TAXATION & VAT
Tax affects all of us and knowing what to pay and when is not always straightforward. Our team of tax accountants at McKellar Accountancy is here to ensure you understand all of the issues that can surround tax and guide you through the process.
Not all accountancy practices look at tax issues from the business owner’s point of view or consider how money can be efficiently extracted from that business to benefit you.
We do things differently. Our expert team of tax accountants will work with you to understand your objectives and provide comprehensive tax planning to suit these objectives and maximise profits available for distribution.
McKellar Accountancy are always on top of our game and up to date with the latest developments and legislation.
Taxation services we offer
Preparation of Tax Returns for individuals,
Partnerships and Companies
Tax planning and advice
VAT Return preparation,
submission and advice
P11d benefits in kind,
preparation and submission
R & D assistance and support
UK tax returns
|Band||Taxable Income||Tax Rate|
|Personal Allowance||Up to £12,570||0%|
|Basic Rate||£12,571 to £50,270||20%|
|Higher rate||£50,271 to £150,000||40%|
|Additional Rate||over £150,000||45%|
Self Assessment – Do I need to complete a Tax Return?
The main reason you would be required to complete a return would be because you are self-employed. However, there are many other reasons for being required to complete one. For example, if you earn money that hasn’t already been taxed, your State Pension was more than your Personal Allowance or you didn’t pay enough tax in previous years, and these are not the only other reasons!
Without having detailed knowledge and experience of HMRC tax legislation, it can be very confusing and overwhelming for a lot of individuals.
This is where McKellar Accountancy steps in!
We have vast experience of helping all our clients with submitting their self-assessments, taking into account their own individual situations, and providing a stress free service to remove our clients worries.
Who needs to pay VAT?
Currently, businesses with a taxable turnover of over £85,000 in a 12 month rolling period must register for VAT. This includes both Sole Traders and Limited Companies. However, if your turnover is under £150,000, there are VAT Scheme options available to you.
VAT Accountant – Do I need one?
VAT can be very confusing for many different reasons. There are different VAT rates for different sales, services and purchases. Some are also exempt, whilst others aren’t. Trying to figure it all out and getting your VAT return correct can be very stressful and dangerous to get wrong. As submitting an incorrect VAT return can result in serious fines from HMRC along with other issues.
Why worry about all this when you can get in touch with McKellar Accountancy. Our experienced team can ensure that you are getting the most out of VAT with our staff experts ready to answer your queries and easy to use software to help you stay in control!
We provide a tailored experience to all clients, with help and support for all clients, regardless of your experience.
Don’t hesitate to get in contact today!
McKellar Accountancy: Expert Tax Accountants
Paying less tax and maximising the wealth you have created is important when you work as hard as you do. At McKellar Accountancy our tax accountants can assist you in reducing your tax liabilities, maximising your wealth and easing the administrative burden of tax compliance.