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Business Tax

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All sole traders and partnerships must complete tax returns and submit them annually to HM Revenue & Customs.

In the case of sole traders, details of income and expenditure and any related tax adjustments will be included in a personal income tax return. For partnerships, a partnership tax return will need to be completed and submitted and each partner’s personal income tax return will include details of their taxable profit share.

We can assist in the completion and electronic submission of all tax returns.

It is important to ensure that all business expenditure is being dealt with in the most tax efficient manner. This applies to any general business expenditure, but also to payments incurred on behalf of staff, to ensure that such expenditure does not give rise to a taxable benefit for employees, or additional tax costs for the business.

In the current environment, it may be the case that a sole trade or partnership is not the most tax efficient structure for your business. We can advise you on the most appropriate structure and can assist you with any changes that need to be made. If you have not considered this issue for some time, you should do so now.

If you would like to discuss how we might assist you, please contact us for a no obligation initial meeting.