Welcome to
Tax Accountant Gwynedd

As your accountants, we can explore tax planning strategies to minimise your sole trader income tax burden. This may include fully utilising your costs like mileage, materials, tool expenses, protective clothing and telephone. We’ll review optimising your accounting year-end. If you operate from home, we can maximise deductions by calculating allowable use of home costs. We can advise you on tax-efficient ways to purchase equipment and vehicles for the business. We’ll also discuss income timing around completing projects to avoid an artificial spike in profit some years. The goal is keeping your taxable income as a Gwynedd tradesman as low as legitimately possible.

There are several potential tax advantages from operating as a limited company instead of a sole trader. This includes only paying 19% corporation tax on profits retained within the company, compared to up to 45% income tax as a sole trader. You can then draw further funds personally as dividends at lower rates. Splitting income with a spouse can also minimise tax exposure. Other benefits are flexibility around the company year-end and some National Insurance savings. As your accountants we can advise if incorporation makes tax sense for your individual circumstances.

When relocating an ecommerce business to Wales, some key tax implications will be understanding Welsh devolution of income tax bands, registering for VAT in Wales, employee tax residency issues, digital services tax regulations in the UK and ensuring you meet Companies House and HMRC requirements as a business now operating within Wales. As your new local accountants, we can guide you through any changes to remain fully compliant as a business owner in Gwynedd.

Buying a second home to rent out as furnished holiday accommodation carries certain tax obligations we can guide you through, including: income and capital gains tax on rental profits, mortgage interest restrictions, stamp duty tax, claiming allowable expenses like agent fees, and recordkeeping rules if registering with HMRC as fully commercial. We’ll ensure you maximise available tax reliefs and understand all compliance requirements to avoid any penalties or investigations.

If your limited company reports a corporation tax trading loss in its accounts, this can be carried forward to offset against future profits with no expiry, enabling you to get tax relief in future profitable periods. Alternatively, losses can be surrendered to other group companies with profits in exchange for a small tax credit. If you cease trading, losses can sometimes be claimed against personal income for earlier periods. As your accountants, our goal is to ensure tax losses are fully utilised to minimise your overall liability.

We provide specialist support through the tax investigation process, including liaising with HMRC on your behalf, assembling required documentation, professionally representing you in any interviews and meetings, analysing HMRC’s findings to challenge unreasonable assertions and preparing strong appeals against any inaccurate or unjust penalties or tax demands. Our extensive tax investigation expertise can help resolve HMRC enquiries as efficiently as possible.