Tax
The complex taxation in Britain means that keeping on top of tax changes and payments can be difficult. A personal accountant will ensure that expert advice is given to help minimise tax bills and that they are always paid on time.
GlobalTax can advise on various aspects of taxation. Several are outlined below.
VAT
Whether you should be registered for VAT or not, depends on your individual business circumstances.
If you are at all unsure how to proceed please do get in touch and ask for our advice. We can advise on all the services raised on this web page and we will help you fill in the forms, if needed.
Capital Gains Tax
If you are considering selling an asset, GlobalTax can offer guidance on potential capital gains tax charges that one may be liable for upon the sale. We can recommend ways to lower tax charges and help to save you money.
If any asset that you own has increased in value it will be subject to Capital Gains Tax. Like most financial steps that involve tax, things can get tricky if you don’t know the intricacies of the legislation. The first requirement will be registering for Self-Assessment and reporting the gain to HMRC. Our team of Capital Gains Tax accountants can do both on your behalf, helping to ensure that your reports are timely and accurate.
There are also some circumstances where individuals may be eligible to receive Capital Gains Tax relief. We can offer you expert Capital Gains Tax advice, helping to ensure that you always opt for the most cost-effective, compliant route.
Whatever your reasons for selling are, don’t let confusion around Capital Gains Tax catch you out.
Property Tax
Property Tax is a concern for a wide range of businesses and individuals. Our company can provide in depth knowledge, to explain and advise on all aspects of property tax.
Corporation Tax
Limited companies face UK corporation tax on all profits. We offer a service that helps to organise your tax returns and provide information on Companies House regulations.
Recent changes in UK legislation means that it may be more profitable to join other sole traders to reduce corporation tax. This is one solution that GlobalTax accountants can advise upon, to offer ways to improve business finance.
We also provide other general business advice, such as becoming a limited company when starting your business. By liaising with our accountants, you can find the most tax efficient way to take your business forward.
Inheritance Tax
Inheritance Tax is usually paid on an estate when somebody dies. It may also be payable on trusts or gifts made during someone’s lifetime. Most estates do not have to pay Inheritance Tax because they are valued at less than the threshold (£325,000 in 2009-10). Any estate valued over this rate is subject to 40% tax.
Check HMRC guidelines
Our company can assist you with the various taxes associated with inheritance, a task that you can trust will be managed competently, in what way be a difficult time.
There are three main types of tax that may be applicable to inherited assets:
- Income tax – if the inheritance generates personal income, it may be subject to tax
- Capital gains tax – if you ‘dispose’ of assets, by selling or giving them away, and it has risen in value between the time of inheritance and the sale, ‘capital gain’ tax is applicable.
- Inheritance tax – typically the tax is paid out of the funds of the deceased’s estate, but, if the estate cannot pay it, the named inheritor may have to pay.
Tax Return
Completing a tax return can become a difficult and sometimes stressful process. Any income that is not taxed at the source requires a tax return to be filed. If you pay tax through PAYE (Pay as you Earn) you are not required to complete a tax return. There are various categories depending on whether you are completing a personal return, or for a company. Providing the relevant income and business information correctly is vital to be subject to the suitable levels of tax, such as NICs (National insurance contributions). Maintaining records throughout the year can make filling in a tax return a much simpler process. GlobalTax can help to keep records up to date, can complete tax returns for business or the self-employed, or simply offer guidance on how to complete them.
Employment
As an employee, taxes will be deducted from your wages, and sent by your place of work to the tax office, otherwise known as PAYE (pay as you earn). The rate of tax varies depending on income, but payslips and forms such as the P45 should be retained to keep a record of income. An accountant at Globaltax can help to maintain personal income records for the employed.
