What is involved in the corporation tax element?

There are several things it involves:

  • Further tax advice EG Director Pension
  • Advice around technology and general business advice
  • Recommendations for other professional services and suppliers where appropriate.
  • Consideration of HMRC’s “Maxing Tax Digital”
  • The latest rules and changes made by the government in annual or interim budgets.
  • Regular webinars and useful website/ social media content

As well as this…

1 – We have to analyse and categorise the transactions into income and expense categories.

2 – We have to conduct a bank reconciliation.

3 – The figures need to be uploaded to our accounting software to enable submission to companies house

4 – Consideration of any additional expenses we can claim EG Home office, mobile phone, etc

5 – How this fits in with your other business activities. EG is it tax efficient to operate a payroll and what level of dividends should there be

6 – Discuss with you whether any family members can help with tax saving and work within the business.

7 – Finalise both the profit and loss plus the balance sheet.

8 – Calculate the corporation tax accounting for depreciation and so on.

9 – Articulate and summarise all this for you.

10 – Submit once approved

Written by Vegan Accountants

The expert team at Vegan Accountants take away the hassle and pressure of your accounts and tax compliance. Our wide-ranging services give us the flexibility to deliver tailored support for your business.

February 14, 2022

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