Business and Personal Tax

At TTG, we keep your tax efficient, by actively managing your tax affairs so you never pay more tax than you should.

Corporation tax compliance – All Limited companies are required to file a corporation tax return within 12 months of the end of the accounting period. This tax return is based on the accounts prepared for that same period. Companies must pay their corporation tax bill within 9 months of the end of the accounting period. The eagle eyed amongst you will see that this can cause a problem – you need to have paid your bill before you need to file the return! Thankfully, we typically prepare accounts and tax returns within a month or two of the year end, meaning you`ll always know what needs to be paid, and when.

The UK Corporation Tax rate is currently 25% for all limited companies. Up until April 2023, the previous Corporation Tax main rate was 19%. The 25% main rate is payable by companies with taxable profits above £250,000.

Corporation Tax Advisory – When did you last consider your remuneration strategy – i.e. how your business pays you for the work you do. Not sure? Do you know if your current accountant or Senior Accounting Officer looks at this and how often?

 

 

Personal tax compliance & advice – If you are a director of a limited company, or another business structure that is classed as a separate legal entity then the likelihood is that you will need to file a personal tax return. For some Directors, personal tax returns are straight forward with their income just comprising these salary and dividends.

Others may have investments, like rental properties, earnings from shares or interest from savings.

At TTG we look at the most efficient extraction of profits as salary or dividends or a combination of the two. This is one of the most important ways to keep you tax efficient by ensuring you only pay relevant taxes.

 

Self-assessment tax return – ensuring this is filed with HMRC by 31 January following the end of the tax year and advising you of payments. We support your business strategy by providing suggestions and ideas of how to reduce your tax liability, like increasing contributions to a pension scheme, moving investments into ISAs or investing in tax efficient approved schemes, plus, in line with the latest government regulations we’ll ensure your business is fully Making Tax Digital compliant.

Payroll – As soon as you employ people, you will need to register for payroll scheme with HMRC, and start operating this weekly, 4 weekly or monthly. For most of our clients a monthly scheme is usually appropriate. We can help you register a scheme; obtain the details you need from your employees and start operating the payroll.

Get in Touch

EMAIL

info@thetaxgrouplimited.co.uk

Phone

Address

The Tax Group Limited
AAT Licensed Accountant based in Redcar.
74 Corporation Road, Redcar, TS10 1PB

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