Tax Advice & Planning for Business Development
There is a lot more to good tax advice than you might think
There are numerous types of taxes, reliefs and allowances which may apply to you and your business and The Profit Key know all about which taxes are applicable and which reliefs and allowances we can use to help you pay the legal minimum tax you are liable for.
Call us to see if The Profit Key can help you reduce how much tax you legally have to pay.
With good planning and expert advice The Profit Key may be able to reduce the tax you owe. Contact us now for a free assessment of your tax situation.
Income Tax Planning
Income Tax is liable on some forms of income but these can be complex and income tax may not be due on other forms of earnings. Personal allowances and tax reliefs may also apply which could reduce the tax you are due to pay so it is important to get the correct advice before completing any tax returns.
VAT Planning
VAT is charged on things like business sales when you sell goods and services or hiring or loaning goods to someone. It is also due on selling business assets, commission or items sold to staff.
If you’re a VAT-registered business you must report to HMRC the amount of VAT you have charged and the amount of VAT you have paid. The Profit Key can help you plan and complete your VAT returns saving you time and effort.
Corporation Tax Planning
Why pay more than you need to? Corporate Tax is a complex subject and can cause a major headache for small business owners. Every year, hordes of companies pay over the odds, simply by not getting the right advice or creating the right tax plan. Let The Profit Key take care of your tax while you take care of your business.
PAYE
This is a vital business process you may no longer need to worry about. Paying your people correctly and on-time, every time is an essential part of everyday business. However, keeping up to date with the ever-changing payroll legislation and software is not only a worry but also time consuming and costly. And with Auto Enrolment there are now more reasons than ever to let The Profit Key save you time and money.
Capital Gains Tax Planning
Capital Gains Tax is a tax on the profit when you sell or dispose of an asset that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive.
Some assets are tax free and you also don’t have to pay Capital Gains Tax if all your gains in a year are under your tax free allowances. The Profit Key can help you plan for Capital Gains Tax issues so you maximise the relief available and minimise the tax you pay.
National Insurance Planning
National Insurance Contributions (NICs) are payable if you are self-employed or employed by your own company and different rates and rules apply. National Insurance can increase the amount of tax you have to pay.
National Insurance can also affect your entitlement to certain state benefits.
The Profit Key can help you plan more effectively and may even be able to reduce your National Insurance contributions.
Stamp Duty Land Tax
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland. How much you pay depends on whether the land or property is residential, non residential or mixed use. When buying shares where the price paid is greater than the current minimum, the purchase is recorded on a stock transfer form and Stamp Duty (SD) will need to be paid.
IHT Planning
For every pound in your estate that exceeds the Nil Rate Band Inheritance Tax threshold, HMRC will expect to collect 40p after you have passed on and before your loved ones receive their inheritance.
The good news is that with good and early planning it is possible to mitigate Inheritance Tax, remove the burden placed on loved ones and also prevent Generational Inheritance Tax from effecting your family or heirs. Look at our specific section on the website regarding IHT planning services or for more information call The Profit Key today.
