Am I paying too much tax?
Can I reduce my taxable income?
There are many ways to reduce your taxable bill legally whether you are an employee or self employed.
A few options are:
- Paying into a pension scheme/ increasing your pension contribution.
- If you have a child under 11 have you considered if you are applicable to the tax-care childcare scheme.
- Provide a charitable donation
- Make the most of your ISA allowance each year.
For more options please contact us or refer to our resources pages.
How does the VAT Flat Rate Scheme Work?
This scheme was designed to simply the VAT process. The rate charged by the Business on their invoices remains at 20% but what pay back to HMRC can be reduced (to potentially 14.5% if you are in the IT sector).
For more advice on this and whether this is applicable to yourself please contact us
Where do i find my tax allowance?
This will depend on your annual salary. If it is below £100,000 then see below:
Annual Tax free allowance:
- 2018/19 : £11,850
- 2019/20: £12,500
When do i have to register for VAT?
You must register for VAT if you are a business ( e.g. sole trader, limited company) and:
- Your business had a VAT taxable turnover of more than £85,000 over the last 12 months.
- You expect your VAT taxable turnover to be more than £85,000 in the next 30-day period.
You might also need to register in some other cases, depending on the kinds of goods or services you sell and where you sell them.
What is Corporation Tax?
Is a tax that all limited companies must pay. It is a tax based on the profits the company makes.
Tax GP Ltd Questions
Require more information on why to choose us, our fees and next steps..
Why Should I choose you for my accounting and tax needs?
We will provide a bespoke service to your individual needs. After an initial consultation free of charge, we will provide you with advice to best suit your needs.
What are your fees?
Our fees are dependent on your needs and requirements. Once we have assessed your requirements, we will provide you with a quote. For more information contact us.
I want to use your services so what do i need to do?
The best option is to get in contact with us either by phone, email or via our contact us page. We will then gather your requirements and arrange a suitable time to discuss this with you.