Tax Preparation & Tax Planning  

We are confident that, once your accounts are accurately maintained, submitting a VAT return should be a straightforward process, requiring only a few clicks. A series of thorough checks on the return will then ensure the VAT figures are precise. After preparing and validating these figures, we will send the return to you for your approval and authorization. Once you are satisfied with the accuracy of the figures and provide your approval, we will promptly submit the VAT return to HMRC on your behalf.

In the UK, VAT returns are a crucial requirement for businesses registered for VAT, allowing them to report their VAT activity to HMRC. The return details the VAT a business has charged on its sales and the VAT it has paid on purchases, enabling HMRC to determine whether the business owes VAT or is entitled to a refund.

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What is included: 

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Income Tax Optimization:

• Personal Allowances: Ensuring that income falls within the personal allowance thresholds, so individuals benefit from tax-free earnings (currently up to £12,570).

• Income Splitting: For married couples or civil partners, strategically splitting income to reduce the overall tax liability, as tax bands and allowances are individual-based.

• Pension Contributions: Making use of pension contributions, which can reduce taxable income while providing retirement savings.

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Business Tax Planning:

• Corporate Tax Optimization: Structuring a business to take advantage of available corporate tax reliefs and allowances, such as R&D tax credits, capital allowances, and more.

• Dividend vs Salary: For company owners, determining the most tax-efficient mix of salary and dividends to minimize income tax and National Insurance contributions (NICs).

• VAT Planning: Ensuring that businesses are VAT-efficient by understanding the best VAT scheme to use (e.g., Flat Rate Scheme, Cash Accounting) and making VAT returns as tax-efficient as possible.

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VAT Planning:

• VAT Schemes: Choosing the most suitable VAT scheme, such as the Flat Rate Scheme, to simplify VAT returns and reduce the overall VAT liability for small businesses.

• International Trade: Understanding VAT rules for businesses involved in imports and exports, particularly post-Brexit, to minimize VAT costs on cross-border transactions.

 

Who usually needs to prepare taxes?

• Self-employed individuals

• Company directors

• High earners (over £100k or with multiple sources of income)

• Landlords

• People with capital gains