Tax
As a sole trader or partnership, there are various taxes you should to be aware of. These include:
Income Tax and National Insurance Contributions
Income tax and NIC are personal taxes paid twice a year, for the self-employed or partner.
Value Added Tax
You only need to be VAT registered if the turnover of your company exceeds the national tax thresholds, these are shown in our budget review.
If you undertake your own accounting it is vital you appreciate what VAT requires you to do, how to keep accurate records and how to account for VAT. We take the complexities out of VAT – advise on how to keep records; operate “margin” schemes; ensure you understand the differences between standard, zero-rated and exempt supplies and how to use “cash accounting” to match VAT payments to cash flows.
VAT is a tax area you must understand and apply. We can direct you in VAT requirements in a practical way and provide solutions to potentially difficult issues.
We provide practical solutions to the problems of operating PAYE, CIS, and all the other potentially painful tax schemes.
Investigations and Insurance
In April 2009 HMRC were given additional powers to gain physical entry into your offices. They can now visit your business and require access to your tax and accounting records without warning. Even where we review and answer an enquiry and there is no additional tax to pay, we still have to charge for our services.
Click here to see how our Fee Protection Insurance Service can alleviate these concerns and provide peace of mind.
Contact your Tax Specialist.
Ann Hannigan
01869 322261
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