There are two main reasons for keeping accurate records of your income and expenses; the first is to discharge your statutory obligations to HM Revenue and Customs (and Companies House if trading as a limited company) and the second is to control your finances and help you manage your business.
Accounting Services
From your records we will prepare annual accounts that form the basis of your tax return. If you are a limited company, we can ensure that your accounts are prepared and filed with Companies House in accordance with the statutory format and regulations. We can also advise you on ways to strengthen your record keeping that will benefit you in running your business.
Personal Tax
If you require advice on completing your self-assessment tax return or require us to complete it on your behalf, we can advise you on how to reduce your tax liabilities and on the amount of tax payable, if any.
Corporation Tax
UK Corporation tax is the tax that is payable on profits made by limited companies. We will help you minimise your corporation tax payments and relieve you of the administrative burden of complying with tax legislation.
We will deal with all business tax matters, including preparing income and/or corporation tax computations and preparing and submitting your corporation tax self-assessment return.
VAT Returns
We can advise you if and when you should register for VAT so that you avoid incurring automatic penalties for late registration. If you are already registered, we can complete the calculations from your business records required to prepare your VAT returns.
Perhaps your business might benefit from one of the VAT Accounting Schemes that could simplify VAT and save you money, e.g. the VAT Flat Rate Scheme or the Annual Accounting Scheme. We would be happy to evaluate your current VAT arrangements and advise you on whether it would be beneficial for you to switch to one of these schemes.
Capital Gains Tax
Capital gains tax is payable on the disposal of certain assets. If you are planning to sell an asset, we can advise you on any reliefs that may be available to you and any possible capital gains tax charge that may ensue. In addition, we may be able to recommend a more beneficial way of planning your affairs to minimise any potential tax liabilities.
Inheritance Tax
Inheritance tax is a tax on your wealth and is chargeable when you die. Many people ignore inheritance tax believing that it will not apply to them because they do not have sufficient wealth. But with rising property prices, many individuals and couples will find that the value of their home on its own (even before allowing for any investment properties or other assets) will take them over the 'nil rate' threshold (£325,000 for 2009/10) where their estate may be subject to tax at 40%.
Sound inheritance tax planning and seeking advice is something that could save your estate beneficiaries a lot of tax in the future.