Taxation 

Income Tax Self-Assessment

You must complete a self-assessment tax return each year if you earn income outside of employment, such as a self-employed individual, freelancer, landlord, or company director.

Tax Year: The UK tax year runs from 6th April to 5 April the following year. The ultimate deadline for filing your returns is midnight 31st January after the tax year.

Penalties: Late filing or tax payment, will result in penalties and interest charges. Submitting your returns and paying any tax owed on time is essential to avoid these.

Our Services:

We at SBC Associates will complete your personal income tax by:-

  • Completing and calculating your tax return.
  • Send you a copy with notes for authorisation before online submission.
  • File your tax return with HMRC.

For more information or a quote click the "Contact us" like below.

Business Income Tax -Self Assessment

If you operate a small business as a sole trader, then you and the business are considered the same entity for tax purposes. Therefore, you are personally responsible for paying income tax and national insurance contributions (NIC) to HMRC on the business profits.

Our Services:

We at SBC Associates will perform the calculation of your business trading profits (or losses) and complete the income tax on your behalf by:-

  • Completing and calculating your tax return.
  • Provide a copy of the data with notes for authorisation before online submission.
  • File your tax return  by submitting it to HMRC.
  • Deal with your tax matters and liaise with HMRC.

For more information or a quote click the "Contact us" like below.

Corporation Tax (CT)

Corporation Tax (CT) applies to profits from businesses operating as: 

  1. A limited company.
  2. Any foreign company with a UK branch or office.
  3. A club, co-operative or other unincorporated association.

The  CT rates for FY 25 are 19% Small profit rate, 25% Main rate with marginal relief available for mid size companies.

The deadline for paying CT is usually nine months and one day after your "accounting period" ends.

Late filing penalties will apply if you miss the deadline, see here for charge rates. 

Our Services:

We at SBC Associates will:-

  • Work out your tax liability within the time frame.
  • Inform you when to make payment thus avoiding any penalties. 
  • Ensure your financial statements are submitted to Companies House & HMRC within the specified deadline.

For more information or a quote click the "Contact us" like below.

Value Added Tax (VAT)

VAT is a consumption tax levied on goods and services at each production stage, distribution, and sale by VAT-registered businesses.

  1. You must register for VAT if your total VAT taxable turnover for the last 12 months of next 30 days is over £90,000.  However, you can make a Voluntary registration if you desire before this time.
  2. The deregistration threshold is £88,000.

On registering your business for VAT, you will be signed up for Making Tax Digital of VAT MTD. 

Our Services:

We at SBC Associates will:-

  • Assist you in setting up a VAT scheme that suits your business. 
  • Provide software that enables you to connect directly to the HMRC MTD.
  • Help you by calculating the VAT payable or refundable to/from HMRC.
  • Advise you when to make payments. 
  • Deal with HMRC on your behalf if you prefer.

There are a few schemes to available, e.g. Retail , Cash Accounting , Annual Accounting, and the Flat Rate scheme.  

If you would like more information or a quote, click the "Contact Us" link below.

Capital Gains Tax (CGT)

Capital Gain Tax (CGT) is a tax on the profit you make when you sell (dispose of) something that has increased in value. This includes most personal possessions worth £3,000 or more, property other than your main home, shares, and business assets.

  1. The amount of CGT you pay depends on your income and the gain size.
  2.  As of the last update, CGT rates are 10% for basic rate taxpayers and 20% for higher and additional rate taxpayers, with some exceptions and relief. 

Our Services:

We at SBC Associates will:-

  • Assist you in navigating the complexities of calculating your CGT liability.
  • Provide a copy of the data with notes for authorisation before online submission.
  • Report your capital gains to HMRC.
  • Advise you when to make payments.

If you would like more information or a quote, click the "Contact Us" link below.

Inheritance Tax (IHT)

Inheritance Tax (IHT) is a tax on the estate (the property, money, and possessions) of someone who has died.  The tax-free allowance known as the "nil-rate band" is £325,000 per person per tax year 2024/25. Any amount above this threshold is typically subject to a flat rate tax of 40%.

  1. The main residence nil-rate band (MRNRB) of £175,000 per person for the tax year 2024/25 is also available when the deceased main residence is passed on to direct descendants, such as children or grandchildren.
  2. There are certain assets and gifts that may be qualify for relief or be exempt from inheritance tax. For examples, gifts between spouses or civil partner.
  3. Lifetime gifts are gift given during an individual's lifetime, and they may be subject to IHT if the donor dies within seven years of making the gift.

Our Services:

We at SBC Associates will:-

  • Assist you with understanding the rules and implications of IHT to effectively plan your estates and minimize tax liabilities for your heirs.
    Assist you in navigating the complexities of calculating your loved one IHT liability.

If you would like more information, click the "Contact Us" link below.