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Taxation falls into two camps; corporate (company) and personal. In both instances we can provide solutions for calculating and minimising tax burdens. Taxation can be very complex and a combination of increasing Government legislation and new case law can produce pit-falls for those dealing with matters outside of their expertise. We will examine any such issues in the light of our in-house expertise and where we feel it is in the interests of the client will draw upon the skills and experience of recommended dedicated tax professionals.

If the turnover of your organisation exceeds a certain level (currently £70,000) in a 12 month period your organisation is required to register for Value Added Tax (VAT). Registration means that if you supply taxable goods or services you must add the prevailing rate of VAT to the invoice payable by your customer, this is currently set at 20% for most, but not all, taxable supplies. You are also able to offset the VAT, if any, you pay to your suppliers. The net amount is accounted for and paid to HMRC on a quarterly basis. We will calculate and prepare the VAT returns as an extension to our book-keeping service. It is important to have a robust procedure for accounting for VAT as the penalties and fines for errors, including genuine errors, can be severe.

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