The bottom line is our clients rely on us to save them money so they do not pay any more tax than they should. As well as the following fundamental services, we can help you with any more complex taxation questions you may have…
All limited companies are required to submit a corporation tax return and are responsible for the calculation of the taxes due to the Inland Revenue. We will calculate the tax payable on the company’s accounts and inform you when the tax is payable to the Inland Revenue to help you avoid any late payment penalties.
Under the current tax regime, anyone who receives a tax return must complete and submit by 31 January of the following year and calculate the tax that they are due to pay. We will prepare the tax returns and relevant taxation computations and let you know exactly what is to pay and when it is due to be paid to the Inland Revenue.
Value Added Tax (VAT)
Businesses with an annual turnover in excess of £82,000 are required to register with H M Customs and Excise and to complete VAT returns throughout the year. We can assist with the completion of these forms, whether it be monthly, quarterly or annually. We can also give assistance and advice over the telephone for any queries that can arise, as VAT legislation can be complicated.
This is tax paid by Limited Companies and other Corporate Organisations. This tax is levied on their profits and income. Every Company has to file a Corporation Tax return within 12 months of their financial year end. Small companies (profits less than £1,500,000) pay Corporation tax nine months after their year end whilst larger companies have to pay their Corporation Tax in advance in instalments.
This tax is normally paid when the value of a deceased person’s estate is higher than the current nil rate band. The value of the estate can be reduced by the person giving money and other assets away in his or her lifetime, however to avoid any of that gift falling into their estate the done needs to live for a further seven years following the gift.
Capital Gains Tax
Capital Gains Tax is payable on any chargeable Gains on the disposal of any assets. Individuals declare any gains on their self-assessment tax return or by letter to hmrc if they are not registered for self-assessment. Companies declare their chargeable gains on their corporation tax returns and a company’s gains are index linked whilst an individual’s gains are not index linked.