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Maple Accountancy can offer advice on a wide range of accounting questions for both businesses and individuals. We are always happy to answer your questions.
Below are the solutions to some of our most frequently asked questions
How do I pay less tax?
There are many ways you can legally reduce your tax bill – both personal and business. There are several tax relief schemes available which can minimise the amount of tax you pay, and we can help you find and access these schemes. Whether you’re an employee, self-employed, a business owner, investor, or pensioner, Maple Accountancy can help you find ways to pay less tax and save you money.
R&D tax credits
Research and Development (R&D) tax credits are available to UK businesses who are developing or improving upon innovative new products, processes, or services. Many activities qualify for R&D tax relief, spanning across all industry sectors. Maple Accountancy has a team of R&D tax experts who can inform you if your activities are eligible and help you make a successful R&D tax relief claim, and possibly save hundreds of thousands of pounds every year.
EIS/SEIS Tax Relief
The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) are investment schemes that offer tax relief to individual investors who invest in small and medium-sized businesses. At Maple Accountancy, we can help you access and benefit from the EIS/SEIS tax relief schemes, to reduce the amount of tax you pay.
Advance Tax Planning
Tax planning needs strategic, forward-thinking to achieve the best outcome. Each individual and business owner needs a bespoke solution to achieve their desired goals, rather than a one-size-fits-all approach which could save tax now but cause issues in the future. At Maple Accountancy, we provide advanced tax planning to help you benefit from tax relief schemes and minimise the tax you pay now and in the future.
Capital Allowances on Property
Capital allowance on commercial properties are potentially very valuable, however, it is often overlooked. Only a very small proportion of UK commercial property owners have made a tax relief claim, so there are thousands more property owners who could be claiming back hundreds of thousands of pounds of tax from HMRC. Maple Accountancy has submitted a large volume of successful claims for capital allowances on properties and generated significant tax savings for our clients.
Inheritance tax planning (IHT)
Inheritance tax is a tax on the estate of a person who has passed away, and the amount you pay depends on the value of your estate. Your estate can be taxed heavily and cost your loved one’s hundreds of thousands of pounds. Maple’s expert tax advisors can tell you how much Inheritance Tax your beneficiaries may have to pay in the future. We can then create a plan for passing on your wealth in the most tax-efficient way possible.
How do I pay my taxes?
To pay your taxes, whether business or personal, you need to fill in the correct forms and submit them through the HMRC. However, HMRC rules and regulations can be complex and confusing to those who do not have experience of dealing with them. Maple Accountancy has a team of expert tax advisors who can help you file your tax returns and ensure you always remain compliant, whilst ensuring you never pay more tax than you need to.
Self-Assessment is a system used by HMRC to collect Income Tax, whereby they calculate what you owe based on what you report. You need to fill in a self-assessment tax return if you’re self-employed, a business partner, director of a limited company, you’re an employee or pensioner with an annual income of £100,000 or more, or you have a pre-tax investment income of £10,000 or more. Self-assessments must be completed and submitted annually either by post or filing a tax return online, and there are penalties to pay for a late submission.
We can help you complete self-assessments whether you’re a Limited Company, Sole Trader, Partner in a Partnership or have rental income. Self-assessments can take a lot of time and cause unnecessary stress, but our team of tax experts can help with everything from preparation to filing, so you won’t have to worry about the ever-changing tax rules or making costly mistakes.
End-of-year accounts are a summary of a business’s overall performance for an accounting year. Businesses are legally required to file their year-end accounts with HMRC, and Companies House if you’re a limited company. The end-of-year accounting process is complex and involves drawing on many different sources of information to get a full and accurate picture of your business.
Maple can prepare and file your end-of-year accounts and end-of-year tax returns on your behalf. Outsourcing your end of year accounts to us can free up valuable time for you to concentrate on managing and growing your business.
When you run a business with another partner as a business partnership, you must complete a partnership tax return to account for the income of the partnership, and how this is distributed to each partner. This must be completed by and submitted to HMRC by a nominated partner, along with their self-assessment tax return every year. The nominated partner can be chosen by you, but if you fail to nominate a partner in time, HMRC will pick one for you. Maple Accountancy’s tax advisors can help you prepare and file your SA800 partnership tax return to HMRC to ensure you remain compliant and avoid making costly mistakes.
All active UK limited companies must file corporation tax returns, typically every year, online with HMRC within the correct period of time. A Company Tax Return, which is completed by filling in a CT600 form, must be submitted alongside the accounts and Corporation Tax calculations to HMRC and Companies House. This can be prepared and filed by yourself, but if you aren’t confident completing the return correctly, then it is advisable you use an accountant. Our tax experts can deal with the complexities of preparing accounts and filing the company tax return, and also make sure you are benefiting from corporation tax allowances and reliefs where possible to minimise your total corporation tax liability.
A VAT Return is a form you must fill in and submit to HMRC, 4 times a year, usually every 3 months. It shows how much VAT you are due to pay them. You can file your VAT return yourself through HMRC’s website, or you can save time and effort by getting an expert tax accountant to help you fill in your VAT return correctly and submit it directly to HMRC for you. Maple can ensure you pay the right amount of tax in compliance with HMRC’s real-time reporting requirements and ensures you never miss a deadline. We can help complete your VAT returns accurately and ensure all the correct records are presented to support your VAT claims.
At Maple Accountancy, we have years of experience helping both individuals and businesses with their accounting needs. We are expert accountants, tax advisors, and business advisors and can help businesses of all sizes and individuals with a wide range of accounting services.
We have experts who can help with a wide range of accounting services including compliance accounting, tax planning and minimisation, accounting support, business development solutions, systems and software management, business protection, wealth optimisation, income and individual protection and financial planning.
In many cases, people feel as though they are just another number to their accountant, particularly if it is part of a large firm. At Maple, we get to know all our clients individually so we can provide tailored support and you will be given your own dedicated client manager who will work closely with you and always be easily contactable, proactive and responsive.
We offer free no-obligation consultations so that you can get to know us and see if we are the right fit for you. We will offer free advice and provide a fixed quote for our services, so you can see upfront how much you’ll be spending and what you get for your money.
We are also expert business advisors so we can offer advice on how to continue to grow your business to increase your profits. We specialise in helping business from a wide range of sectors including service industries, manufacturing, construction industries, recruitment, and taxi companies, and we work closely alongside our clients to develop a deeper understanding of their business so we can provide tailored advice and accounting services to suit their specific needs and requirements.
Get in touch
If you didn’t find the answer to your question above or on our website, send over your question or enquiry by filling in this form. We always love to hear from you. Whether you’d like to know more about Maple, have a general enquiry, or need an answer to a specific question, just get in touch and one of our friendly advisors will get back to you as soon as possible.
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