Taxation
Taxation
Personal and Business Income Tax
Whether you’re a sole trader, partner or paid under PAYE you will be subject to income tax. We will always look at personal circumstances and arrange your tax affairs in the most tax efficient way possible.
Self Assessment Income Tax returns
Under the self assessment rules, returns must be made within the deadlines. Tax and National Insurance must be paid on time to avoid penalties and interest. We can help you achieve this.
Corporation Tax
This is payable on corporate taxes and any dividends can only be paid after the tax, a trap that we will help you avoid. Also there are some expenses that can reduce this liability further; loss relief can also help reduce the burden.
Capital allowances and Annual Investment Allowance
There have been substantial changes within this type of Tax, and we will ensure that all allowances are claimed. So whichever business entity you own, maximization of these allowances will reduce your tax burden.
Capital Gains Tax
Recent changes, especially when say, selling your business, means that our knowledge ensures that this particular tax burden is kept to a minimum.
Value Added Tax
The most complicated tax that we have to deal with but we can get you through the maze from the various schemes available to guiding you through an option to tax
Making Tax Digital
If you are a small business, you should be aware of Making Tax Digital. It forms a key part of the Government Transformation Strategy, which launched in 2017 with the vision of creating a ‘truly digital Britain’.
As part of this process, you should be shifting away from paper-based transactions and records, to storing data digitally, resulting in more accessible, and accurate, accounting information via online accounting software such as QuickBooks or Xero. You can simply give your accountant access to this software and they can find all the information they need to create your annual accounts.
If you need help Making Tax Digital, don’t forget you can always speak to us for advice.
ACCOUNTING NOW
212 High Street, Uckfield,
East Sussex. TN22 1RD
Telephone - 01825 703090
COPYRIGHT © Accounting Now