Questions that we are often asked
- Is it more tax efficient to hire a car through my business, or own one outright?
- The tax efficiency of hiring a car through your business or owning one outright depends on various factors, such as the type of vehicle, its CO2 emissions, and your intended usage. In some cases, leasing a car through your business can offer tax advantages, including the possibility to claim VAT and deduct lease costs as business expenses. It is best to consult with a tax advisor to discuss your specific situation and make an informed decision.
- What can I claim capital allowances on?
- Capital allowances can be claimed on certain assets purchased for business use, such as equipment, machinery, and commercial vehicles. You may also claim capital allowances on certain building costs, such as renovations or conversions. It is essential to consult with an accountant to determine which capital allowances apply to your specific circumstances.
- Would I qualify for R&D tax credits?
- You may qualify for R&D tax credits if your business is involved in research and development activities aimed at making advancements in science or technology. This includes projects that involve resolving scientific or technological uncertainties, creating new processes or products, or improving existing ones. An experienced tax advisor can help determine your eligibility and guide you through the claiming process.
- Is there a tax efficient way to offer employees a share in my company?
- Yes, there are tax-efficient schemes available to offer employees a share in your company, such as the Enterprise Management Incentive (EMI) scheme. These schemes can provide tax advantages for both the employer and the employee. It’s crucial to seek professional advice to choose the most appropriate scheme for your business.
- What are the tax implications of selling a company?
- The tax implications of selling a company depend on various factors, such as the structure of the sale, the type of assets involved, and any available tax reliefs. Common taxes to consider include Capital Gains Tax, Corporation Tax, and Stamp Duty. Consulting with a tax advisor can help you understand the tax implications and develop a strategy to minimise your tax liability.
- When do I need to register for VAT?
- You must register for VAT if your business’s taxable turnover exceeds the current VAT threshold (£85,000 as of 2023) in any 12-month period or is expected to do so within the next 30 days. It is also possible to voluntarily register for VAT if your turnover is below the threshold.
- What is the current rate of corporation tax?
- As of 2023, the main rate of Corporation Tax in the UK is 25% for profits above £250,000. Profits below £50,000 are taxed at 19%.
- Do I need to register for CIS?
- You need to register for the Construction Industry Scheme (CIS) if you are a contractor or subcontractor working in the construction industry. The scheme involves deductions made by contractors from subcontractors’ payments, which count as advance payments towards the subcontractor’s tax and National Insurance.
- What is inheritance tax?
- nheritance Tax (IHT) is a tax on the estate (property, money, and possessions) of someone who has passed away. The current IHT threshold is £325,000, and the standard rate is 40% on the value of the estate above this threshold. There are various exemptions and reliefs available that may reduce the IHT liability.
- Looking for accountant Manchester based tax advisor?
- Our Manchester-based chartered accountancy firm offers expert tax advice and comprehensive accounting services. Get in touch with us to schedule a consultation and discover how we can help you navigate the complexities of the tax system and achieve your financial goals
- How much is an accountant monthly?
- The cost of an accountant varies depending on the services you require, the complexity of your financial situation, and the specific firm or individual you choose. Many accountants offer fixed monthly fees or tailored packages to suit your needs. It’s essential to discuss your requirements with an accountant to obtain a quote that accurately reflects the services you need.
- When should I hire an accountant?
- You should consider hiring an accountant if you:
- Are starting a new business and need guidance on financial planning, structure, and tax compliance
- Require assistance with tax returns, bookkeeping, or payroll
- Need help managing your business’s finances or making informed financial decisions
- Are undergoing a significant financial change, such as buying or selling a business, expanding, or downsizing
- An accountant can provide valuable insight and expert advice, helping you navigate the financial aspects of your personal or business affairs.
- How easy is it to change accountants?
- Changing accountants is typically straightforward. Once you have selected a new accountant, inform your current accountant of your decision and request that they transfer any necessary documents to the new firm. The new accountant will handle the transition process and ensure minimal disruption to your financial affairs.
- Do you have a dedicated person to look after my tax affairs?
- Yes, our Manchester-based chartered accountancy firm assigns a dedicated specialist accountant to each client. This approach ensures that your accountant fully understands your business and financial situation, enabling them to provide tailored advice and support to help you achieve your financial goals.
Don’t hesitate to secure the professional guidance and support you require. Contact us now to schedule a consultation and discover how our services can help you achieve your financial goals. You can meet our team via video call, saving you time, or visit our Manchester office for a face-to-face consultation. We eagerly anticipate working with you and playing a role in your financial success! Get in touch with us today using the form below.