Tax Accountant
Tax Accountant
There are many taxes and you need a tax accountant that knows about and can advise on the taxes that effect you.
You tax accountant should know something about your type of business, and hence which taxes could affect you – make sure you communicate this.
Where are you and what countries taxes are you effected by? We deal with UK taxes, primarily those of England and Wales, but are happy to deal with Scotland and Northern Ireland.
There are many taxes, ranging from general personal taxes that effect everyone, every day to specific ones that many may never see e.g. capital gains tax. And, of course, hidden taxes that only a certain industry have to deal with e.g. air passenger duty. Below are the main taxes that we as tax accountants are happy to advise and assist.
We at Firestone Accountants are specialist is small owner managed businesses, mainly in the service sector, helping you take advantage of the opportunities available to you to keep your taxes low.
Personal Tax
Personal tax is now operated under self-assessment, whereby it is your responsibility to get it right.
There are a range of personal taxes, and different rates on different types of income etc. so how they interact can change your tax liability. A helping hand is therefore a good idea.
We advise on organisational and financial structure both to start-up’s and established businesses. We also offer guidance on matters of compliance, drawings, tax efficiency and the preparation of U.K. personal tax returns.
Income Tax
Earnings and investment income is subject to income tax. HMRC keep track of most such tax via deduction at source – pay as you earn(PAYE) on wages etc
But anyone with more complicated circumstances is required to prepare a personal tax return.
We can assist with structure, reliefs and return preparation.
National Insurance
Self-employed earnings are also liable to national insurance contributions via a personal tax return.
Capital Gains Tax
Currently the tax you pay in capital gains is also dependent on income levels.
Corporation Tax
HMRC have made it mandatory for UK businesses to submit their company tax returns online and pay all corporation tax electronically.
We offer guidance on matters of compliance, drawings, tax efficiency, reliefs and the preparation of corporation tax returns.
At Firestone Accountants, we provide bespoke support to ensure that your business meets these specific requirements and timelines. We can administer and file all your tax returns on your behalf.
Knowing that your accounts have been prepared accurately and filed on time will give you peace of mind and free up precious time to focus on the critical tasks that drive your business.
Payroll
It is almost inevitable, as your business grow’s, that you will need to hire staff to help you.
There’s no point in getting bogged down in the detail of payroll and employment tax law as we can expertly guide you through the process.
You must register with HMRC as an employer, even if you only employ yourself as a director of a limited company. You will also need to be aware of your legal responsibilities as an employer and understand what your employees are entitled to.
Understanding how to set up Pay As You Earn (PAYE) can be complicated as each employee may have a different tax code. This code is used to calculate how much tax to withhold from your employees, which will need to be paid on to HMRC in due course.
National Insurance (NI) contributions are a tax on earnings paid by employees AND employers. The rate varies and depends on your employees’ employment status, how much they earn and their age.
CIS
For our clients in the construction industry, we have an in-depth knowledge of the Construction Industry Scheme (CIS), with regards to both contractors and subcontractors, whether limited companies, partnerships or sole traders.
IR35 and off-payroll working rules.
For our clients who offer personal services, we have been dealing with the rules known as IR35, along with off payroll working rules, since their inception.
VAT
A business must register for VAT if they provide taxable goods and/or services and have a turnover that exceeds £85,000. Under certain circumstances, it can be advantageous for a business that falls below the VAT threshold to still opt to be VAT registered.
Value Added Tax (VAT) is an indirect ‘spending’ tax paid by customers when they purchase goods/services from VAT registered suppliers/sellers. The VAT collected by the seller is then forwarded to HMRC, minus any VAT the business has incurred on goods or services purchased, for sale by or use in, the business.
The rules around VAT are complex but you need to know which VAT rate (20%/5%/0%) to charge on your products or services as these vary depending on how/what you are trading. Also what you can claim back.
We at Firestone Accountants are specialist is small owner managed businesses, mainly in the service sector, helping you take advantage of the opportunities available to you to keep your taxes low.
