Welcome to
Tax Accountant Dudley

 As your accountants, we can thoroughly review your self-employed business expenditures and ensure you claim all permissible deductions for your trade. This includes analysing costs for your van, tools, protective clothing, mobile phone, mileage, portion of household bills for a home office, subscriptions, training courses, insurance, etc. We’ll identify any deductible expenses you may have overlooked. Maximising allowable deductions reduces your taxable self-employed income. We stay up-to-date on the latest legislation affecting deduction rules to optimise your tax position.

When forecasts show your turnover will soon exceed the £85,000 VAT registration threshold, we can help get you ready. We’ll advise you on the records you’ll need to maintain, such as proper VAT invoices issued to customers and VAT receipts for purchases. We can assist you in setting up effective VAT accounting systems and processes. We’ll provide guidance on VAT schemes like cash accounting or the flat rate scheme that may benefit your business model. Once registered, we can handle completing and filing your VAT returns on your behalf and deal with any VAT inspections.

Providing employee benefits brings extensive tax obligations that we can guide you through. There are stringent rules governing taxable benefits on company cars, loans, health insurance etc. We’ll ensure you deduct and report PAYE accurately on any taxable benefits. We’ll advise you on HMRC approvals required for staff pension schemes and keep you compliant. Staying on top of reporting rules for taxable benefits avoids problems with PAYE inspections down the line so you remain compliant.

With extensive property taxation experience, we can manage all tax reporting for your rental properties. We’ll correctly prepare self-assessment returns for your property income, ensuring optimal use of allowable expenses and deductions. We’ll compute and report any capital gains tax liability when you sell properties. We can advise you on tax strategies like timing renovations and furniture replacement, keeping inherited properties below the inheritance tax threshold and using your annual allowance to minimise capital gains when selling.

We can advise you on the most tax-efficient process for closing an incorporated business. This includes considerations around distributing company assets, retaining profits within the company for withdrawal over time, taking advantage of business asset disposal reliefs, entrepreneurs’ relief on shares and claiming retirement reliefs on any pensions. With thorough planning advice for liquidating or selling your company, we’ll ensure you minimise potential capital gains, income and corporation tax liabilities arising from cessation.

When partnerships dissolve, it’s important the assets are divided appropriately between partners from a tax perspective. We can review your partnership agreement and ownership structure to determine an equitable split of assets that reflects partners’ shares and contributions. We’ll also account for the impact of assets changing hands between partners on capital gains tax. Professional valuation of assets may be required. We’ll ensure the separation is structured tax-efficiently for all involved.