VAT is an acronym for Value Added Tax and was introduced in the UK in 1973. It is a tax that is applied to the purchase price of certain goods, services and other taxable supplies that are bought and sold within the UK. Businesses with a turnover of more than £85,000 must register to pay and charge VAT on the products and services they buy and sell. Other businesses can choose to register for VAT voluntarily. As a business owner you are responsible for your company’s VAT return which is due every month, 3 months or yearly depending on the scheme you are registered for. VAT in the UK is typically charged at: 20% on goods and services 5% is applied to some heating, energy, health, protective products and services 0% is applied to a range of products and services such as publishing, building, health, certain education and kids’ clothing Some schemes will provide different percentages then the above, for example: Flat rate scheme and the second-hand margin scheme With our service your VAT returns will be prepared as part of creating your year end accounts, this allows us to provide you with updates regularly and filling can take place quickly and efficiently.

If you have recently started earning money in addition to or instead of your salary, you will need to complete a self-assessment tax return. As part of our service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted. This process helps to minimise your risk of a HM Revenue and Customs inquiry into your tax affairs.

Corporation tax return is also known as a company tax return. The rate of corporation tax is currently set at 19%. A company must submit its corporation tax return (CT600) and pay corporation tax if your company has chargeable profits. However, in case your company has not gained any profit, you will still need to submit the return. You submit your accounts with Companies House while the corporation tax with HMRC. Ensuring your business is not just tax compliant but as tax efficient as possible is an ongoing challenge. Whatever corporate tax challenge or issue you are facing we have the experience and the knowledge you need.