Accounts for Companies, Sole Traders and Charities
VAT & Mini One Stop Shop (MOSS) VAT
A business must register for VAT if its turnover is over £85000. VAT registered businesses must:
Charge VAT on the goods and services they sell
Submit a VAT return to HMRC every 3 months (which states the amount of VAT you have charged on sales and paid on purchases)
Pay any VAT due to HMRC.
Payroll & PAYE
A business must register for Corporation tax if it is a Limited company, Foreign company with branches or offices in the UK or an unincorporated association that makes profit. Businesses registered for corporation tax must keep accounting records, prepare and file company tax returns and pay corporation tax on profits made.
Construction Industry Scheme - IR35
Making Tax Digital (MTD) for Sole Traders and Companies
Keeping digital records and using software to submit returns must now be done by VAT registered businesses with a taxable turnover over £85,000. VAT registered businesses with a turnover less than £85000 will also be required to do this from April 2022 and Sole traders with income above £10,000 from 2024.
Capital Gains Tax
Tax paid when you dispose of (sell, gift, swap, or get compensation for) an asset that has increased in value. This includes most personal possessions worth over £6000 (except cars), property (excluding your main home unless it is very large or used for business purposes), shares (that are not in an ISA or PEP) and business assets.
Business Advisory & Forecasting
Tax Investigation & Forensic Accounting
HMRC may carry out compliance checks to ensure that you have paid the right amount of tax. Any tax overpayments or underpayments will need to be corrected. Penalties may be charged for mistakes made or refusing to provide information to HMRC. If you disagree with the checks being carried out (or the outcome) you may be able to appeal.