Paying Too Much Tax?
It was recently reported that UK tax payers were set to overpay some £4.9 billion in tax. Whilst individual tax payers overpay on average £165 annually, many companies and sole traders overpay by thousands due to tax inefficiencies. For businesses in particular getting the right assistance and tax planning advice is essential to not only paying tax accurately but planning more precisely for those tax years ahead.
As a leading accounting service and one of North East England’s most respected practices, we help more than 1,200 clients with their annual accounts. Tax planning is just a small part of what we do, but it doesn’t make it any less important. There are plenty of tax savings that can be secured, if you know where to look, here we reveal just some of the tax savings you can make to ensure you aren’t paying too much tax.
The personal tax allowances and reliefs available are dreadfully underused by individuals and companies alike. By looking closely at the allowances and reliefs that you or your company is entitled to you can structure your accounts accordingly and reduce your tax bill.
There are also various tax schemes that are available with varying levels of risk, which your tax planner will be happy to advise on.
Corporation Tax must be paid on all profits made by your limited company, foreign company with UK branch, club or co-operative. Worse still you don’t receive a Corporation Tax bill stating your liability, in fact it’s up to you to work it out, report the figure owed and settle your bill. Our accountants have experience dealing with and planning for all types of tax, including Corporation Tax, allowing you to retain more of your profit.
Capital Gains Tax
Capital Gains Tax or CGT is payable upon the sale of valuable assets from within your company. It is recommended that you seek advice from a tax specialist, like us, to work out your CGT liability and exemptions.
Reducing your Inheritance Tax (IHT) is one thing that is widely covered across the web, but no online advice is better than seeking assistance in person. Our tax planners can help you reduce your IHT bill to ensure you and your loved ones hold onto as much of your estate as possible.
For businesses and sole traders operating globally, International Tax payments can have a crippling impact on your bottom line without the right management. Non UK tax payments must be factored into your accounts if you are doing business internationally.
Ensuring that your sole trader or business accounts are as tax efficient as possible isn’t as difficult as it seems. With our help, you can make great tax savings, whatever the size or niche of your company. Contact us today for further information.