Tax
TAX
The rules and regulations relating to taxation change regualarly and it can be daunting. We are always happy to provide advice and assistance with your personal and business taxation. Please click on the headings below to read more about each type of tax.
Capital Gains Tax is a tax that you will pay on the profit when you sell an asset that has increased in value. The tax is only paid on the amount of the increase rather than the total value of the asset. Some items are tax free and there may be tax efficient ways to handle a disposal. As with Income Tax, there is a tax free allowance before your gains become taxabale.
Here at Bradleys we will help advise you on tax efficient ways to handle disposals.
The current tax rate for CGT is either 18% or 28% depending on your Income Tax rate and also the gain in value of the asset you've sold.
If you work in the Construction Industry deductions which count as advance payments against National Insurance and tax liabilities.
Bradleys offer a CIS compliance service in which we complete all of the monthly returns and submit them to HM Revenue & Customs on your behalf.
We represent many sub-contractors and will quickly complete your accounts to get your refund as quickly as possible. If you suffer CIS deductions and would like to have your accounts professionally completed please get in touch. We have a fixed fee, not one based on the level of your claim, why pay more than you need to?
As a business you will pay Corporation Tax on the taxable profits your company makes. This is a complex area and an important one to get right in terms of compliance but also in limiting the tax your business is liable for.
At Bradleys we will work with you and handle all aspects of Corporation Tax including:
Preparing and submitting the annual return
Corporation tax advice and compliance
Calculating the tax liability for your business
Working with you to ensure you make the most of reliefs and deferments
Handling the correspondence with HMRC
Dealing with PAYE and National Insurance contributions
We're sure that most of you are aware of the annual tax return! Every year there are endless adverts across TV, radio and newspapers to remind us all of the need to complete these returns. At Bradleys we complete a lot of tax returns for our client and January tends to be a very busy time for us with the deadline of 31st January to submit them online. We are able to provide the following services to you:
Self assessment tax return submission
Calculating your tax liabilities
Tax advice
PAYE and NI contributions
HMRC correspondence and dealing with disputes
As the saying goes, there are two things in life that are guaranteed - death and taxes. Inheritance Tax is the final tax that we may have to pay.
No matter your age get in touch with Bradleys to discuss your planning for Inheritance Tax so as to limit any taxes that your estate may be liable for.
As an employer you will need to be aware of and comply with current PAYE regulations. Bradleys provides a payroll service to a growing number of our clients, get in touch with us to see if using our service will make life easier for you when it comes to calculating payments for your staff. Our services include:
Produce payslips for your staff
Maintain salary records
Update you with your tax and National Insurance payments
Complete your monthly Real Time Information (RTI) returns
Pensions auto enrolment
VAT is another area of taxation that is complex to understand for the layman. Many of our clients are happy to let us handle their VAT as part of the service we provide their business. We complete and submit your VAT returns to HMRC.
Because there are different VAT schemes, such as Flat Rate, contact Bradleys to see which one is best for you.
The current standard VAT rate is 20%, with some items at 5% and some at 0%.