UK Tax
Success for companies or individuals brings them profits as in Limited companies
or income as earnt by employees. Limited companies are subject to tax under the
Corporation tax regime. Whilst employees and individuals are subject to Pay As
you earn. These are wholly different tax regimes which are often misunderstood.
This often in turn causes the individual more often than most paying more tax
than they should. By undertaking a Self assessment at the end of the year we are
able to unravel any mistakes that may have occurred and then securing in many
cases appropriate refunds.
The complexities of the British tax regimes make it difficult for management to
comprehend and we can assist them on other obligatory taxes such as Value Added
Tax, or Employer National Insurance or Employee National insurance. These are
often when a certain level of Turnover in the former or Employee income in the
latter is reached.
As UK tax experts we help to inform you on indirect e.g. VAT and direct taxes
e.g. Corporation tax and Income tax. We will tell you when and if you are to pay
VAT and we will calculate Corporation taxes when we undertake accounts or audits
for you.
We will endeavour to inform you about the taxes pertinent to you and to your
business.
There are other taxes that are often missed altogether. These taxes depend on
events and occurrences such as Capital Gains or Inheritance tax. - Capital gains
taxes arise on assets that are bought but due to the nature of the asset they
rise unnaturally in value. Governments like to tax these but more often than
most the individual does not declare these scenarios. Inheritance tax applies to
assets and gifts that individuals might give to brothers and sisters, daughters
or sons. The tax applies once the threshold is reached.
The growth of the British Economy is dependant on collection of taxes. Revenues
are derived from the realms of Income, Corporation, National Insurance, Capital
Gains or Inheritance taxes. It is against the law to not pay taxes. There are
occasions that the government help you to defer paying tax and we will help you
in this regard.
We are skilled Practitioners that will insist that tax law must be followed
but we will plan payment of your taxes and help minimise liabilities.
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