Taxtation, Corporation Tax, VAT & Payroll
In the UK there are many types of taxes that we as individuals and our businesses are subject to and these include:
Whether you are a sole trader, a member of a partnership, or simply have income from a property you will need to prepare each a year a Personal Tax return and submit it to HM Revenue and Customs prior to the deadline.
At YFD our dedicated team can provide an efficient and cost effective approach to collating, refining and reporting your basic information, entering it into the system and producing a compliant tax return, filing it with HMRC and ensuring you know what tax to pay in advance of any deadline.
YFD holds Agent Status with HMRC which means that it can, with your approval and completion of the relevant forms, liaise directly with HMRC to ensure that all queries and enquiries can be resolved with the minimal of hassle to you, the client.
As Qualified Accountants, YFD will also seek to ensure that our clients make full use of all available allowances on offer from the UK Government ensuring that their personal tax liabilities are minimised.
Limited Companies in the UK are subject to paying Corporation Tax on the profits their Company make.
In preparing the Financial Statements of the Company, YFD will fully understand the level of profits and their composition and will be able to use those profits to calculate the Corporation Tax to pay.
YFD uses dedicated Corporation Tax Software which is subject to regular updates as the thresholds, rates and allowances change and ensures that we are always using the correct parameters in our calculations.
When filing a Corporation Tax Return there is now a legal requirement for the Financial Statements filed with the return to be submitted in a computer language called iXBRL. The software that YFD uses to produce its Financial Statements has readily programmed within it, conversion software than can handle this requirement for our clients removing an additional administrative burden.
YFD holds Agent Status with HMRC which means that it can, with your approval and completion of the relevant forms, liaise directly with HMRC to ensure that all queries and enquiries can be resolved with the minimal of hassle to you the client.
As Qualified Accountants, YFD will also seek to ensure that our clients make full use of all available allowances and incentives on offer from the UK Government ensuring that their corporate tax position is optimised.
VAT registration is compulsory if your UK Turnover of taxable goods and services (any sales that are not exempt from VAT) over the previous twelve months goes over the threshold.
Whilst exceeding this threshold triggers a registration requirement there are a number of VAT schemes open to entities which can offer a reduced administrative burden and simplified accounting process. By monitoring and keeping track YFD can tell you in good time if it is foreseeable that you will exceed the threshold. By regularly monitoring and keeping our clients informed we are able to plan the best approach to VAT, appraising the schemes on offer and helping out clients make an informed decision.
Once registration is achieved, YFD holds Agent Status with HMRC which means that it can, with your approval and completion of the relevant forms, liaise directly with HMRC to ensure that all queries and enquiries can be resolved with the minimal of hassle to you the client.
Our approach to bookkeeping ensures that we can set our systems up to deal with different VAT schemes and rates and take responsibility for preparing and filing your VAT returns on time and informing you in a timely manner of any payments you will need to make and when.
In the vast majority of cases businesses will have employees and those employees will need to have their wages calculated, the relevant deductions made, then have them paid and receive payslips and other documentation.
YFD has a dedicated payroll function within its firm who can handle all frequency of payment type’s e.g weekly, monthly or other period, and produce all paperwork and payroll reports directly from its payroll software.
The software used is subject to regular updates as the laws, allowances and rates change, ensuring that clients are fully compliant with all regulations including the Minimum Wage. The software synchronises directly with HM Revenue and Customs delivering returns and information in real time and satisfying the compliance requirements for supplying data to HM Revenue and Customs.
The payroll software in addition to providing wages information can also be used to record Employee holidays so as well as removing the administrative burden of payroll processing YFD can assist in monitoring holiday entitlements.