

Q21

Has consideration been given to disclaiming capital allowances - especially where personal allowances etc may be wasted?

Q22

Have capital allowances been correctly claimed..... rates of WDA, etc and where expenditure is in excess of the AIA, has consideration been given to treating assets as short life assets ?

Q23

Are there any "related" businesses (group companies or sole/partnership under common control) so that the AIA is apportioned between the businesses (or only claimed by one business)?

Q24

Have you ascertained the estimated Capital Expenditure in the NEXT accounting period?

Employees in the Business

Q25

Do you have a staff suggestion scheme in place?

Q26

Are you aware of the exemptions for long service awards?

Q27

Do employees work at home and therefore a use of home as office payment could be made?

Q28

Are PAYE Payments to the Revenue less than £1,500 per month?

Q29

Has Salary Sacrifice been considered to possibly increase net pay and save NI?

Q30

Have you considered providing child care vouchers for staff?

Q31

Are you aware of the NI exemption for under 21's or apprentices under 25 from April 2016?

Q32

Are there still company cars and would it be beneficial to fund these privately?

Q33

If there are company cars, have there been any changes and have these been notified to the Revenue?

Q34

Has a comparison of tax on private fuel v paying for private fuel personally been done?

Q35

Have you considered having a second car on the company?

Q36

Has remuneration/bonuses voted in last accounts been paid within 9 months of the year end?

Limited Company

Q37

Are funds being extracted in the most tax efficient way?

Q38

What level of salary is being drawn? Up to NI limits or Personal Allowance limits?

Q39

Have the IR35 provisions been considered where work is done for (predominantly) one business or person?

Q40

Has consideration been given to both the level of dividends and the timing - high enough to avoid higher or addtional rates or low enough to maximise tax credits etc

Q41

Where dividends are received, the client has been informed as to how this will affect his income and tax liabilities compared to prior years


Q42

Is there a danger that the settlement provisions in Ss619-648 ITTOIA 2005 (formerly s660A) legislation could be applied to this case?

Q43

If profits are relatively low say £30k or less - should disincorporation be considered?

Losses

Q44

Are there unused trading losses prior to incorporation of a business which can be utilised by the company?

Q45

If a new unincorporated trade or business - can a loss be generated by claiming FYA?

Q46

Do you have you a record of trading losses set against other income which can be carried forward for Class 4 NI purposes against future profits?

Q47

If trading losses for tax purposes, have you ensured that the Class 4 NIC has also been adjusted? (Some tax software does not do this automatically and needs to be adjusted manually)

Q48

Are losses in excess of £50,000 and have such losses been restricted where necessary?

Q49

Have you considered which is likely to be most beneficial - carry, back, set off of against other income or carry forward against future profits?

VAT

Q50

Has the VAT Flat Rate Scheme been considered?

Q51

If flat rate scheme is being used, ensure that correct rate is in use and watch for potential pitfalls

Q52

Has the Cash Accounting scheme been considered?

Q53

Could the VAT margin scheme apply to this business, and if so, is it being used?

Q54

If a margin scheme applies would the global accounting scheme be of benefit?

Q55

Businesses with a taxable turnover up-to £1,350,000 can join the VAT Annual Accounting Scheme. Has this been considered?

Q56

Have you reviewed VAT scale charges to ensure correct rates are being applied AND have you also checked to see if it is actually beneficial to still reclaim VAT on fuel given the amount of the scale charge?

Q57

Have you ascertained whether mileage allowances are paid to staff ?

Q57

If VAT Registered, is VAT correctly being reclaimed on the fuel element of mileage allowances? “

Q58

Has VAT restriction been applied to leasing charges of vehicles available for private use (50% restriction)?

Thank You Page


You have completed this questionnaire!

Thank you for taking the time to answer this questionnaire

 

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