top of page

Business Tax

One thing you do not want to do is ruffle the feathers with HMRC.  We speak their language, so it is best you leave the complex tax workings to the tax accountants.

We will calculate your eligible profits/losses for tax purposes for your sole trader or partnership business and applying all prevailing legislation to complete all relevant HMRC returns.

For Limited companies, you are expected to pay corporation tax on taxable profits and submit a CT60.

We will:

  • Identify tax deductible costs

  • Let you know which costs are non-tax deductible

  • Provide justification and build summary of the tax due

  • Calculate the trading profits or losses of a business and adjust it for tax purposes

  • Compute the total tax either due or if eligible to carried over losses in to the following year to offset against future profits

Personal Tax

If you have earnings that have not been taxed at source, you will typically be required to submit a tax return to ensure you pay accurate tax.  You can also use the tax return to obtain relief from certain expenditures such as charitable donations or travel expenses incurred in your employment.

You will be required to submit a tax return if you fall in to the following category:

  • Self-Employed / Sole Trader

  • Partner of a Partnership

  • Contractor

  • Director of a Limited Company

  • Rental income or buying and selling property

  • Generate over £100,000 per annum on employment

  • Generate a pension income

  • Overseas income

  • Trader of stocks and shares

VAT

If your business turnover exceeds the Value Added Tax (VAT) threshold (currently £85,000 per annum), it must register for VAT.  Once registered, it has to ensure it issues correct VAT invoices or VAT receipts as well as accurate record keeping of VAT bills paid.  Without all the valid information, it may not be eligible to reclaim all the VAT due.

We will:

  • Register you for MTD VAT reporting if you are not already registered

  • Ensure all the correct VAT rates are set-up and assigned correctly to the transaction types

  • Prepare and thoroughly audit the VAT report for submission

  • Submit your quarterly tax returns to HMRC on time

  • Provide exceptions report of what was claimable and what was not claimable

  • Let you know if you are eligible for any flat rate scheme

Business Tax
Personal Tax
VAT

Corporation Tax

If you are a limited company, you must produce a CT600 computation, which effectively is a comprehensive calculation to arrive at your true taxable profit, which is different from the net profit of the company.

An example of few items which are non tax deductible as follow.

  • Depreciation (you must use capital allowances instead)

  • Customer entertainment (some exception)

  • Fines and penalties

  • Legal fees relating to the issue of share capital

  • Donations where 'Gift Aid' was not selected

  • Customer gifts exceeding £50

  • Dividends

Corporation Tax

CIS Tax

There are special tax rules that apply to companies and sub contractors working within the construction industry and carrying out specific construction activities such as installation or building works.  As a main contractor, you will have the responsibility to deduct tax at source before you pay the sub contractor.  You must also verify them before you make the first payment and obtain a verification number from HMRC.

A CIS return needs to be filed monthly and a single failed return incurs an instant £100 fine each time and could cost you being registered for gross tax status.

The process we cover:​​

  • Prepare and submit monthly CIS returns to HMRC

  • Provide all sub contractor details over to HMRC

  • Approve and obtain verification numbers for all your sub contractors

  • Provide monthly deduction statements to pass on to your sub contractors

  • Ensure the accounting software is configured properly to ensure accurate recording of your CIS suffered to your main contracto

CIS Tax

Capital Gains Tax

When you come to disposing a property or asset, you need to assess an accurate tax liability.  There are certain tax reliefs available depending on exact type of asset and meeting certain conditions, which can be very complex.

You only pay tax if you gain when you sell or dispose:

  • Personal possession of £6,000 or more (excludes your car)

  • Property that is not your main residence

  • Your main home only if you have ever let it out, used it for business or very large

  • Stocks and Shares that are not held in ISA or PEP

  • Business assets

  • Shares of a Limited Company

Capital Gains Tax

Tax Advice

With so many different types of taxes, tax rates and complex conditions, one thing you do not want is a surprise tax bill.  So stay ahead of the curb and get tax planning advice from one of our professional tax advisers, which could save you thousands in efficient tax planning.

Benefits you can expect to get by tax planning:

  • Reduce your overall tax bill

  • Decide the best structure for your business

  • Determining the timing of sale or investment

  • Obtain tax reliefs

  • Allows you to make more effective long-term decisions

  • Plan how to structure your assets

Tax Advice
bottom of page