Monday 16th December, 2019

Types of tax
Types of tax

Types of tax

There are a whole plethora of different taxes to deal with if you run a business. Red Dot Accountants are here to help you through the minefield and plan for your future. Here are some of the more common types of tax and how we can help reduce your liabilities through careful planning and sound advice.

Income Tax (IT)

The tax paid on income by individuals and on profits for sole traders and partnerships
How we can help:
Identify the expenses and allowances you can claim
Plan your tax affairs to seek ways to reduce the tax liability – see example

Capital Gains Tax (CGT)

The tax paid on gain from the disposal of an asset
How we can help:
Identify the exemptions and claims you are eligible for
Calculate the amount of tax payable and advise the date payable
Plan your tax affairs to seek ways to reduce the tax liability – see example

Inheritance Tax (IHT)

The tax paid on your assets on death
How we can help:
Identify the exemptions and claims you are eligible for
Calculate the amount of tax payable and advise the date payable
Plan your tax affairs to seek ways to reduce the tax liability

Corporation Tax (CT)

The tax a limited company pays on it’s profits
How we can help:
Identify the exemptions and claims you are eligible for
Calculate the amount of tax payable and advise the date payable
Plan your tax affairs to seek ways to reduce the tax liability – see example

Stamp Duty Land Tax (SDLT)

The tax you pay on land and property transactions
How we can help:
Identify the exemptions and claims you are eligible for
Calculate the amount of tax payable and advise the date payable
Plan your tax affairs to seek ways to reduce the tax liability

Value Added Tax (VAT)

The tax added to the cost of goods and services
How we can help:
Arrange VAT registration and Identify the date for compulsory registration
Complete periodic VAT Returns and calculate the amount of tax payable and advise the date payable
Advise on specific transactions eg property where there are complex rules
Advise on the VAT implications of transactions – VAT exempt, Zero Rated, Reduced Rated or Standard Rated
Plan your tax affairs to seek ways to reduce the VAT liability – see example

Pay As You Earn (PAYE)

The tax on employee wages
How we can help:
Arrange registration with HMRC
Complete periodic Returns under Real Time Information (RTI)
Calculate the amount of tax payable and advise the date payable
Advise on the implications of Auto Enrolment and the effect on your Business
Plan your affairs to seek ways to reduce the PAYE liability – see example

Is it time to change your accountant?

By now you should be getting an idea how we work at Red Dot.

If you are still unsure if we are the right accountants for you, then why don’t you get in touch… we don’t bite!

As we do not want to waste your time, we will Initially speak over the phone to get a ‘feel for each other’ to see if we sound like we could work well together.

Assuming we both feel comfortable, we can then arrange to meet up for an informal chat over a cup of tea or coffee.

Our conversation and meeting will be totally FREE, confidential, and without any further obligation.

We are confident that you will get some benefit from our meeting irrespective of whether you appoint us or not.

As a minimum we expect you to get an independent view on your business performance and tax affairs, with suggestions on how you could improve these, plus as a special gift we will give you a free copy of our book.

CONTACT US NOW – you have nothing to lose