At Elsby & Co Accountants, we understand that the business tax system can be something of a minefield. We can ease the business tax burden, by ensuring that you’re paying the right amount of tax, while making the most of the allowances and exemptions that are available to you. Learn more about the different business tax services we deliver here at Elsby & Co below.
Our tax accountants can help you with all areas of the business tax system, including:
Deciding on a tax-efficient business structure
Depending on the industry in which you operate, or the type of business you are, there are a number of different ways in which you can structure your business here in the UK. For example, you can run a business as a sole trader, a partnership, a Limited Liability Partnership (LLP), or a Limited (Ltd) company. These four different types of business structures have various tax and liability implications for owners and shareholders.
If you’re a business owner, and deciding how to structure your business, it can be extremely beneficial to seek advice from a tax professional such as Elsby & Co. We can help you structure your business in the most tax-efficient way possible, taking a look at your commercial objectives and making sure that you’re tax-efficient too.
Tax is likely to influence and affect different business transactions, from changing your share structure to transferring assets within a group, splitting a business, or acquiring or selling a subsidiary. Contact us today to discuss structuring your business for optimum tax efficiency.
Making the most of tax allowances and tax reliefs
Your business may be entitled to tax allowances, or tax reliefs that you may be currently unaware of, or too busy to have previously researched when juggling all the different aspects of running a successful business. That’s where we can help - our team can help you prepare your company’s accounts, ensuring that you’ve deducted the costs of running your business from your profits and before tax.
You could be eligible to make a claim for capital allowances. A capital allowance is when you buy assets that you keep to use in your business. Business assets such as equipment, machinery, and business vehicles. There are also other tax reliefs that you can make a claim for, such as research and development, relief on goodwill assets and more. Talk to our team today and find out more about how you can make the most of tax allowances and tax reliefs.
Reducing tax on disposals
What does tax on disposals mean? This is when you sell, or dispose of something (i.e. an asset) that’s increased in value and subsequently, that asset makes a profit. This tax is known as Capital Gains Tax. Essentially, you are taxed on the gain that you make, not on the amount you receive.
Knowing which assets are taxed and which aren’t can be tricky, especially as some assets are tax-free. The disposal of assets also includes: selling it, giving it away as a gift, swapping it for something else, or getting compensation for it (such as an insurance payout). Our team at Elsby & Co can take a look at any assets you’re looking to dispose of, and work with you to help reduce the tax.
Maximising tax relief on acquisitions
As a business, you can get tax relief on any purchases (also known as acquisitions) that were made on or after the 1st April 2019, if you meet any of the following criteria:
- Goodwill and relevant assets are purchased when you buy a business with qualifying Intellectual Property (IP)
- The business is liable to Corporation Tax
- Relevant assets are included in the company accounts
The tax relief you can get is at a fixed rate of 6.5% a year on the lower cost of the relevant assets, or 6 times the cost of qualifying IP assets in the business purchased. Elsby & Co can guide you through the process on how to make a claim and complete a Company Tax Return form, speak to our tax advisors today.
Assisting with compliance requirements, including corporation tax self-assessment
Our team of tax accountants can help ensure that your business’s tax affairs are compliance checked, meeting the set requirements and we can help make sure that you're paying the right amount of tax, in accordance with the latest HMRC tax compliance and requirements.
Other business tax services
Alongside these tax services above, we also cover: liaising with the authorities on your behalf, and making the most of tax opportunities specific to your industry.