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Lows can help you maximise your tax efficiency

Lows advise sole traders, partnerships and Limited Companies on all aspects of business taxation.  We have a strong interest in start up situations and advise in the crucial area of determining the most appropriate business structure as this can have important tax consequences.   In general, sole traders and partnerships pay income tax and National Insurance on the calculated profits, and we prepare accounts, for submission to HM Revenue & Customs for many clients.  

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Tax advice for company Directors and Shareholders 

A director and shareholder of a Limited Company, however, may be able to effect tax savings by planning the way in which income is drawn from the company.  While the company, as a separate legal 

entity may have Corporation Tax to pay on profits, a director and shareholder may be able to vote and pay dividends, which do not attract a National Insurance charge as well as pay salary, which is of course chargeable to income tax and National Insurance in the ordinary way.  Lows provides payroll services to clients and are able to deal with all the important compliance matters that form part of annual reporting cycle in this area, including the preparation of all Employer’s Tax Returns and Forms P11D (Return of Benefits and Expenses).  There are penalties for failure to submit these Returns. 

Business Taxation advice 

Business taxation is a highly complex area.  We can advise on record keeping and also the strict requirement so the Companies Acts that apply to Limited Companies.  There are important compliance matters to be dealt with eg the filing of Annual Returns to Companies House and we are happy to assist with these matters.

Value Added Tax (Vat) 

The requirement to file quarterly online Vat Returns is a major chore for many businesses and we are happy to prepare these Returns for our clients, as well as providing specialist advise where required.     

 

Rob Learmonth
Rob Learmonth
Accountant