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Business Tax

BUSINESS TAX

Find out more about tax on your business.

Business taxes you may face!

As the saying states, taxes are one of life’s certainties so lets look at some of those you may encounter while running a company

Corporation Tax

Profits made when running a limited company in the UK may be subject to corporation tax

VAT

Value Added Tax (VAT) is a tax added to sales of good and services supplied by a business

Income Tax

Certain types of income may be subject to income tax and rates vary depending on the amounbt of income paid

Corporation Tax

It is essential that you take into consideration your tax liabilities as a limited company when it comes to your financial planning. As a Limited company you will be liable for corporation tax on any taxable profits you make with few exemptions. Accounting Firms will have expert advisors who can provide guidance on reducing your tax liabilities via different company structures and tax exemption schemes.

Reputable accountants will keep up to date with the ever changing tax legislation to provide advice on the best current tax options available to you. Whether it is relating to your Christmas party allowance or the latest company car taxation scheme, as we are driven by maximising the profitability of our clients.

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Vale Added Tax

As a UK company you must register for VAT if your taxable turnover is expected to reach the current threshold for registration. Registering for VAT below this threshold is completely optional. Various VAT schemes exist and our experienced team can provide highly qualified advice on which scheme is most suitable for you and maximising your financial gain.

The thought of registering for VAT may seem daunting but there are some advantages for doing so. Your accountant or a bookkeeper can take care of the onerous paperwork to keep your life simple. As a VAT registered company you will be able to claim back any VAT your company has paid on goods or services. Of course you will also have to add VAT to your sales.

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Income Tax

Keeping accurate accounts of your daily activity will better enable you to keep control of your cash flow and make informed decisions on future investments. The fact that keeping accurate records is a legal requirement signifies the importance of correct accounting yet this does not emphasise enough the impact accountancy can have on your company.

Detailed and accurate accounting will serve as an invaluable tool when planning for the future of your business and analysing your current financial state. The relatively recent economic crash is testament to how poor business planning and losing sight on investments can invariably lead to an unsustainable business model inevitably leading to failure.

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Tax can be taxing despite what the government says.

Contact your accountant on tax related matters for the best advice

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DISCLAIMER

Important: This site has been setup purely for demonstration purposes and all the content is for display only. The Accounting Site is not information or advice.
If you need accounting advice contact an accountant.