Taxation
Corporation Tax
Limited companies are required to produce Corporation Tax Returns every year and, depending on the status and profitability
of the Company, there may well be a Corporation Tax charge to pay.
We produce Corporation Tax Returns on your behalf and follow the process right through to agreeing the tax liability
and advising you of when and how much to pay. We will also field any Inland Revenue questions on your behalf leaving
you free to concentrate on your business.
Self Assessment
We complete Self-Assessment Tax Returns for individuals ranging from owners of Limited Companies, partners and owners
of businesses, individuals with second properties, through to employees who receive a taxable benefit from work and need to
ensure this is correctly reported to the Inland Revenue.
Your Return must be submitted to the Inland Revenue by 30th September following the end of the tax year if you want the
Inland Revenue to calculate your tax liability for you or by 31st January if you want to calculate your own tax.
If your tax return is submitted after 31 January, you will be liable to an automatic £100 penalty. A further £100
penalty is payable if your return has still not been submitted six months later.
We can take away the administrative burden from you and deal with the Inland Revenue, whilst ensuring you pay only the
tax that you need to.
VAT
There are many complicated rules around VAT and many schemes open to businesses to record and report
VAT. We can assist you from the initial registration and choosing the most beneficial scheme for you, through to assistance
with the completion of the VAT return and help in any enquiries made by H M Customs & Excise.
Capital Gains Tax
Capital Gains Tax is payable to the Inland Revenue when an individual, or company, sells or transfers
property to someone else.
As with most taxes, there are exemptions and reliefs available. There is also an annual allowance,
enabling individuals to make small gains on disposals each year, without paying any tax at all.
The rate of Capital Gains Tax depends on your circumstances. In general terms, you pay tax
at whatever your highest rate of tax is.
We can help advise on potential liabilities when you are planning to sell an item covered by CGT
rules, or complete the necessary return once the sale or transfer has occurred.
