UK Tax Advice

Tax Advice for UK Businesses

We can support your business in all areas of tax, from planning your finances so you can manage these liabilities to preparation and filing of the returns.

Businesses have a number of tax responsibilities in the UK that we can advise you on and administer such as Corporation Tax, VAT, Income Tax and National Insurance.

Corporation Tax Planning

Unlike personal tax you will not get a bill for Corporation Tax from HMRC which is why you need to keep the accounting records up to date from which we can prepare your Corporation Tax Return and advise you on the liability. 

It is compulsory for any active UK Limited Company to pay Corporation Tax on profits so it is vital to get it right and not overpay.

We can work with you and provide tax advice for UK businesses to reduce your tax liability and improve your profitability by advising you on tax efficiency and ways to take advantage of industry specific tax reliefs.

Book Keeping & VAT Returns

We can assist you with VAT Returns for your business using your own book keeping records or we can provide you with a bookkeeping service to make sure your records are up to date and accurate.

Value Added Tax (VAT) is an administrative headache for most businesses. There are two factors that affect whether your business needs to pay VAT one is whether your turnover crosses the VAT threshold currently £85,000 in 2021, second is the types of goods you sell. If you are unsure about your VAT liability then check the HMRC website for more details 

Once you are VAT registered you need to complete your VAT on a regular basis and we can help you decide which payment scheme is more beneficial to your business. 

The VAT return records items for the accounting period such as:

  • Your total sales and purchases
  • The amount of VAT you owe
  • The amount of VAT you can reclaim

Once you are VAT registered you have to submit a VAT return even if you have no VAT to pay or reclaim.

Income Tax for Company Directors

If you are a Limited Company director and draw a salary above the annual personal allowance, income tax will be paid at source through your company’s PAYE scheme (you will need to have an approved payroll scheme in order to pay yourself a salary).

Any dividends you take from the Company are taxed through your annual Self Assessment, which has to be completed by all Company Directors.

Our team can help you prepare your Company Directors self-assessment and advise you on your tax liability.

National Insurance

National Insurance Contributions (NIC’s) build up your state pension entitlement, help you qualify for certain other state benefits, and help pay for public services. You are required to pay National Insurance (NI) if you are over 16 and are either.

  • an employee (or limited Company director) earning over the NI Primary Threshold, or
  • self-employed and making a profit over the small profits threshold

As a limited Company director, you’re classed as an employee (rather than self-employed) so you also need to be aware that your Company will need to pay Employer’s National Insurance if you pay yourself a salary above the NI Secondary Threshold.

National Insurance contributions are collected through the PAYE scheme.

Contact us for a Comprehensive Tax Review

Even though he’s an accountant,  Graham is one of my favorite people. He has steadfastly supported my business for a number of years, through a variety of professional ups and downs, life changes, and assorted incidents and accidents… He has always been a reliable source of help and advice and I’m truly glad that we are friends

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