Our basic service as your tax agent would be to prepare your personal tax return, or your company’s corporation tax return. But there are plenty of tax issues and tax advice that we can provide along the way.
You might want to know the difference in tax you might pay as an employee compared with having your own business as a sole trader or limited company. If you have your own company you would want to know the most tax-effective way of paying yourself in salary and dividends. There would be other decisions that would be of interest to you, such as ‘should I have a company car?’ or ‘what are the tax rules for working from home?’
Of course, income tax and corporation tax are not the only taxes that businesses have to contend with. In particular, VAT features prominently. You will want to know if you need to register for VAT or if a voluntary registration could help your business. You will also want to know if a particular VAT scheme is suitable for you. We can provide a comprehensive bookkeeping and VAT service to allow you to concentrate on what you do best.
If you employ staff, which would include yourself if you have a limited company, you will most likely need to register your business as an employer and operate a PAYE scheme and RTI (real time information) reporting to HM Revenue and Customs. Again, we can help you manage this yourself or manage the process for you.
If you are a landlord it is likely that you would need to disclose earnings from letting on a tax return. We provide this service for landlords and if you sell your property we can advise you on any potential capital gains tax that might arise. Capital gains tax could arise on the sale of other capital assets such as shares or even your business.
We see our role as helping you to both comply with tax legislation, and also to provide information to reduce your future tax liabilities.