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Self – Assessment

Self-Assessment is a way for the HMRC to collect Income Tax from people and businesses with ‘other’ sources of income outside of Salaries, Pensions etc.

Many individuals will need to submit a self-assessment tax return for e.g. the Self-Employed, if you are a Company Director or People with untaxed income greater than £2,500 in a tax year.

We can prepare and submit your Self-Assessment return to HMRC making use of all allowable deductions you are eligible for. We can also prepare the ‘simpler accounts’ you may need as a Self-Employed individual completing the return and ensure vital deadlines are met and penalties avoided.

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Corporation Tax

Certain Businesses in the UK such as Limited Companies, must pay Corporation Tax on their profits.

You must register for Corporation Tax when you start doing business, keep appropriate accounting records and prepare and submit a CT tax return to the HMRC by strict deadlines. Failure to do so can result in penalties by the HMRC.

We can prepare and submit your CT return to the HMRC making use of all available reliefs and allowances to reduce your CT liability as far as possible. We can also advise you on what needs to be done when becoming a private limited company and take charge of all your accounting needs at this point to take the stress away and allow you to focus on what matters – your business.

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Capital Gains Tax

Capital Gains tax is payable on the profit of any asset you ‘dispose of’ which has increased in value since purchase. There are exemptions and reliefs which can reduce your CGT liability helping you to be as tax efficient as possible.

You will need to pay CGT on ‘disposal’ of an asset if your total taxable gains are above the CGT threshold in the applicable year. This year 2017/18 the allowance is: £11,300.

An understandably confusing area, we can advise you on reducing your liability longer term, make use of all available exemptions and reliefs and complete your HMRC documentation upon ‘disposal’ of any appropriate assets.

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Inheritance Tax

Inheritance tax planning is a prudent and conscientious way of protecting your assets to ensure they pass to those you love upon your death in the most tax effective way possible.

The current rate of IHT is 40% – if the value of your estate is more than £325,000. It is a shame to be taxed your whole life and then taxed again on your passing, so careful planning can help you and your family reduce your IHT tax liability and save thousands of pounds.

We can also complete the HMRC documentation necessary upon a close one’s passing, relieving you of the stress, worry and ensuring a seamless process at understandably such a difficult time.

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VAT

Value Added Tax (VAT) is a consumption tax widely considered to be the most complicated tax in the UK. The rigidity of rules combined with strict penalties for late and incorrect submissions results in a heavy administrative burden on businesses.

We can provide a comprehensive VAT service including setting up your VAT registration, completion and submission of your returns on time and advice on the best scheme for your business.

For more information or to arrange a consultation, please email us at: info@adrfinancialsolutions.co.uk or Ph: 07517 114 050

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