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What are Business Taxation Service?
Corporation tax is a tax in the United Kingdom on profits made by a UK-resident company. It is also payable by on non-UK resident companies which trade in the UK through a permanent establishment.Corporation Tax is levied on all the profits made during an accounting period, these include trading profits,Capital Income from letting out land or buildings.,Interest on any money held on deposit etc. Tax rates are set for the tax year, which runs from 1 April to 31 March. There are two corporation tax bands: tax rate 1 is 20% and is for profits between 0-£300,000 . The second rate is for 30% and relates to profits between £300,000 and £1.5 million, you are eligible for marginal relief. The Chancellor announced in his April 2007 budget that the small companies' rate will be increased to 21 per cent in 2008/09 and 22 per cent in 2009/10. The main rate will also be reduced to 28 per cent in 2009/10. Companies pay corporation tax within nine months of the end of their accounting period. All companies will have to notify HM Revenue & Customs of their profits by submitting their corporation tax return. The Revenue has one year from the normal filing date, to open an enquiry into the return.You may be able to reduce unnecessary tax payments., to do this speak to your accountant about such ways as Limiting the number of non dormant subsidiary or associate companies. Consider using debt or loans, rather than issueing sharesraise finance for the the company. Take advantage of the 'capital allowances' available on all the equipment you purchases also the timing of the purchase .Consider using benefits in kind, rather than extra salary as in most cases employers will have to pay National Insurance on the benefits in kind,but employees don’t on many items.Consider declaring dividends, rather than taking a higher salary. Most companies outsurce this service to there accountants, however you as the director must ensure that the returns are correctly filed and received by the Inaland Revenue otherwise you may be liable to a penalty. Start up companies in the UK, need to understand the VAT implication to there business, as lack of knowledge or ignorance of the facts can turn out to be very expensive if you fail to register. The registration limit for new companies is when annual turnover expects to exceed £64000, however you can voluntarily register before this if you think you will be paying more input tax than output tax..Vat is a transaction tax on goods and services. Vat of 17.5% is paid on most goods you purchase (input tax), and on goods you supply (output tax). The difference between the two is what is either reclaimed or paid to the Customs. Products can be either exempt , zero rated or standard rated, and different rules are applied to each. Once you are registered you are obliged to provide VAT invoices for all amounts over £10. The invoice must how Invoice number. Tax point (and date of issue, if different from the tax point),Your business name and address,Your VAT registration number.,Customer's name and address. Type of supply (eg sale, lease, rent). Description of goods supplied.Quantity supplied, cost, tax rate (usually 17.5 per cent) and the VAT on each item. Discounts, if any. Total cost, excluding VAT. Total VAT. Once Registered you will be required to complete your quarterly VAT return .or you can opt for the yearly return if your turnover is less than £1.35 million.For most businesss employing staff is part and parcel of the growth of your organisation. Paye is a responsibility of the employer to ensure the correct tax is deducted from the employee and paid to the Revenue. You need to register with the Revenue once you start business and thinking of employing a person. This is easily done by filling n a form and sending it to there PAYE registration department.The role includes ensuring each employee is recorded and informed to the Revenue of there commencement in your business , this is done by either filling in a P46 or the existing P45 from the employee. Once this is done you will need to caklculate the amount that you need to deduct in terms of income tax , national employees insurance , and also the national employers insurance. This can be done by using the tables supplied by the Revenue. You will also need to ensure end of tax year returns are filled in , these are the annuakl P35 , and also the P60/P14. Any benefit in kinds will also need to be reported on the P11D. Most firms will outsource this operation as the skill needed to operate the schemes are quite complicated as well as regular changes to legisalation.If you are finding too much time is being spent on processing your payroll each month, we can recommend the payroll department of our established accountantcy partners. They offer services in the following areas:Payroll journals; PAYE and National Insurance deductions; P11 summaries; Pay slips and P45's; Redundancy advice; End of year printouts (P35, P14 and P60); BACS transfers; P11D forms and summaries. Call us or fill in the application form for further advice.
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