Corporation Tax planning is essential.
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.
All active UK companies are required to file corporation tax returns nine months after the year end date (ARF-Accounting Reference Date). However, to arrive at this point there is a quagmire of regulations, tax rules and allowances that can prove to be a confusing journey for any small business. Failure to comply can result in penalties and increased costs incurred to correct mistakes and lack of understanding. Seeking quality advice from our experienced Accountants will provide piece of mind and ensure that all the Company’s tax affairs are accurate and up to date throughout the year.
Letting you get on with what you do best
We at Gibson Accounting understand that our clients want to concentrate on what they do best, running their business, which is why they trust us to effectively manage any potential corporation tax liability so they don’t have to. Our many years’ experience in tax accounting means we have a full understanding of how corporation tax affects your business, the allowances available and how to make the most use of them. This enables us to assist with effective corporation tax planning. We aim to offer a no jargon, no nonsense service using plain English to increases your understanding and allow you to focus on building your business without the worry of your company’s tax liabilities.
As with all business tax, knowing how to make the most of the available tax allowances and how your business plans impact the Company’s future tax liabilities, allows you to effectively plan for the future. To find out how the team at Gibson Accounting can help you plan for your company’s corporation tax liabilities, simply contact us via the below contact form to arrange an appointment to discuss your options.
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
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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