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Businesses trading as sole traders and partnerships are liable
to pay income tax on their earnings as are individuals and employees.
For these businesses and individuals we offer a comprehensive compliance
and planning service.
What is my income tax based on?
The income tax you pay depends upon the profits you have earned
in the year. These trading profits are shown in your financial
statements, which we can also prepare. Because all businesses are
different and there is a wide range of accounting rules which may
be applied to accounts. Tax profits are different to trading profits.
They are altered in order that everyone is treated the same no
matter what their accounting methods. The income tax due is calculated
from the tax adjusted profits.
How will my self assessment return be dealt with?
We will calculate the income tax you owe every year and advise
you when to file your self assessment. Income tax is due and payable
as to a half on 31 July every year and half on 31 January. We make
sure that you are advised well in advance of what you will be asked
to pay so that you are able to budget. Your self assessment is
electronically filed so avoiding doubts as to whether it has been
received.None of our clients have ever been fined for not lodging
their returns on time and our fees are standardized for most cases.
Our tax team
We think that it is important for our clients to have a point
of contact within the firm for all tax issues. We therefore have
a dedicated tax department who deal exclusively with this aspect.
As your business grows we can advise you on the way best legitimately
to minimize your tax liabilities.
Estate planning
Inheritance Tax planning will enable you to reduce the impact
of taxation on the assets which you are handing on to the next
generation. At the very least, it is important to have a personal
will which conveys your wishes to your executor. Yu may need to
review the gifts you make during your life so that some of your
estate has the chance of avoiding tax altogether or you may wish
to take advantage of the tax free gifts you are allowed to make
annually. Whatever you decide we can help to facilitate your decision
by giving you the benefit of good tax advice.
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