Personal Tax

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Tax and VAT

As a business owner, you will be subject to Tax in some form, whether that is paying it or notifying HMRC why you are not liable (usually through a Tax return.)
There are various allowances which can help minimise tax liabilities but understanding what they are and which ones you are entitled to can be overwhelming.

Most Common forms of Tax

There are several common forms of tax. These are:42158361 l

  • Corporation Tax generally becomes payable when your business makes a profit
  • Capital Gains Tax Planning (CGT) is a form of taxation that you may be liable to pay if you sell on certain assets for a profit.
  • Personal Tax (including sole-traders and partnerships)
  • Value Added Tax (VAT)

Each form of Tax has various deadlines and responsibilities which taxpayers need to be aware of.

Tell me more about VAT…

Value Added Tax aka VAT is a tax that businesses charge and pay on services or goods however, it is a common misconception that if you have a business that you automatically need to be VAT registered and charge/pay VAT. The tax that is collected by a business needs to be paid over to HM Revenue and Customs (HMRC).

Not all businesses are required to register for VAT, although some choose to do this as there may be benefits for the business. Only those businesses which reach the thresholds set by HMRC are required to register.

VAT is charged on certain items such as:

  • Business sales
  • Hiring or Loaning goods to someone
  • Selling business assets
  • Commission
  • Items sold to staff
  • Business goods used for personal reasons
  • ‘Non-sales’ eg bartering, part-exchange and gifts

If you’re a VAT-registered business you must report to HMRC the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done through your VAT Return which is usually due every 3 months.

Choosing the right VAT scheme is essential as it can lead to tax savings and a massive reduction in your bookkeeping responsibilities. A few of the most popular VAT schemes that are available:

Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged.

HMRC investigations39056408 l

The focus on tax compliance is increasing as HM Revenue & Customs (HMRC) no longer need a valid reason to start an investigation. This means that potentially, everyone is at risk of being investigated.

Being the subject of a Tax Investigation by HMRC can be extremely stressful and you need an advisor who knows HMRC’s processes thoroughly to help ease you through the investigation with minimal worry to you.

Are you about to be the subject of an investigation? Call Tidy Numbers on 01604 494687 for expert help and support.

Isn’t HMRC there to help me sort that out my Tax?

HMRC have helplines available to assist tax payer but their staff members are not there to provide advice on how to minimise the amount of tax you will pay. HMRC have attempted to simplify the tax system but the truth is; it’s still far too complex for most people.

That is where we come in. We interpret the tax legislation and provide professional advice so that you only pay as much tax as you are legally obligated to.

How can Tidy Numbers help me?

At Tidy Numbers we work hard to ensure that you keep more of what you earn by making the most of the allowances available to you and look at your business structure to make sure it’s the best way for you maximise and extract profits from your business.21846540 l

Some of our Tax and VAT services include:

  • Preparation of personal tax returns
  • Preparation of business tax returns
  • Tax planning
  • Preparation of VAT returns
  • Assistance with HMRC investigations
  • Provide advice on the right VAT scheme for your business
  • Assistance with VAT registration
  • Advice on VAT planning and administration
  • VAT control and reconciliation
  • Produce your VAT returns and submit them to HMRC
  • Dealing with any contentious disputes that arise with Customs.
  • Attendance at VAT inspections.
  • Representation at VAT tribunals.

Do you need a bit more advice on Tax or VAT? Call us now on 01604 494687.



Self Assessment

Many taxpayers struggle to understand the complex tax returns and complete them correctly. In the first year of the Self Assessment regime alone, 775,000 taxpayers received £100 penalties for failing to submit their returns on time, and some 400,000 incurred further penalties because their returns were still outstanding six months later!

The constant flow of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.

We can save you a lot of time, worry, and money by handling your self assessment tax return for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.

We can act as your agent, dealing directly with the HM Revenue and Customs on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.

Personal Tax Planning

With the tax regime becoming more complex, and more focus being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.

We can provide you with year-round tax advice on:

•    income tax
•    capital gains tax
•    inheritance tax
•    trusts and estates
•    non-domiciliary tax issues

Every pound of income tax you save means more income at your disposal, every well planned disposal of assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.

Make sure you take full advantage of the tax saving opportunities open to you - call us today for a personal tax planning review.

Trusts & Executorships

Trusts are relatively easy and very tax-efficient way to set aside assets for future beneficiaries outside the inheritance tax thresholds. We can advise on the most suitable type of trust for you, set them up and provide a full range of accounting services for trusts.

We can also advise you on the preparation of your will, single or mirror.

Where appropriate, we can act as trustees or executors.

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