Bowyer Pounds & Co
76 Glebe Lane
Barming
Maidstone
Kent  ME16 9BD
Tel 01622 728 603
Fax 01622 728 604
Copyright 2010 Bowyer Pounds & Co Ltd.  All rights reserved.
Registered in England and Wales No. 4134290
Vat Registration No. GB 770 0663 41

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Tax

Tax

One of the biggest liabilities to you and your business each year will be your taxes due to HM Revenue and Customs. Generally you will pay over between 20% and 40% of your profits in income/corporation tax, you may also pay VAT, PAYE, national insurance and occasionally capital gains tax.

 

Self Assessment

The list of people being sent an Tax Return seems to increase each year. If you receive a Tax Return or if you have any untaxed income - from self-employment, from partnership profits, rented property or if you are a higher rate tax payer receiving dividends or benefits-in-kind you will need to submit a Tax Return. We will send you a questionnaire each year to gather the relevant information, complete your Return and once you have checked and signed it we will send it electronically to HM Revenue and Customs.

 

Tax planning

Our tax team probably won’t be able to make your tax liabilities disappear but we will look to minimise them for you. There are a number of tax planning measures which can sometimes help reduce the amount you have to pay including changing your status between sole trader, partnership and limited company, knowing what business expenses and capital allowance are allowable, dealing with any losses that have been suffered, registering or perhaps de-registering you from VAT, balancing payments of dividends and salary for company shareholders/directors and finally planning the timing of your cessation.   

 

What to pay and when

We will be able to take into account any tax deducted from you at source including PAYE and CIS tax where appropriate and any payments-on-account you have made before letting you know what to pay and when it is due to help reduce the surprise when the tax bills land on your mat.