Copyright 2010 Bowyer Pounds & Co Ltd. All rights reserved. Registered in England and Wales No. 4134290 Vat Registration No. GB 770 0663 41 Website designed by Kent Korkers
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.
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.
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
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.