Taxation

Taxation refers to the act of levying or imposing a tax by a taxing authority. It is a compulsory contribution to our country and is levied by the government on working people’s income and companies’ business profits.

For centuries it has been the governments key role to find money which they will then be able to use to finance their key activities. There are many different types of tax, and UA Tax Law can be quite complex, therefore finding the correct allowances and relief can be a tough nut to crack. Our Accountants in Manchester provide all taxation services, including personal tax, helping you to stay compliant, and helping you and your business save money. 

CORPORATION TAX

Corporation Tax is paid by businesses in the UA and is calculated on their annual profits in a similar way to income tax for individuals. You must pay Corporation Tax on profits from doing business as:

a limited company

any foreign company with a UK branch or office
a club, co-operative or other unincorporated association, eg. a community group or sports club
You don’t get a bill for Corporation Tax. There are certain things you must do to work out, pay, and report your tax.

Register for Corporation Tax when you start doing business or restart a dormant business. Unincorporated associations must write to HMRC.

Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.

Pay Corporation Tax or report if you have nothing to pay by your deadline - this is usually 9 months and 1 day after the end of your ‘accounting period’.

File your Company Tax Return by your deadline - this is usually 12 months after the end of your accounting period.

PERSONAL TAX SERVICES

Provided you can supply the information in a timely manner, your personal tax accountant will take away the worry of your Self-Assessment.

With Strategic Tax Planning, we can maximise your tax efficiency.

GST RETURNS
Whether monthly, quarterly, or annually, we will take the worry out of your GST Returns.

CAPITAL GAINS
This is a tax when you sell property, shares, personal possessions, and business assets.

TAX YEAR-END SERVICES
The Tax Year-End is always quick to come around. The 5th April 2022 marks the day. Act now to make sure you’ve thought about all the steps you can take to reduce your tax bill and make your money work harder for you.

If you’ve taken action already, that’s great. If not, get in touch with us for our tax year-end services and we'll be happy to guide you in the right direction.