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At Saint Financial Group we are able to provide businesses with a wide selection of services. Our sophisticated solution allows your business the breathing space for you to take the business to the next level.
Tax accountants provide advisory services to businesses covering many kinds of tax issues. This primarily relates to optimising the day to day tax efficiency of a business plus they could be involved in the tax aspects of high level business transactions such as company mergers, acquisitions or setting up overseas operations.
Income tax is a tax you pay on your income. You do not pay income tax on all types of income. For example, you pay income tax on things like:
• Money you earn from employment
• Profits you make if you’re self-employed
• Most pensions, including state pensions, company and personal pensions
• Rental income
• Benefits you get from you job
• Income from a trust
• Interest on savings over the savings allowance
• The first £1,000 of income from self-employment (known as trading allowance)
• The first £1,000 of income from property you rent (unless you’re using the rent a room scheme)
• Income from tax-exempt accounts such as Individual Savings Account (ISA)
• Dividends from company shares under your dividends allowance
• Some state benefits
• Rent you receive that is below the rent a room limit
Your tax-free personal allowance is £12,500, which you do not have to pay tax on. If your income is over £100,000 your personal allowance will start to reduce.
You must pay Corporation Tax on profit from doing business as:
• A limited company
• Any foreign company with a UK branch or office
• A club, co-operative or other unincorporated association
Taxable profits made during business, investments or selling assets will result in it being charged to corporation tax. If your company is UK based, it pays Corporation Tax on all its profits from the UK and abroad. If your company isn’t UK based but has an office or branch here, it only pays Corporation Tax on profits from its UK activities.
Corporate Tax is often a large cost to profitable companies however small and large business can retain their profit/extract more value from their business by corporate tax planning, some corporation tax planning strategies include:
• Deferring income or profits
• Bringing forward costs
• Capital allowances
The deadline for your tax return is 12 months after the end of the accounting period. If you miss the penalty a penalty will be issued by HMRC. There is a separate deadline to pay your corporation tax bill. It is usually 9 months and one day after the end of the accounting period.
R&D relief support companies that work on innovative projects and are able to be claimed by a range of companies that seek to make a development in their field. Even if the project is unsuccessful a claim can be made. You may be able to claim for corporation tax relief if your project meets the definition of R&D.
The work that qualifies under R&D must be part of a project that makes an advancement in science or technology. The project must relate to your company’s trade. To get R&D relief you will need to show how a project:
• Looked for an advance in science & technology
• Has to overcome uncertainty
• Tried to overcome this uncertainty
• Could not easily be worked out by a professional in the field.
Your project may research or develop a new process, product or service or improve on an existing one.
VAT is one of the areas of tax that is constantly changing and with many rules to navigate it can be difficult for many business owners to keep up to date! With Saint’s help, you can be sure that your VAT obligations are met, keeping your VAT bill as low as you are legally allowed to.
Currently businesses with a taxable turnover of over £85,000 in a 12-month rolling period they must register for VAT. This includes both Limited Companies and Sole Traders. Depending on your current turnover there may be different VAT schemes available to you.
Different goods and services have different VAT rates such as exempt, zero-rates, 5% and 20%. Failure to comply can result in fines and other issues and they can stack up quickly. Our team helping you stay compliant and on top of your VAT obligations while keeping your VAT bill as low as possible.
If you are expecting to make a significant profit in your company this year then it may be wise to take a large dividend. A tax accountant can advise you on the most efficient ways to extract the most money out of the company in the most efficient way.
Whether you do international business, planning to live outside the UK or coming to the UK to run your own business, international tax planning can help you save non-UK tax and UK tax. International tax planning strategies include:
• Timing of tax bills
• Using tax deferral opportunities
• Foreign tax credits
• Avoiding double taxation
• Remittance Basis Charge
Planning for Capital Gains Tax (CGT) has to take a number of things into account such as what is being sold and who it is being sold to. A tax accountant will be able to do the calculations for you and tell you which assets are exempt or chargeable and the different rules that may apply depending who you are selling the asset to.
IHT is a type of tax that is paid on your estate when you die. The amount of tax may reduce the amount of your estate that is being passed on to your loved. ones. To ensure there is minimal IHT and your estate is passed as tax-efficiently over, there are IHT opportunities that you need to take advantage of such as:
• Gifting property
• Remortgaging & insurance options
• Strategies involving pension funds
• Annual Gifts
Many business owners focus on growing their business but often forget about protecting the wealth they have generated. Individuals can retain their wealth through careful tax planning. Individual tax strategies include:
• Income tax
• Gifting children
• Gifting family members
1. Economics Development
2. Full Employment
3. Price Stability
4. Control of Cyclical Fluctuations
5. Reduction of BOP Difficulties
6. Non-Revenue Objective
Use of illegal means to reduce tax liability, example, by deliberately misrepresenting the true state of your affairs to the tax authority.
The legal use of the tax regime in order to reduce the amount of tax payable by means that are within the law (tax avoidance is used to describe scheme which is legal but are designed to defeat the intentions of parliament)
Conduct that reduces tax liabilities without frustrating the intentions of Parliament
Tax planning strategies are used to help businesses achieve their financial and business goals. There are many benefits of tax planning for any type of business:
• Lowering the amount of taxable income
• Reducing the tax rate
• Allowing greater control of when taxes get paid
• Maximising tax relief/credits available
• We’re approachable – we understand that accounting can be intimidating and daunting, but our friendly team are always on hand to offer advice and peace of mind.
• We’re experienced – with many years of general practice experience, there’s no query we can’t handle.
• We’re cost effective – not only can we save you money, but we also believe in offering an excellent service at an excellent price.
Saint Financial Group purpose is to give every business owner control of their business.
Control so you can create a better business for yourselves, a better life for your family and team with peace of mind that everything is in hand.
Simple solutions made around every business, big