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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.
FAQ
We Are Here To Help You With Any Questions You May Have
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in UK will pay corporation tax and if you are working as self employed through personal service company, any money withdrawn will be taxed as dividends in your personal tax return.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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What our clients say
Tax on Employment Incentive and Award Schemes
Financial rewards will include bonuses, commission, employee stock options and paid time off. Non-financial incentives will include formal recognition/awards, vouchers, extra unpaid leave, gifts, company cars etc
Private Company Limited By Shares
If you are looking to start business and your business plan forecasts turnover more than £50,000 per annum, then its better to start with Company Limited By Shares
How to make a Complaint to HMRC
Contact HM Revenue and Customs (HMRC) as soon as possible to complain about their service, for example if there have been mistakes or unreasonable delays.
Lettings Relief – benefit from it while you can
If a disposal of a property currently qualifying for lettings relief is on the cards, it may be beneficial to sell before 6 April 2020 rather than afterwards.
SDLT and First Time Buyers
First-time buyers are able to benefit from Stamp Duty Land Tax (SDLT) relief when they buy their first home – but only if the property that they are buying does not cost more than £500,000.
Code of Practice 9 Investigations: Don’t Fall into The Pit of The Taxman
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.