There are several types of taxes that businesses in the UK may be required to pay, including corporation tax, value-added tax (VAT) and employer’s national insurance.
Passionate about helping all kinds of businesses by providing them with dedicated accounting services and working with you to gain a full understanding of your business.
As a limited company, you have obligations to file a corporation tax return each year and pay your tax on time. Getting this right can sometimes be complicated, as your taxable profit does not necessarily equal your accounting profit.
Companies are required to pay corporation tax on their taxable profits, which includes profits from trading, investments, and property. Companies are also required to pay corporation tax on any profits they make from disposing of assets, such as the sale of a building or a piece of machinery.
To calculate their corporation tax liability, companies must prepare a corporation tax return and submit it to HMRC. The return must be filed within 12 months of the end of the company’s accounting period, and the tax must be paid within nine months of the end of the accounting period.
We are experienced in producing corporation tax returns whilst keeping track of any deadlines that you need to meet.
We work with businesses to help them stay on top of their VAT accounting.
Businesses that are registered for VAT are required to charge VAT on the goods and services they sell. They are also required to collect VAT on behalf of the government from their customers. Businesses that are registered for VAT can claim back any VAT they have paid on their own purchases, provided they are used for business purposes.
VAT is a complex tax, and businesses need to be aware of their obligations and the rules surrounding it. This includes keeping accurate records of their sales and purchases and ensuring that they are charging the correct amount of VAT on their goods and services.
Our services range from preparing and reviewing VAT returns all the way up to completing year-end accounts and filing your tax returns to HMRC.
Payroll refers to the process of paying employees for their work, as well as managing and tracking their salaries, bonuses, and deductions. In the United Kingdom, the payroll process is governed by the Pay As You Earn (PAYE) system, which is administered by HMRC.
Under the PAYE system, employers are required to deduct income tax and National Insurance (NI) contributions from their employees’ pay. Income tax is a tax on an individual’s income, and the rate of tax depends on the amount of income earned. National Insurance contributions are contributions made by employees and employers towards certain state benefits, such as the state pension and unemployment benefits.
In addition to income tax and NI contributions, employers may also be required to make other deductions from employee pay, such as student loan repayments or pension contributions.
Welcome to our limited company accountancy services! We offer a range of services to help your company manage its finances and stay on top of its accounting needs.
We are here to provide you with the support and guidance you need to ensure that your company’s financial records are accurate, up-to-date, and compliant with all relevant regulations.
We offer a range of services including bookkeeping, tax preparation, payroll processing, and financial reporting. We can also assist with setting up systems and processes to help you manage your finances more efficiently.
Our team is dedicated to providing you with the highest level of service and support. We are committed to helping you achieve your business goals and to ensuring that your company is in the best financial position possible.
If you’re interested in learning more about our limited company accountancy services, don’t hesitate to contact us. We would be happy to discuss your needs in more detail and help you determine the best course of action for your business.
Welcome to our sole trader accountancy services. We understand that running a business as a sole trader can be challenging, especially when it comes to managing your finances and staying compliant with tax regulations. We help you streamline your accounting processes, minimise your tax liability, and free up your time to focus on running and growing your business.
Our services include:
Contact us today to see how we can support your business.
Partnerships are taxed as either a general partnership or a limited partnership.
General partnerships are taxed as a single entity, with the profits and losses being distributed among the partners and taxed at their individual tax rates. The partners are also personally liable for any debts or obligations of the partnership.
Limited partnerships are similar to general partnerships, but they have one or more “limited partners” who are not personally liable for the debts or obligations of the partnership. Limited partners are taxed on their share of the partnership’s profits, but they are not allowed to participate in the management of the partnership.
Both general and limited partnerships are required to file a partnership tax return each year, detailing the profits and losses of the partnership and the distribution of those profits among the partners. The partners must also report their share of the partnership’s profits on their individual tax returns.
It is important for partnerships in the UK to carefully consider the tax implications of their business structure and to seek advice from a tax professional to ensure compliance with all relevant tax laws.
For more information about our services or to arrange a consultation, please contact us by telephone, email, or by completing the callback form.