Tax can be an area of great stress to any business owner. Understanding reporting requirements and deadlines, as well as what tax must be paid to HMRC can be a worry.
JAB Accountancy can help you navigate through these various matters, and due to our years of experience we can ensure your records are prepared accurately and on time, reducing the risk of penalties or fines
Tax Returns
Our friendly and experienced team can prepare and file your various tax returns on time, ensuring that these are accurate and comply with all relevant tax laws and regulations.
Income Tax
This applies to anyone living or working in the UK and earning above the relevant annual tax allowance each year (currently £12,570.) Income tax is paid on net income (sales less expenses incurred.) Untaxed income from self-employment or from rental property income for example, should be reported to HMRC and any profit may be liable to income tax
Corporation Tax
This applies to all limited companies that are based in the UK. A corporation tax return is used to calculate a company’s tax liability based on the profit reported, after costs and allowances have been accounted for
VAT
Value Added Tax is a complex area for any business owner as there are many rules and exceptions to consider. VAT is a point of sale tax placed on most products and services. VAT returns are prepared and submitted on a monthly, quarterly or annual basis. The return summarises VAT charged on the goods or services that you provide as well as the VAT that you have suffered on goods or services bought.
Capital Gains Tax (CGT)
This is a tax charged on the amount of profit that you have made when you have sold or disposed of an asset. CGT is charged at various rates depending on the type of asset disposed of and how long you have owned the asset for. Legislation has changed frequently over the past few years and our experienced and knowledgeable staff can talk you through the various aspects of reporting the disposal of any asset.
