What does Decipher Tax actually do?
Decipher Tax takes a very different approach to many other tax firms. UK taxation is an extremely broad subject with many specialisms. Larger tax and accounting firms will provide a broad range of tax services, predominately aimed at businesses and high net worth individuals. The small to medium sized tax firm, perhaps based on the High Street, will in the main carry out tax compliance work (i.e. the preparation of tax returns) for local business and private individuals. These small to medium sized firms are excellent generalists preparing a client’s tax return and carrying out tax planning work, which involves having an overall understanding of many different taxes. At Decipher Tax we aim to make the speciality in-depth tax advisory and tax consultancy services, that larger firms offer, more accessible to those seeking quality tax consultancy and advice, without being charged the fees of a larger firm.
What is tax consultancy?
In the tax profession the preparation of tax returns is known as “tax compliance”, but another facet of tax work is “tax consultancy” or “tax advisory” work. It is the tax practitioner’s job to ensure that his/her client complies with prevailing tax legislation, whether preparing tax returns or carrying out tax consultancy work. Preparing tax returns involves the tax practitioner looking at the client’s financials after the end of a particular tax year. Then when preparing the client’s tax return, the tax practitioner will identify tax planning opportunities; that is ways for the client to be more tax efficient in future years. Tax consultancy is where a tax practitioner is asked to advise a client on a particular aspect of his/her tax affairs. This is often in an area of tax which is more complex than the average taxpayer, say with employment income and perhaps some savings and investment income, has to contend with. For example clients may request tax consultancy work in the specific area of Inheritance Tax. At Decipher Tax our specific area of expertise focuses on the tax implications of a day trader’s profits and losses.
Our Consultancy work
Much of our consultancy work centres around the research and analysis of tax case law and HMRC guidance.
No number crunching!
We don’t number crunch at Decipher Tax. Rather we bury our head in tax case law.