Our Services

Personal Tax

 

Filling in your Self Assessment tax return can be daunting. Fortunately, we can help you make this process a lot easier.

You need to send a Self Assessment tax return if you are:

  • self-employed sole trader who earns more than £1,000

  • limited company director

  • company shareholder receiving more than £2000 income from dividends

  • partner (member) in general partnership and limited liability partnership (LLP)

  • employee claiming expenses in excess of £2,500/tax year

  • any individual with an annual income over £100,000

  • anyone who receives rental income above £2,500 from UK property or land

  • if your income (or your partner’s) was over £50,000

You need to send one after the end of the tax year (5 April) it applies to.

You must register by 5 October after the end of the tax year. For example, if you need to complete a tax return for the tax year 6 April 2019 – 5 April 2020, you must register by 5 October 2020. If you already completed a Self Assessment return last year, there is no need to register again this year.

The deadline for submitting your paper return is October 31 or January 31 for online returns. If you owe anything to HMRC, you should pay it by the deadline.

You may also receive a tax refund (rebate) if you‘ve paid too much tax.

We can help you minimise your tax bill and maximise your refund (if you are entitled to it).

Business Tax

 

You need to make sure you are getting your tax right and paying the right taxes to HMRC. We can help you manage how much tax you are paying and ensure compliance. Please read below a guide to UK taxation for new start-ups:

1. Corporation tax

  • Once you carry on business in the UK as a company, you will be subject to corporation tax on profits.

  • Taxable profits include profit derived from income and also from capital transactions.

  • Corporation tax main rate (for all profits except ring fence profits) is 19% for the years starting the 1 April 2017, 2018, 2019 and 2020.

    2. Payment of dividends

  • Dividends can only be paid out of profits, and any losses have to be made good before dividends can be paid.

  • A dividend paid by a company is made out of post-tax profits (and is therefore not deductible in computing taxable profits). There is no requirement for a UK resident company to pay tax on dividend.

3. Taxation for employers

  • If your company is going to employ individuals, one of the tax payment regimes of which you should be aware is PAYE.

  • PAYE is a ‘pay as you earn’ system that requires company which employs individuals to deduct income tax from all payments of salary made to those individuals.

  • National Insurance Contributions (“NICs”) are also payable both by the employee and the employer. The employee’s contribution is deducted, by the employer, from their salary. The employer’s contribution is an additional cost to the business.

4.  Value Added Tax (“VAT”)

  • Another tax which may be of relevance to a new business is VAT. It is a sales tax designed in compliance with European Union requirements. It is charged on all supplies of goods and services made by a business in the UK. Where the customer is registered for VAT and uses the supplies for business purposes they can recover the VAT that it pays on supplies.

  • VAT is also chargeable on the importation of goods into the UK from outside the EU; special rules apply for supplies within the EU. There are three main categories of supply for UK VAT purposes: standard-rated, zero-rated, and exempt – outside the scope of VAT. Most supplies are standard rated (20%).

Statutory Accounts

 

In the UK, all private limited companies are required to prepare statutory accounts. Statutory accounts – also known as annual accounts – are a set of financial reports prepared at the end of each financial year. We can ensure your accounts are prepared in accurate and timely manner to avoid any penalties. Also, we’ll make sure you stay compliant with the current legislation.

For all limited companies, annual accounts must include:

  • A balance sheet – a financial statement which shows how much the company owns, owes or is owed at the end of the financial year. This must be signed by a director and include a director’s name.

  • A profit and loss statement – also known as a profit and loss account or a P&L account, this shows the business’s net profit or loss.

  • Notes about the accounts.

Accounts must be filed no later than 9 months after the end of the financial year. If sent late, Companies House impose a penalty.

Copies of statutory accounts should always be sent to:

  • Shareholders

  • Companies House

  • HM Revenue and Customs (HMRC)

  • Anyone who attends the company’s general meetings.