Ensuring you are properly set up for VAT is essential for any small business.
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. There are advantages and disadvantages to all schemes and so it is important to take the time to decide which one is most appropriate before applying to HMRC for VAT.
In addition to choosing the right VAT scheme for your business,
There is also a choice of the frequency of reporting your VAT to HMRC on a quarterly or annual basis
Here at Gibson Accounting, we can help you and your business to navigate the world of VAT in clear jargon-free language. For impartial guidance on setting up an effective VAT scheme and how it affects your business, contact us on the below contact form.
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
Need Some Advice?
Please contact us if you would like any further information.