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Companies, like individuals are subject to tax. The rules relating to taxation are sophisticated, extensive and complex. The rules are enshrined in statute and case law. In the U.K. it is administered by H.M. Revenue & Customs.
Government revenues from taxation in the U.K. have been rising consistently in recent times and the scope of tax inspectors to investigate returns is also increasing. It is therefore important that this often significant cost to business is understood and budgeted for correctly.
Companies and individuals are subject to various taxes on different sources of income. The main taxes include:
- Income tax
- Corporation tax
- National Insurance Contributions
- Capital Gains tax
- Inheritance tax
- Stamp Duty
The rules applied to Companies differ to those applied to individuals.
The liability to tax is determined by rules relating to residency, ordinary residency and domicile.
HMR&C have extensive powers to penalise non compliance or late submission of tax returns in the form penalties, fines and interest charges.
At Times Accountancy Services we use accredited software to calculate the liability to tax and e-file returns on line. We will explain the relevant calculations to you and manage the entire process on your behalf including correspondence with HMR&C.
For more detailed information on tax, please contact us direct and we will be happy to advise on how we can help you.
As the legislation is so extensive, it is not practical to provide a meaningful synopsis on this website. However, by visiting the HMR&C website the interested user may obtain an introduction to the various types of taxes and reliefs available.