Business Tax

Tax, well-managed, helps bottom-line profitability

Tax, a substantial business expense, requires attention to detail. We use our extensive, up-to-date knowledge of the UK tax system and HMRC to pursue tax saving opportunities so you avoid tax over-payment. At the same time, we make sure you comply with tax statutory requirements in a cost-effective way, as penalties for late filing of returns are becoming draconian.

While you concentrate on driving your business forward – we deal with the onerous detail.

We can steer clients through the complexities of capital allowances, help them to extract profit, and for single owner/director companies their IR35 compliance. We advise on dividends versus salary, premises ownership, hire purchase or lease finance and how best to capitalise on tax saving schemes – pension contributions, Enterprise Management Incentives (EMI schemes) and EIS Rules (Enterprise Investment Schemes).

Bottom line profitability

Tax on profits

The tax rate depends on how you’ve structured your business and taxable profit will sometimes be different from the amount reflected in the accounts, for a number of reasons. From April 2011 all companies must file their corporation tax returns and pay their corporation tax online.

National Insurance Contributions (NIC)

NI contributions are at different rates (usually lower) for partnerships and sole traderships than for company directors/employees. We advise on all the entitlements and various structures to improve your bottom line profitability.

VAT

Your business will need to be VAT registered with HMRC if your taxable sales exceed a certain level. We assist our clients in managing VAT returns and transactions.  We can advise on the use of cash accounting, the flat rate scheme and ECSL and Intrastat reporting (for exporting businesses), as well as when to register or de-register.

Do you know?

.. the difference between capital and revenue for expenditure on premises or what an ‘integral feature’ is? They all get different tax treatment.

We helped

.. a business (whose previous accountants had failed to allocate expenses correctly) recover corporation tax paid on over £30,000 of allowable expenses. We resubmitted their tax return and HMRC refunded the full overpaid amount straight away

.. a club claim – and agree with HMRC, upon enquiry – for roll-over relief on redevelopment of its properties, saving tax in excess of £0.25m

Can we help you?

The devil’s in the detail, and we can help.