Accountancy Services
We specialise in providing accountants services for individuals and small
& medium sized businesses - from Sole Traders and Partnerships to Limited
Companies throughout Rutland, Northants and the surrounding Counties.
 Our accountants services include:
□ Personal, Partnership &
Trust Tax Returns
□ Inheritance Tax and Capital Gains Tax
□
Completion of Annual Business Accounts
□
Company Formations
□
Corporation Tax
□
Book keeping
As Taxation experts you can count on us to make your tax liabilities as low as
possible and help you to minimise the amount you need to pay.
Capital Gains Tax (CGT)
CGT is a tax on capital 'gains'. If when you sell or give away an asset it
has increased in value, you may be taxable on the 'gain' (profit). This
doesn't apply when you sell personal belongings worth £6,000 or less or,
in most cases, your main home.
When do I have to pay CGT?
You may have to pay CGT if, for example, you:
• Sell or give away an asset such as commercial or residential property or
company shares.
• Give assets to your children or others or sell them assets cheaply.
What rate is CGT charged at?
• It is charged as an additional amount on top of your other income so if
you are already a 40% tax payer, then this is the rate you will pay CGT.
But we can help by-
• Calculating the gain on the sale as early as possible so you have the
maximum time to save for the tax payment
• Advising on what costs you can claim to reduce the liability.
Notes for Contractors and Freelancers
• Since April 2007 it has been very difficult to operate as a contractor
unless you do so via a Limited Company.
• But operating within Inland Revenue rules without paying a Kings Ransom
to an Umbrella Company isn’t easy- however we can help.
• We can offer a personal and comprehensive service to you backed by the
experience of acting for many other contractors.
Key dates for the Tax & Accounting year
April 6th - Start of the financial tax year.
May - Deadline for employers’ year end PAVE returns P35, P14 & P60.
July - Deadline for forms P11D & P9D to be submitted.
Class 1A NIC due in respect of previous year.
September - Deadline for submitting your Self Assessment return if you require the Inland Revenue to compute your tax liability.
October - Deadline for notifying the Inland Revenue of new sources of taxable income or gains if no tax return has been issued.
Deadline for submitting a Paper Self Assessment Return. (There is an automatic penalty of £100 for filing a paper return after this date). After this date all Returns need to be filed electronically.
January - Deadline for submitting your Self Assessment Return (£100 automatic fine for late submission of your return).
Balance of your income Tax & Capital Gains Tax due.
April 5th - End of the financial tax year.
|
