UK Ltd Company

Tax

As a UK limited company there are various taxes you should to be aware of, including:

Corporation Tax

Company profits are assessed for Corporation Tax every twelve months, the tax being paid nine months after year end unless you are a large company when stage payment rules may apply. There are specific rules for depreciation, assets, expenses, provisions, property and stock.

We will compute the tax and advise you of the amount and date of payment.

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; operating “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, EIS and all the other potentially painful tax schemes.

Income Tax and National Insurance Contributions

Income tax is a personal tax deducted through payroll using a tax code to provide a tax free element. NIC is an additional personal “tax” for both employee and employer and assessed on each payroll period.

In addition NIC is payable by the employer on company benefits such as private health, dental plans, company cars or share options. Taking advice before offering these benefits can mitigate employers’ costs’ or at least allow you to understand the implications.

Investigations and Insurance

In April 2009 HMRC were given more 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 can provide peace of mind.