Taxation

Taxation

AJR & Co provide Taxation services and advice to both businesses and individuals for Tax Compliance and Tax Planning purposes.

We also assist with HM Revenue & Customs Enquiries and Investigations and provide Insurance cover to pay for fees incurred in the event of an HMRC Inquiry.

Corporation Tax

Corporation tax must be paid on profits from doing business as:

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  • A limited Company
  • A foreign company with a UK branch/office
  • A club, co-operative or other unincorporated association.

When you begin trading Corporation tax must be registered for, accounting records must be kept for the company as these are what is used to work out the Corporation tax due.

The deadline for paying Corporation tax or reporting that you have none to pay is usually 9 months and 1 day after the end of the accounting period.

Companies or associations pay Corporation tax on profits made from trading and investments.

Capital Gains Tax

As per HMRC Capital Gains Tax is the tax on the profit when you dispose of an asset that has increased in value.

Disposed could mean it has been sold, swapped, transferred or given away.

Inheritance Tax

Inheritance tax is a tax on the estate of someone who has died. If the value of the estate is lower than the £325.000 threshold or everything above this threshold is left to a partner, spouse or charity then there is usually no Inheritance tax to pay. Although this still needs reporting to HMRC.

Speak with Andrew for further advice.

Self-Assessment

There are a number of different reasons why an individual completes a self-assessment tax return, the main reasons are as follows:

  • You are a company director who has income not taxed under PAYE
  • Have income from self-employment
  • Have income from savings and investments of £10,000 or more before tax
  • You have annual income of £100,000 or more before tax
  • HMRC has sent you a tax return

The self-assessment return details all of your income and any tax which has been paid on each form of income. Once complete it is sent to HMRC either on paper or online. The information on the tax return is used to calculate your tax liability.

Read more on self-assessment in our blog

Value Added Tax

Once a company reaches the VAT threshold of £85,000 it is required to register for VAT and submit returns usually every 3 months. AJR & Co Ltd can

AJR & Co Ltd are happy to provide consultancy advice on VAT matters (such as specific transactions which are contemplated) as and when requested to do so.

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Limited company Formation

From AJR & Co Ltd