Services

We offer a wide range of services and our aim is to provide an all-encompassing business advisory service to clients.

We cover all aspects of business and personal financial advice.
Our services include:

 

Audit and accounting

 

Consultancy

 

Review of performance

 

Business Start- ups

 

Taxation Advice and Planning

 

Tax Returns and Compliance

 

Payroll bureau admin

 

Management Accounts

 

VAT Returns and Compliance

 

Management accounts

We can also offer additional specialist services and financial planning through our network of contacts.
If you would like further information regarding the services above or any other accounting services please don’t hesitate to contact us for advice. Call us 0845 543 8063 or email us on info@taxadvisorsltd.com

 

Corporation tax

 

We aim to provide a:

Professional and confidential service at all times, Practical and efficient answer to your questions,
Personalised approach that works in partnership with our clients.

What is corporation tax?

Companies are generally required to file a Corporation Tax Return each year. These returns must now be filed online together with an electronically tagged set of Statutory Accounts. This return is usually due 12 months after the end of your accounting period incorporation and you are required to pay any tax due by 9 months after the end of your accounting period .

 

There are penalties for late filing, starting with an immediate £100 penalty for being one day late rising after 3 months and so on and there are interest charges and penalties for the late payment of tax. Taxable profit is not the same as accounting profit and a number of adjustments need to be made to your accounting profit to arrive at the correct taxable figure.

Finally all businesses are required to keep adequate business records to be able to support the accounting and tax figures and these must be kept for approximately 6 years.

By far the best advice that we would give any client is to ensure that the underlying accounting system and processes are solid and transparent. This will hugely assist in ensuring that your company is in the best position to avoid penalties, minimise tax and reduce any professional fees involved.

Good tax planning, will ensure that you obtain all available tax allowances and reliefs and help ensure that your tax affairs are always in order. If HMRC launch an investigation into your tax affairs, as they almost certainly will at some point, it is far better to be ready and able to defend your corner.

We are determined to provide the service to all our clients by giving solid and experienced advice. We provide practical and workable guidance on how to help ensure that all tax liabilities are minimised and we help ensure that the whole tax process is professionally managed. If you would like to know more please feel free to contact us on 0845 543 8063 or you can just email us at us at info@taxadvisorsltd.com

 

WHAT IS VAT AND WHO IT WORKS

Just because you are in business it does not mean that you must operate a VAT system. In general it is only if your taxable supplies are above a certain limit that you must register for VAT. You may be able to voluntarily register if you feel that this would benefit your business. This may be the case where you would like to reclaim input VAT. However do not underestimate the administrative effort involved with making VAT returns and this must be weighted against any financial gain. The registration process itself is quite straight forward but allow 4 to 8 weeks to obtain your VAT registration certificate.

Generally, when you are registered, VAT returns must be made quarterly. However other periods are available under certain circumstances. In simplified terms, 5 figures are required: the output VAT charged, the input VAT reclaimed and the net of these 2 figures. These, together with the related sales and purchases, form the central VAT return.

The process is designed so that only the end consumer bears the VAT charge as each trader in the supply chain can (theoretically) reclaim their input tax suffered and pay over the VAT charged. Therefore it is only the final consumer that can’t reclaim input tax as they will not be registered for VAT. Finally, bear in mind that there are a number of VAT schemes available to try and ease the burden on the business e.g. the Flat Rate Scheme, the Cash Scheme and various retailer schemes.

How does this affect you and what are the pitfalls and benefits?

If you exceed the registration threshold then you must register for VAT. You have approximately 30 days to do this and the easiest way is on-line. The process if relatively straight-forward and your accountant will handle this for you. Once registered you must make quarterly returns and you must charge output VAT on your supplies. If you fail to do this it could be expensive as HMRC may decide to obtain the lost VAT from you directly and if you can’t reclaim this from your customer this will be a direct loss to you.

We manage and operate the VAT reporting for a very large number of clients, handling issues such as registration, transaction accounting and period returns. If you would like to know more about registering for VAT or the simplest way of keeping on top of this important process,

 

just give us a call on 0845 543 8063 or you can just email us at us at info@taxadvisorsltd.com And we will be happy to help you decide on the best way forward for your business.