When registering your new Gloucester ecommerce business, you may need to sign up for VAT if sales will exceed £85,000. As your accountants, we can guide you through VAT registration and returns submission. We’ll ensure you issue proper VAT invoices to customers and reclaim input VAT on allowable business purchases. We can help you set up VAT accounting software and advise on any relevant retail schemes. For ecommerce sellers, complexities around VAT rules for digital services, customer locations and imports/exports arise which we are experts in navigating.

As your accountant, we’ll review your business motoring and carefully calculate your allowable mileage claims for driving between jobs based on HMRC’s approved rates. We’ll also determine deductible use of home expenses for areas used as your business office. This could include a portion of rent, utilities, internet and phone. By thoroughly assessing your allowable deductions, we aim to maximise the business expenses you can claim to reduce your taxable income.

Taking on employees introduces payroll compliance obligations we can help you with. This includes PAYE income tax, employer and employee National Insurance contributions, pension auto-enrolment, reporting taxable benefits, Employment Allowance claims, statutory payments, CIS deductions for subcontractors and Real Time Information filing to HMRC. We can handle your payroll and submissions to ensure full PAYE, NICs and pensions compliance. This avoids fines for errors.

We can advise you on maximising tax relief when renovating an investment property. This includes timing of allowable expense claims for repairs, renovations or furnishings to your financial advantage. We’ll also ensure proper reporting within the capital gains tax regime if you later sell the property after refurbishment. Our property tax experts are on hand to minimise your compliance burden.

If you opt to incorporate as a company, your business profits will be subject to UK corporation tax at 19% rather than income tax. We can handle this transition for you, advising on the timing of incorporation, setting up annual accounts for companies house, registering for corporation tax, computing your company’s quarterly instalments and filing the annual CT600 corporation tax return. We’ll aim to utilise available tax reliefs for research, investment or innovation.

Restructuring or selling your company introduces complexities like securing entrepreneurs’ relief on disposals to minimise capital gains tax at 10%, claiming retirement relief on directorships ending, extracting profits tax-efficiently pre-sale and timing disposals around the fiscal year-end for optimal impact. With our insight into corporate reorganisations you can accomplish the changes in a tax compliant manner.