If your business is registered with VAT, you can get back the VAT when you pay it, if you also buy from other VAT registered businesses. Similarly, you cannot claim VAT on your customers if you are not VAT registered.We will advise you on how to have the VAT registration requirements according to VAT legislation.If you are a VAT registered business, it does not matter whether you are a small or large business, in public sector or the not-for-profit category, you will need to ensure you are managing VAT affairs properly. Our practical understanding will answer the challenges that you might have
VAT & Personal Tax
VAT
Voluntary Registration for VAT
In the following situation, you can register voluntarily for VAT:
- If you are purchasing significant amount of goods and services from VAT registered businesses and want to claim some of it back
- If you are going to make taxable transactions, you can register for VAT prior to the transaction (This will enable you to charge VAT on all taxable goods to all your customers)
We will give you clear suggestion on legal obligations, and keep you informed on developments in the VAT. We can assist you with all aspects of the VAT in your business.
If one legally receives money or property form a person who has died or deceased, the type of tax imposed on the property or money received this way is called Inheritance Tax. In other words, Inheritance Tax is applied on the transfer of assets. Everybody wants to minimise Inheritance Tax payable and manage it well so that the handover of property could be made as smoothly as possible for their beneficiaries.
We can help you on many relief and allowance situations, which you might not have been aware of. This include arranging property to be held in the best way between spouses where you can both get income tax and inheritance tax relief opportunities.
- If you are uncertain on your investment borrowings
- If you are unaware of the relief scheme proposed to entrepreneurs or property owner
- Other situations like these, and many others, where you can get relief but are unaware of
We will prepare and submit your Self-Assessment Tax Return; we will complete Supplementary pages, Employment, Self-employment, Partnership, Foreign Income, Rental Income, and Capital Gains reporting on your behalf. Using cutting-edge software, we take the burden of form filling and compliance aspect of Self-Assessment off your hands and make it very simple. In addition to letting you know tax relief opportunities, we will complete all your tax returns and calculate tax liability before due date, advising you on exactly when to pay and how much to pay.
Capital gains can come from sale of assets like investment properties, shares, and bonds. Capital gain tax affects both individuals and businesses. Among all taxes, Capital Gains Tax holds a small share in the UK. However, it does affect investments on assets like properties, shares, and bonds.
Corporation Tax applies on profit raised by Limited Companies.This tax treatment applies on members, clubs, and trade and housing associations as well.
Corporation Tax is payable on adjusted profits for each accounting period at a variable rate for the financial year. The adjusted taxable profit figure is known as ‘Profits Chargeable to Corporation Tax’ or PCTCT. The calculation of PCTCT consists of many adjustments in accounting profit recorded in the Profit and Loss Account. Like all taxes, Corporation Tax is charged on income gains raised in an accounting period. A company’s accounting period begins with the day when it starts trading. Based on annual accounts, corporation tax is determined yearly, regardless of whether it is presented late in an accounting period. As a team of tax analysts and advisers, our goal is to help you minimise your tax burden within the legal obligation. We offer a tax advisory service in response to the HMRC notice that applies to you.
HMRC has an online system for companies to file their tax return called the CT600. Using HMRC’s free online filing system or commercial software, you should file additional calculations along with your statutory accounts. Outsourcing this task to us makes it easy for you to do other things without having to worry about paperwork or online tasks. We can improve the tax situation of your business by reducing taxes if relief opportunities are available. We can help you minimise your corporate tax and lessen your administrative load on fulfilling tax regulation.We can achieve the optimum capital or revenue that is affecting tax situation to avail tax relief opportunities. Furthermore, we can help you on disposals and maximising tax relief on Corporation Tax Staff Self-Assessment (CTSA).
With the objective to bring individual and business tax systems onto a digital setup, the Chancellor proposed a Digital Tax System in March 2015, which would make it easier for individuals and businesses to register, pay, update and resolve all their tax issues using an online platform. This Digital Tax plan needs your information at least quarterly. Whenever you log in, you will be able to get up-to-date tax calculation. It is estimated that, by 2020, more businesses will be moving towards digital records than ever before. Businesses will be extra conscious to plan on their payables with this system in place, but this slightly controversial system will ease many HMRC services on tax issues. At Shrikish & Co. our team understands the complexity this new digital taxation system might bring along. With our tested cloud storage tools and servers, we are ready to help businesses safely migrate to the Digital Tax platform and provide comprehensive services to manage your business tax dashboard for you.