Personal Income Tax – Preparation of an individual’s tax liability.
The tax year runs from 6th April to 5th April (e.g. 6th April 2016 to 5th April 2017). The ultimate deadline for filing and paying tax returns is Midnight 31st January the following year after that tax year (e.g. 31st January 2018).
A few facts
Whether due to lack of time or simply finding it too complicated (and dealing with HMRC can be very frustrating), Ma’Leon Accountancy Services Limited can help you complete your personal income tax while you concentrate on your profession by:
Business Income Tax - Preparation of an unincorporated business tax liability.
Ma’Leon Accountancy Services Limited wants you to flourish and concentrate on your business, so we will perform the calculations of the trading profits (or losses) of your business and complete your business income tax on your behalf by:
Corporation Tax - Preparation of an incorporated business tax liability.
All companies now pay the tax of 19% irrespective of the level of profits. Previously larger companies were paying a higher tax rate. This rate will drop each year until 1st April 2020 where it will be at 17% - according to the last government budget.
A few facts
Ma’Leon Accountancy Services Limited will work out your tax liability, tell you when to pay your tax without getting a penalty and file your business accounts with both Companies House and HMRC within the specified deadlines.
Corporation tax can be complex especially with contractors and the IR35 regime and the incoming government initiative ‘Making Tax Digital’. Ma’Leon Accountancy Services Limited will be able to give you advice on this and other matters by simply Contact us
Capital Gains Tax – Is a tax on the profit of the item when you sell or dispose of an asset
You are taxed on the gain you make and not the amount of money you receive for the item.
Disposing of an asset is when you:
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The tax regime can be quite complex and individuals may find this difficult and cumbersome, Contact us so that Ma’Leon Accountancy Services Limited can help you.
Inheritance Tax – is a tax on the estate of someone who has died
Inheritance Tax (IHT) is not payable on the first £325,000 (nil rate band) of an estate; the IHT rate of 40% is charged on the remaining estate above the threshold.
A few facts
There are some reliefs and exemptions that can reduce the IHT liability for both personal and business assets Contact us
VAT – Value Added Tax is a tax levied on goods or services
We at Ma’Leon Accountancy Services Limited can assist you in setting up a VAT scheme that will suit your business. You can either register voluntarily or register once the threshold is reached (see below).
We can help you by calculating the VAT that needs to be paid or the amount to be refunded by HMRC from the goods or services that you buy and sell.
A few facts
There are a few schemes available such as cash accounting and flat scheme rate (that has now changed from 1st April 2017) and if you would like further information Contact us