Corporation Tax is a bit like Income Tax for companies, but the difference is that companies don’t have a personal allowance. This means that as soon as your business starts making a profit, it needs to start paying Corporation Tax at the Corporation Tax rate (unless it’s previously made losses).
Whether an accountant already has a strong knowledge of the deceased’s financial affairs or if you have not worked with that accountant before, the combination of accounting, tax, law and administration skills required means they are often well placed to carry out this kind of work.
Picture this, December is almost over and January is fast galloping into sight bringing with it HMRC’s 31st January self-assessment deadline!
When you instruct JT AccountS to work on your Wills, Trust and Estate Administration, it means you can be confident that we possess the specialist knowledge and skills required to carry out your wishes. You can be assured that you will be in expert hands and we are taking all the necessary actions to plan for the future of your assets.
There comes a point in most people’s lives when they start to think about planning for their later years and eventually for when they leave this life, especially if they have dependants.
This initiative has already come into force for VAT-registered businesses with a taxable turnover above the current VAT threshold of £85,000. For VAT periods that started on or after the 1 April 2019, these businesses are now legally required to keep records digitally and use software to submit their VAT returns. There are a number of companies who may be exempt from this with a later start date of the 1 October 2019 and we can advice if this applies to you.