There are a wide range of business tax obligations and liabilities. Which, at best they can be confusing. And at worst, can affect your profits or your legal status if poorly managed.
You may pay income tax on your business profits or Corporation Tax as a limited company. In which case, it’s important to understand what you can and can’t claim to reduce your taxable profits. With this insight you can plan accordingly, meaning you won’t be hit by an unexpected tax bill.
There are important differences in some areas between limited companies and unincorporated businesses. For example, limited companies need to have good accounting systems in place. This ensures the way the company is run will not result in additional tax being levied on employees or directors.
The UK VAT system is one of the most complex tax regimes imposed on businesses. For example, there are a multitude of separate conditions, regulations and legislation to be aware of. The timing, type and value of the products or services you supply can affect it. Also, not everything is subject to VAT, with some products and services being either outside the scope, zero-rated or exempt.
Without the right advice many businesses inadvertently fall foul of the rules, resulting in overpaying or underpaying their VAT. Therefore, we’ll ensure that you adhere to the regulations and avoid penalties due to compliance issues. But, importantly, we’ll make sure that you do not pay more VAT than you need to!