Tax & Corporation Tax

Limited companies are required by law register to pay Corporation Tax on their profits. If your profits are under £1.5 million, it has to be paid by 9 months and a day after the end of the accounting period, which is usually the same as the financial year. Companies with higher profits need to pay in instalments. Companies are legally responsible for CTSA (corporation tax self-assessment), but a business tax accountant can carry out the computations and file the returns for you.

Self-employed people and sole traders need to fill in self-assessment tax returns annually, ensuring they are filed by the correct deadline. They also have to pay both income tax and national insurance and usually have to make payments on account. We can draw up your returns and calculate the correct payments.

Members of business partnerships have to register as self-employed and file returns every year. We can ensure that HMRC receives registration of the partnership and supply a partnership return every year, as well as filing VAT returns if your turnover is high enough.

As well as company vehicles, you might offer many other types of benefits to your employees. These could include private health schemes and “salary sacrifice” schemes such as childcare vouchers. Rules over taxation of these various benefits can be confusing, but we can explain to you how to declare them correctly and fill in the correct forms at the end of the year.

As well as paying tax when it is due, it’s important to look ahead at your tax liabilities and to plan to meet them. This not only means making sure you set enough money aside, but also checking whether you are paying the right amount of tax and whether you are operating your business in a tax-efficient way. We can help with tax planning for both partnerships and limited companies, and also for individuals.