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VAT, Personal and Company Taxation

Tax planning                                                (Please scroll down for more information)

AQ Accounting believes that studying your personal needs and circumstances in detail is an essential component in finding the best tax planning solution for you as an individual. That is why one of the first things we do with new clients is to take the time to sit down and find out about you and your business. There are many options to consider, but all need to be considered within the bigger picture framework. 

In recognition of the fact that tax thresholds and principles change, as well as your income and circumstances changing, we incorporate an annual review meeting within all of our quotes. Without this review, it is very easy to overlook tax saving opportunities and end up paying more than is required.

Similarly, an accountant who simply processes your year-end way after the event comes in far too late to recommend proper tax saving actions, which are best evaluated and enacted throughout the year. Analysing your business and personal circumstances together is essential to get the best tax savings. 

If you feel you could benefit from a free initial meeting to improve your tax efficiency, please call to make an informal appointment.

Self Assessment (Income Tax) returns and PAYE enquiries

Whether you require paper-based, or online filing we can help take the chore out of filing your returns, refund claims and can help with any queries you have regarding what is becoming a more complex area, rather than simpler. 

For our business clients, Self Assessment returns are usually quoted within the all-inclusive package of services we handle on your behalf. Please ring for a free discussion of your circumstances and how we can help.

VAT returns and registration enquiries

Currently, if your business turns over in excess of 79000 per year, or expects to do so, it becomes mandatory to become VAT registered. To find out more about registration and how it will affect your business, please contact us. As the threshold increases we are also seeing business de-register from VAT often helping them to compete in the maketplace as well as reduce their costs. If you have not reviewed your VAT position for some time, it could be worth a chat?

Corporation Tax

Provision of Corporation Tax computation services usually accompanies the production of the annual accounts, with a lot of the information required feeding from the accounts or accounting records we produce. We take care of the tax computations, maximising your allowances and minimising taxable profit, then file the accounts, computations and Corporation Tax returns online for you.

Please get in touch if you need specific advice, or would like us to handle your Corporation Tax on your behalf.

National Insurance (NI), including Class 1a contributions

This is most complicated for those who are self-employed dealing with both Class 2 and Class 4 contributions. We can advise you how this works, but also discuss whether it may be right for your business to become a Limited Company to offer savings in this area. Going Limited does involve additional costs and has some disadvantages which need careful consideration to ensure the decision is right for you. If you are unsure about what is involved and would like to have a chat, please give us a call on 0330 111 4552, 01482 655499, or 07717 880884.

Capital Gains Tax (CGT)

Though now simplified slightly, there are still significant planning opportunities to consider before actions are taken. Business owners and entrepreneurs can benefit from increased thresholds that reduce the CGT amounts payable when selling your business, though your corprate structure needs to be set up correctly for the maximum benefit. Advice should be taken to minimise tax liabilities well in advance of  considering a business sale, therefore.

Inheritance Tax (IHT)

Planning is critical where your personal assets exceed 325000. As the tax liability remains an issue for seven years, planning is often difficult, but remains the key, whether regarding personal assets, or when considering business succession. We can advise you on planning to mitigate your potential IHT liability.

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Email: enquiries@aqaccounting.co.uk    Freephone: 0330 111 4552    Skype: aqaccounting   Post: Tall Trees, 26 Tranby Lane, Anlaby, Hull, East Yorkshire, HU10 7DS