With the Brexit transitional period due to end on 31 December 2020, it is important to prepare for the changes that will take place from 1 January 2021.
As a business owner, it is important to understand when you need to register for VAT and the deadlines for completing VAT returns and payments.
The Government has announced that the current Annual Investment Allowance (AIA) of £1,000,000, which was due to revert down to £200,000 on 1 January 2021, will be extended for a further year to 1 January 2022.
Business & corporate tax planning
Efficient tax planning can lead to significant improvements to your business’s bottom line.
Whatever the size of your business, we will incorporate tax efficiency into your planning, as well as taking care of returns and paperwork, leaving you more time to manage your business.
We can help you:
- take advantage of tax opportunities and reliefs
- achieve optimum capital or revenue tax treatment
- make the most of tax opportunities specific to your industry
- act on your behalf in discussions with the tax authorities
Corporation Tax planning
Large companies may benefit from advice on calculating quarterly payments and reminders on when they are due.
If you are part of a group, we can look at any potential to group relief any tax losses to bring down the tax charge of the group as a whole.
By linking services, we consider your business and personal situation when planning how to pay you. This maybe a combination of salary and company dividends and we can advise on the best options for saving tax as a company director.
There are different ways of extracting profits from your company that suit your personal situation and that of the business.
Simpler record keeping
Sole traders and partners could take advantage of simplified ways of keeping records for tax returns such as the cash basis and fixed rate expenses. These methods make keeping records easier and could save you tax.
We can advise whether these methods are suitable for your business.
We can ensure you are compliant with VAT regulations and that your VAT returns are submitted with HMRC to avoid any penalties.
Talk to us about how we can help your business with its tax planning
Speak to a business tax planning expert
We can also help you with
Letting us take of the regulatory burden will give you more time to concentrate on running your business.
Ellacotts have always provided a first class service.