If your business is ‘incorporated’ and operating as a Limited Company then you are required to file a company tax return for each year that the business is in operation. You also need to pay UK Corporation Tax if you operate a company registered overseas but have an office in this country.
It can be a time-consuming, nerve-wracking task, especially for businesses with multiple revenue streams and complex operating structures. Due to our extensive experience as Corporation Tax accountants, we take a structured approach to business accounts, using our well-established process to take away the guesswork and anxiety.
Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages and pensions (PAYE tax). People and businesses with other income must report this on a tax return for example sole traders and landlords.
Personal Tax Returns
Completing a Personal Tax Return can prove to be a time-consuming and sometimes stressful task. Completing a tax return involves organising the relevant paperwork, filling in online forms with 100% accuracy and submitting everything to HMRC by the 31st January deadline.
This is a task we conduct regularly, saving our clients great sums of money and time as a result.
Capital Gains Tax
If you sell something that has increased in value, you may well have to pay capital gains tax (CGT). Property is one area where CGT can hit particularly hard. Selling or handing on a business is another. As part of our tax planning service, we can advise on heading off surprise tax bills and minimising your tax liability. That might mean claiming allowances, deducting allowable expenses, claiming tax reliefs, establishing sensible ownership structures or some combination of the above.
When partnering with Lime Advisory, our team will be happy to guide you through decisions around whether to dispose of assets in the form of gifts, to sell them or even swap them. We aim to ensure you are operating ethically, in the parameters of the law and in a tax-efficient fashion.
We help businesses with both routine preparation of VAT returns and VAT planning. From helping you choose the right VAT scheme for your business to completing and filing your VAT forms on your behalf, there are no limits to the support we can offer.
Please note that there are automatic penalties for late filing of tax returns and failing to return them on time can lead to financially-crippling fines.
There are also penalties issued for errors and mistakes on tax returns! This is why ensuring your documents are in order and processed in the right time frames and in the right fashion is paramount. With VAT investigations on the rise, especially in a post-covid world, having a great accountant in your corner has never been so important. We can even liaise with HMRC in times of dispute, representing you at VAT tribunals if needed.