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Individuals and organisations are required by law to pay taxes, but taxation can be a minefield.

What is taxation?

There are two main categories for taxation – business and personal.

Most of us are aware of income tax and many business owners will be familiar with VAT (value added tax) and Corporation Tax – but it doesn’t end there.

Taxes and tax rates change so it can be difficult to manage tax affairs effectively when continual learning is involved.

Not knowing about tax could mean you may miss out on opportunities to minimise your obligations to the taxman. Did you know that tax differs when it comes to a Jaffa cake or a chocolate digestive?

This is why it makes sense to work with an accountant who understands tax.

How an accountant can help you with taxation

An accountant, especially a tax specialist, will take the time to learn about your company to determine which taxes apply to your products and services. Chances are you’re not claiming for what you’re eligible for. As an example, working from home is very different to working from commercial premises.

There are four types of VAT applicable to goods sold:

  • The standard rate is currently 20% (July 2018)
  • A special 5% addition to certain utilities and essential goods
  • Zero-rated
  • Exempt

Understanding the differences can gain significant savings.

Being able to claim against utilities should you work from home, purchasing embroidered or printed clothing and travelling for business with colleagues in the car are just some of the benefits many business owners are not aware of.

Key Accountancy Services can handle your personal and business tax matters as well as managing the required tax returns and self-assessments. It’s a personal, speedy and cost-effective service that removes all the hassel from your side.

Personal Taxation

They are many personal taxes to be aware of – frequent taxation and accountancy services available to you include:

  • Income tax planning advice
  • Calculation of taxable income and the tax liability
  • Preparation and submission of self assessment tax returns
  • Advice on capital gains tax planning
  • Preparation and submission of inheritance tax returns

Business Taxation

Business taxation to be mindful of include the various VAT accounting schemes. Your business turnover and type of products or services offered will determine the best scheme for you:

  • Annual accounting VAT
  • Flat rate VAT scheme
  • Cash accounting VAT scheme

Gain tax advice early when starting a business or as you approach the threshold for VAT registration – currently set at £85,000 per annum or during a 30-day period.

Key Accountancy Services can help you to plan changes in business VAT requirements and help with tax mitigation:

  • Calculation of taxable profits and the tax liability
  • Preparation and submission of Corporation Tax Returns
  • Preparation and submission of Partnership Tax Returns
  • Preparation and submission of VAT Returns and calculation of liability arising

“Being passionate about taxation is a characteristic of Key Accountancy Services. Karen’s knowledge about the changes in allowances before tax for directors is excellent, plus the team are equally knowledgeable in using the Xero system.”

[FAQ] How can I outsource my taxation requirements?

If you have limited time and figures aren’t your best trait it’ll be worth your while talking to a taxation professional to see where they can help your business.

Pick up the phone or drop us an email to get the ball rolling.

For no-nonsense accountancy support and advice, contact the Key Accountancy Services team today on 01782 405442 or send a message.