Tax Saving Opportunities
You want to comply with the law when it comes to taxation, but you also do not want to pay a penny more than you absolutely have to. So we will work in partnership with you to minimise your tax liability, help you achieve your objectives, and make you aware of the tax implications of your major business decisions. We offer a full range of taxation services as follows:
Corporation tax
We will prepare your corporation tax computations and annual Corporation Tax return form and file online with HM Revenue & Customs on your behalf.
You must pay corporation tax on profits from doing business as: a limited company, any foreign company with a UK branch or office, a club, co-operative or other unincorporated association.
Corporation tax is a bit like income tax for companies, but the difference is that companies don’t have a personal allowance. This means that as soon as your business starts making a profit, it needs to start paying corporation tax at the current rate.
There are some corporation tax allowances available when working out how much tax you owe. You can deduct the costs of running your business from your company’s profits before tax when you prepare your accounts. Some examples of corporation tax allowable expenses you may be able to claim through your limited company include mileage, accommodation, and training.
Our tax experts will take all this hassle away from you as we prepare your corporation tax computations and annual corporation tax return form and file online with HM Revenue & Customs on your behalf.
Capital gains tax
We will advise you on ownership of personal and business assets in order to minimise future tax liabilities in the event of disposal of the asset.
Capital gains tax is a tax charged if you sell, give away, exchange or dispose of an asset and make a profit. It is not the amount of money you receive for the asset but the gain you make that is taxed.
To calculate the gain, you compare the sales proceeds with the original cost of the asset.
If you live in the UK, you may be liable to capital gains tax on disposals of assets located anywhere in the world, not just your UK-located assets.
As part of our 360 tax service, we will advise you on ownership of personal and business assets in order to minimise future tax liabilities in the event of disposal of the asset.
Inheritance tax
We will help you with estate planning for your business and your personal assets, including your family home to pass on the maximum to your beneficiaries. We can advise you in conjunction with legal advisors on tax efficient wills and the use of trusts.
Inheritance tax is a tax on the estate, e.g. property, money and possessions, of someone who has died. Normally, there is no inheritance tax to pay if either: the value of your estate is below £325,000, or, you leave everything above the £325,000 threshold to your spouse, civil partner, or a charity. If the estate’s value is below the threshold you’ll still need to report it to HMRC.
If you give away your home to your children or grandchildren your threshold can increase to £450,000. If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £900,000.
Sound complicated? It can be. That’s why we will help you with estate planning for your business and your personal assets, including your family home to pass on the maximum to your beneficiaries. We can advise you in conjunction with legal advisors on tax efficient wills and the use of trusts.
Free consultation
Interested in finding out more about how our 360-degree approach can help in all areas of your business? We offer a free accounting consultation to any business owner serious about growing their business. At this complimentary meeting we’ll provide you as much advice as we can, give you a competitive fixed fee quote, and of course, all this is without obligation.