A limited company has an individual personality and has to pay corporation tax on its profits before any distribution to shareholders. Small companies need to understand the relationship between corporation tax and personal tax.
There are other areas that are more specialist that include:
Research and development, expenditure relief, annual tax on enveloped dwellings, loans to participators (s455), capital allowances, deferred tax, loss relief and double tax relief.
Bullimores will assist you to navigate this area towards tax-efficiency.
Sole Traders & Partnerships
Where the business is a sole trader or partnership, the tax payable is dependent on the taxable business profits. A computation is required that adds items for which there is further tax relief available and removes expenditure where there is no relief.
Bullimores will provide this as part of our service to sole traders and partnerships.
Available for companies, sole traders, LLP’s etc but there are increasingly complex rules.
To make the most effective use of them, a knowledge of your business is essential and an annual update on changes is necessary. The most popular allowances are the First Year Allowances (FYA), Additional Investment Allowances (AIA), Enharnced Capital Allowances (ECA) and company cars. Energy efficiency is encouraged through tax relief for capital allowances, ask us about electric cars.
For our clients, we carefully consider all factors before making a claim.
Whilst not all businesses need to be VAT registered, most commercial ventures with a turnover of £85,000 must register and there are benefits to voluntary registration. It is important that as a business owner you have a good understanding of your options.
Registration for VAT requires submitting returns on either a monthly, quarterly or annual basis and complying with Making Tax Digital (MTD).
We will help identify where being VAT registered is beneficial or compulsory for your business, advise on treatment of supplies, EU supplies, property transactions, business restructuring, and the value of cash accounting or flat rate schemes if appropriate.
There are always changes to VAT and we are up-to-date on all of those which affect our clients. VAT is a complex tax and can involve significant numbers.
Where we feel further specialist opinions should be taken, we have access to the best experts.
PAYE, P11d's and PSA
Our payroll department helps clients with between just one and a few hundred employees. P11D and PSA forms that report the benefits received by individuals are dealt with by the accounts team.
We alleviate the pressure on management by running your payroll, thus giving you more time to concentrate on making the business stronger. We can also help put in place suitable benefits, pensions, approved and unapproved share options, awards and incentives.
Construction Industry CIS
We will help determine whether gross or net payment status is appropriate and can assist with the monthly CIS returns.