Some thoughts on Taxation..!
​"Taxation is just a sophisticated way of demanding money with menaces."
-Terry Pratchett
"I hate paying taxes. But I love the civilization they gave me."
-Oliver Wendall Holmes Snr
"Death and taxes may be inevitable, but they shouldn't be related"
- JC Watts Jnr
Generally
​The chances that if you are in business you will encounter one or another, if not all of the taxes highlighted on this page.
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We believe that although you may have to pay taxes, there is no law that says you have to pay too much tax and so your accountant should look for ways in which you may legally reduce the amount of tax due.. We know that we do!
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The practical upshot is that while tax may be taxing, why not let us take the strain?​
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Income Tax
Whether you work for someone, with someone, or on your own, personal tax or rather Income Tax is payable by individuals.
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In many cases this is calculated (from your accounts) by use of a Self Assessment Tax Return and paid periodically.
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There are reliefs and allowances which may also mitigate some or all of this tax.
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Whether you wish us to act as a 'tax shop' and simply prepare your return, or whether we complete your return as part of an accounting package, be assured that we will be doing our best for you.
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Corporation Tax
Corporation Tax is payable by company's and certain other bodies.
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This again has it's liability based on their trading results, as disclosed to HM Revenue and Customs by way of a Corporation Tax Return.
​Corporation tax is payable nine months and one day after the company's year end.
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Do not confuse running a Company with the taxation of a company. A company pays tax on it's profits, your personal tax liability is based on monies (or benefits) drawn from the company.
VAT
PAYE and NI
The luxury tax (as was). Value Added Tax can play a significant role in a business' life.
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We can take care of this on your behalf as part of our regular commitment to you, or we can actually prepare these returns for you as part of your records.
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Or we are there to just provide advice and answer queries that you might have when dealing with VAT.
RTI is now a reality. This is the regular, online, monthly reporting (and payment!) of PAYE liabilities.
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If you employ sub contractors, you already do this.
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We are happy to recommend a very cost effective payroll solution for you, or we can take care of everything (except the payment!) on your behalf.
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Additionally, you may provide employees with benefits, which can attract a National Insurance charge.
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Capital Gains Tax
Capital Gains is the tax due on the sale of certain property, businesses or goods or chattels.
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The gain is disclosed as part of your Tax Return.
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We are happy to complete these pages for you and advise as to how some or all of this tax might be mitigated (but please note, this is much harder after the event!)