Business Tax Services

If you are self-employed, you would need to earn or profit more than your annual tax-exempt allowance to pay any income tax. But you will still pay Class 2 and Class 4 national insurance. If you are a contractor, different rules will apply. To discuss your case, call our tax accountants.

Companies in the UK will pay corporation tax. If you are working as a self-employed through a personal service company, any money withdrawn will be taxed as dividends in your tax return.

When you are writing your business plan, it is vitally important to pay attention to business tax. It will affect your cash flow in short and long term plans. Please call our tax accountant if you need to discuss your sector and tax reliefs.

No, you can not. You should only include expenses that are related to your business. If you are a contractor, you can assign a salary to your spouse and have that as expense in your accounts.

As a sole trader, you will pay tax on your self-employment profits. Business tax is calculated on your earnings: the excess of cash left after paying all expenses from sales.

For all types of partnership, the general rule is that tax is not payable by the partnership itself but by each partner. Each partner’s share of the partnership income is added to his or her other taxable income.

HMRC has published guidance for business tax. This guidance will help you to claim your expenses against revenues. But if you are looking for specialist advice, you may need to call our tax accountants.

As self-employed, you must file your tax returns and pay business tax by 31st January of each year. For limited companies and other incorporated structures, rules differ. For further information, please contact us.