As the saying goes; the only two things that are for certain are death and taxes. Tax is a fact of life for everyone, whether you are in business as a sole trader, partnership, limited company or part or all of your income is investment income such as dividends or rental income. Navigating your way around the complexities of tax law can prove daunting to say the least. Mistakes in your tax return can mean that you not only miss important tax reliefs, but can open you up to financial penalties and HMRC compliance checks.
Gibson Accounting, with our decades of experience in tax accounting, know how to take the worry out of managing tax. Whatever the situation, we’ve done it. We regularly handle Corporation Tax, Capital Gains Tax, Self-Assessment tax returns, VAT Returns, PAYE/NIC, CIS and Inheritance tax for a wide range of clients. We know how HMRC work, and we know how to ensure that your tax return is accurate, submitted correctly on time, leaving you free to concentrate on what you want to do.
We are also experts in the Construction Industry Scheme. We can help you set up and register with HMRC, and guide you through the process to ensure you comply with all the relevant criteria, meaning you can spend your time on site working, not worrying about tax.
For every business it is essential that you choose the most appropriate VAT scheme and that your accounting records are up to date and accurate to enable preparation of your vat return. , being registered for VAT means you can reclaim VAT on purchases that have had VAT applied. Some of the VAT schemes available are: Standard VAT Accounting, Flat Rate VAT with or without cash accounting and can have quarterly or annual reporting requirements.Learn More
Inheritance tax, often referred to as death duties, can pose an unwelcome burden on your family at a time of great sadness. Inheritance tax is a complex area and often seen as unfair double taxation. To minimise any inheritance tax due requires an effective plan which should be prepared well in advance of any liability becoming due.Learn More
Income tax is levied on taxable individuals each year for the 12 months ending on the 5th of April. Individuals are required to complete a Self-Assessment tax return if they are Directors of a Company or if they receive income or benefits not subject to PAYE (Pay as You Earn). Any Income tax assessed is then due for payment by 31st January in the year following.Learn More
Corporation tax is the tax applied to profits made by a Limited Company. The small company rate is currently 20% after taking account of allowable business expenses and capital allowances. Planning for the annual tax bill is vital to managing the business’ cash-flow and any interim dividend payments.Learn More
Construction Industry Scheme
In a response to tackle the collection of tax from many in the construction industry HMRC introduced the construction Industry Scheme in 2006. From this point, any subcontractor working on a commercial construction site/development has to register for the scheme with HMRC. If a subcontractor is not registered, the contractor is obliged to deduct 30% tax when making payment to them. A registered subcontractor has tax deducted at 20%.Learn More
Capital Gains Tax
Before you dispose of investment property, shares or any other form of investment, you must consider the potential Capital Gains Tax liability. Planning for any disposal is critical to maximising your or your business’ tax position. Gibson Accounting will help you plan the most tax efficient route by ensuring all the relevant tax reliefs are claimed at the right time.Learn More
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We have been working Gibson accounting since our company was first set up. Like us, Gibson accounting pride themselves on partnering with their clients whilst maintaining a personal yet professional service. Julie and her team are quick to reply and always efficient. As a business owner I recognise the value and return Gibson Accounting brings to my business....Stuart Alldis - MD, CDA Systems Ltd