Expert Tax Accountants
Tax shouldn’t be taxing
Knowing how much money to set aside for tax and what taxes you are liable to pay can be very confusing. Knowing how to gain tax efficiency requires expert guidance.
As Chartered Accountants, you can rely on our team to advise on company tax, personal tax and R&D Tax credits whilst ensuring that you stay compliant with HMRC and tax deadlines. We can register your business for all the applicable taxes as part of our company formation service and take care of all tax filings.
Put simply, corporation tax is the tax that limited companies pay on their profits. As part of our service, we can register your company for corporation tax as well as prepare and file your corporation tax return which is usually due 12 months after the end of your company’s accounting period. We can also help with minimising your corporation tax liability by offering advice on tax-deductible expenses, purchases and R&D tax credits.
Value Added Tax (VAT)
If your business has a VAT taxable turnover over £85,000, it is required to be VAT registered. Once registered your business must charge VAT on its invoices, pay any VAT due and file a quarterly VAT return digitally. There are two VAT scheme, the Flat Rate Scheme and the Standard Scheme.
We can help with registering your business for the most suitable VAT scheme and ensure that your VAT returns are Making Tax Digital compliant. If you are still working with spreadsheets then you should consider switching to us.
Self Assessment Tax
If you are self-employed and received untaxed income or a director of a limited company, you are responsible to file a self assessment and pay the tax that is due on the income earned. The UK tax year runs from 6th April to the following 5th April.
Self-assessments are due nine months after the tax year has ended, although we never recommend to leave it until the 31st January. As expert tax accountants, we can help ensure that you are aware in advance of how much money to set aside to meet your personal tax obligation and take care of the self-assessment filing.
Capital Gains Tax
Have you recently sold a property or transferred assets? You may be liable for capital gains tax. Capital gains tax is calculated on the increased value of the asset, not the total amount of money you receive.
You will only pay Capital gains tax on gains above your tax-free allowance in a particular tax year. In the 2019/2020 tax year the tax-free allowance for capital gains is £12,000.
R&D Tax Credits
If you are a UK company that is investing in innovative new products or services, then you may qualify for corporation tax relief on research and development (R&D Tax Credits). R&D Tax Credits exist to reward businesses that invest in innovation and can be also claimed where projects have been unsuccessful.
There is a vast amount of criteria that needs to be met in order to make a claim and it is not as straightforward as it may seem. We will take a detailed look at your qualifying activity and expenses and put together a maximised claim. We take a tailored approach to accounting and tax efficiency, find out more by getting in touch.
Why Choose 3 Wise Bears?
We get to know you: We’ll learn about your business and understand the industry it operates in, ensuring we always meet your expectations and deliver the best accountancy support possible.
You have one point of contact: Don’t deal with anymore call centres and account managers, at 3 Wise Bears you’ll have your very own expert personal accountant who’ll be your point of contact at all times.
We take care of the numbers: You’ll no longer need to worry about sorting out tax bills and financial compliance for your business – from now on, we’ll take care of it all for you!
Great advice: Our accountants will ensure you keep as much of your earnings in the most tax efficient way as possible, in accordance with HMRC requirements.
Market-leading accounting software: As part of our accounting package, we provide access to FreeAgent or Xero accounting software and provide training.
Speak to the experts
Get in touch today to find out more about our services and how we can help with your accounting needs.