Do You Need Help With Your Business Taxation?

Unfortunately we all have to pay tax, which can often be seen as a complex process that seems to continually change. Without guidance the whole process of taxation can leave you feeling lost, which can add to worry and the sense that you may be missing out.

At Accounts Solutions our specialist accountants can look after your Company and personal taxation affairs for you. Our taxation services cover a wide range of services designed to suit your requirements, which include Sole Trader, Partnership, Business Tax and Personal Tax. We can work closely with you to ensure you are paying the minimum tax required by law.

Sole Trader

Sole Trader as the name suggests means you are the sole owner of your business. You may either work alone or employ others. The main advantages of being the Sole Trader is that it's the easiest way to start up a business. There a very few legalities before actually getting the business established, plus all profits are not liable for auditing as they are classed as personal income.

As a Sole Trader, you are required to pay income tax on any profits your business makes. You must also fill in a self-assessment tax return each year, which details your income and expenses. If you businesses turnover is higher or expected to be higher than £60,000 a year, you will also need to complete the relevant VAT returns.

Accounts Solutions can help with your Sole Trader Taxation affairs to allow you time to concentrate on your business needs.

Partnership

Partnership Tax means that the profits are shared amongst partners who are then each personally responsible for paying income tax on their share of these profits. Each member must fill out their own individual self-assessment tax returns each year, which includes details of any profits they get from the partnership. Self-employed partners are also responsible for paying their own National Insurance.

Usually a nominated officer will take the responsibility for returning the Partnership Tax Return, however all partners will be jointly liable for any penalties that result from the form being submitted late or incorrectly filled out.

Accounts Solutions can offer the range of support services that can help with typical partnership taxation requirements.

Business

Under (CTSA) Corporation Tax Self Assessment, it is the legal responsibility of the business owners to correctly calculate the corporation tax. With the tax authorities increased reporting obligations and harsher penalties for non-compliance, calculating your company's tax liability can take up valuable time and administration resources.

Accounts Solutions can relieve the burden of your businesses tax returns by preparing them for you in an efficient and timely manner.

Personal

Personal tax planning is continually becoming more complex with more emphasis being placed on taxpayers individual responsibilities. If you are subject to taxation, you need to ensure that you meet all the compliance requirements. To make sure this is the case and to ensure you are maximising your tax position, we would recommend speaking to us.

Accounts Solutions can provide specialist help and advise all year round on all aspects of your personal taxation.