Business Tax Services by Experts
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In the UK, as with most countries, not only are individuals responsible for paying taxes but businesses are obligated to as well no matter their size. In order to keep your business in smooth operation, paying the correct taxes in the correct time frame is of high importance.We as professional Tax Accountants pride ourselves one of the finest in the UK providing business tax services to small business and individuals. Corporation taxes are placed on the taxable income of limited companies, different assortments of clubs, societies, unincorporated entities and numerous associations. This tax is the fourth largest source of revenue for the UK government. For advice or help needed on your business finances, accounting and taxes, please get in touch with us today to learn more about how we can offer professional, expert accountancy support and advice. With over a decade of experience providing business tax services and we can navigate you through the complex world of business taxes no matter how big or small your business.
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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 sill pay Class 2 and Class 4 national insurance. If you are contractor different rules will apply. To discuss your case call our tax accountants.
Companies in UK will pay corporation tax and if you are working as self employed through personal service company, any money withdrawn will be taxed as dividends in your personal tax return.
It is vitally important when you are writing your business plan, pay attention to business tax. It will effect your cash flow in short and long term plans. If you need to discuss about your sector and tax reliefs, please call our tax accountant.
No you cant. You should only include expenses which are related to your business. If you are a contractor you can assign a salary to your spouse and include that as expenses in your accounts.
As a sole trader you will pay tax on your self employment profits. Business tax is calculated on your profits which is excess of cash left after paying all exonses 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 have published guidance for business tax. These guidance will help you to claim your expenses against revenues. But if you are looking for a 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.
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Although tax officials have extended powers to bring criminal proceedings, their initial enquiry is not with a view to prosecution. Their ultimate goal is to recover unpaid taxes.