Taxation in United Kingdom
Compliance with HMRC Tax Requirements is key to business success and sustainability. It does not means ‘filing tax returns in UK’ is the only job to do under taxes in UK but it is critical to make correct tax treatment to business transactions. Most of the accountants in London can do the job, however we approach taxation differently, Bens tax team carefully analyse the structure, business model and related affairs to optimize tax liability of the business, this is a key strength of Bens tax advisory.
Tax in UK are
- Corporate Tax in UK - imposed on businesses
- Individual Taxes in UK - imposed on individuals
Bens tax experts ensure compliance with HMRC tax requirements and timely filing of tax return for businesses and individuals. Our expert team holds discussion sessions with clients to understand their business, existing tax strategy and their overall approach to taxation. A customised tax advisory is developed for each individual client depending upon the assessment made and their particular circumstances. Our team does not rush towards filing of tax returns rather our focus remains on making things right to an accurate and timely tax return.
Filing of tax return is the last step of tax cycle, as pre work, we understand tax implication of business transactions, prepare tax calculations, and then go for filing of tax return in UK. Our team ensures to take any available tax reliefs, advantages, latest exemptions, allowances and deductions to optimize your tax liability.
Understanding your business and related tax advisory enables us to extend other related business advisory for business growth and sustainability. We suggest, you exit from the pains and the stress of dealing with HMRC, let Bens do it for you.
Corporate Tax
Any business registered in UK and/or resident business in UK are table on worldwide income subject to certain conditions. Non-resident companies are also subject to UK corporation tax with certain conditionalities, we suggest talk to your tax consultants in London. Tax compliance applies irrespective of the status of business operations and its size. We, at Bens, provide tax advisory on following key areas.
- Corporate tax ongoing advisory
- Tax planning and optimization
- Advisory on reliefs and allowance
- Corporate tax registration & Domiciling
- Filing of tax retrun
- Advisory on fines and penalties
- Support on tax dispute and investigations
Individual Tax
Individuals earning income in UK are taxable as per set tax rates and brackets. An individual usually earns income from salaries, property, dividends and other sources. To arrive at the accurate sources of income and tax implications, we as tax experts, will sit with such individuals to assess their income, its taxability and how to optimize the taxes on such income. Our team at Bens, provide income tax advisory to individuals on following.
- Income tax advisory
- Self Assessment and return filing
- Self-Employed and related taxes
- Property income tax and optimization
- Inheritance tax
- Others, domicile, reliefs, allowances and advice
What is Corporate Tax
Corporate tax is levied on business profits and payable to HMRC, in UK the corporate tax rate is 19% for the year 2022-23. Annual taxable profit is arrived at by making certain adjustments to accounting profit. At the end of an accounting year/tax year, tax summaries are prepared and declared to HMRC through a document called Corporation Tax Return.
The annual tax return is submitted along with a set of annual accounts and tax computation. It is important to streamline the tax affairs during day-to-day business; being a partner, our team provides required advisory and ensure accuracy of the tax implications of business transactions.
Tax optimization is a crucial aspect for profits, this means reducing the tax liability within the legal framework and by staying compliant with HMRC Tax Law.
Tax for Sole Proprietorship and Sole Traders
Tax liability arises when a taxable economic activity is carried out as defined in the relevant regulations. Managing tax affairs of self-employed, owners, directors and individual is equally important as of corporate tax equal importance. Bens tax team extend required advisory, prepare and file partnership tax returns, tax returns of sole traders and of owners and directors. We also help in claiming certain claims such as capital allowances on plants and machinery or vehicles.
We are also helping individuals, including high worth individuals, in preparing and filing of their tax returns with HMRC called Individual tax returns. Such taxation relates to their self-employed tax return, buy to let properties and individual with investment income or capital gains.
Tax Returns
Managing the process of submitting a tax return is a complicated process, it is not just filling in the tax return form, rather it is crux of a careful analysis, computations, and reflection of business taxes. Therefore, it is always recommended to have a tax expert on your side, an in-house of an outsources.
Bens Tax team takes care of business taxes, your self-assessment and filing of accurate tax return with HMRC on timely basis, the tax advisory continues during the engagement with us.
How it Works
Talk to us
Orientation
Book an initial no obligation consultation with one of our tax experts. Click here to book a free consultation. In this session, we will understand your personal circumstances and needs. An assessment will be prepare and shared with you along with proposal to sign.
Join us
Onboarding
Engagement acceptance and formal sign off followed by a request to complete a detail questionnaire to provide complete details of your particular circumstances to ensure our advice is fully tailored to you.
The journey
Ongoing advisory
Tax is a subject which needs a continuous focus, advisory and compliance. A one time advice may not be sufficient for a compliant status, an ongoing advisory is highly recommended.
