The rules and regulations relating to taxation change regularly and it can be confusing if this is new to you. We are always on hand to provide advice and guidance with your personal and business taxation.
Here at Ballance & Lowbridge, we can manage the following for you:
Capital Gains Tax
In a nut shell, Capital Gains Tax is the tax that you will pay on the profit of a sale of an asset that has increased in value. The tax is only paid on the amount of the increase rather than the total value. Some items can be tax free and as with Income Tax, there is a tax free allowance before your gains do become taxable.
We are here to help and advise you on the most tax efficient ways to handle disposals.
CIS – Construction Industry Scheme
The Construction Industry Scheme (CIS) is a scheme created by HM Revenue & Customs (HMRC) for tax from contractors and subcontractors. The scheme is designed to minimise tax evasion within the construction industry. CIS applies to all contractors and subcontractors, whether sole traders, partnerships, or companies, who are working within the mainstream construction industry.
If you work in the Construction Industry, you may wish to take advantage of our CIS compliance service. We will complete all monthly returns and submit them electronically to HM Revenue and Customs on your behalf.
When you set up a Limited Company, your annual profits will be subject to Corporation Tax. Each year, your company is required to complete a corporation tax return (Form CT600). All corporation tax returns must now be filed with HMRC online. Here at Ballance & Lowbridge we prepare and submit this for you, ensuring they are submitted on time to avoid any potential penalties.
It can be tricky to ensure you are compliant but also are not paying more tax than your business is liable for at the same time. Our experts are on hand to advise and guide you through this. After all, who would want to pay more than they need to? We work alongside you to make the most of any reliefs available, handling correspondence with HMRC and dealing with PAYE and National Insurance contributions.
Income Tax – Individuals & Business
The dreaded annual tax return! We all hear about them, on the radio, adverts on the television… “Get them in by 31st January”
Self-employed people pay income tax on their profits, rather than their gross income. If you’re self-employed, you are responsible for declaring and paying income tax on the profits from your business.
Here, we provide the submission of the self-assessment tax return, PAYE and NI contributions, calculate any tax liabilities, advise on these and correspond with HMRC directly on your behalf.
With the cut off being 31st of January, this is usually a very busy month for us.
We also have trained, expert staff to help and advise you with: