Welcome to
Tax Accountant Kent

As your accountant, we recommend retail businesses maintain thorough accounting records for tax compliance including daily sales records, cashbook entries, invoices issued to customers and received from suppliers, bank statements, receipts for expenses, mileage logs, stock inventories, asset registers detailing equipment purchased, payroll records for any employees and VAT accounting details if registered. We can provide templates and software to help record everything systematically. Keeping proper tax records enables us to complete accurate tax returns and ensure you only pay the tax legally due.

We can advise tradespeople like electricians on maximising tax relief through allowable expense claims. This includes work vehicles and mileage, tools and equipment, protective clothing, mobile phones and other business assets, part of home bills if using workspace at home, advertising, training courses, professional subscriptions, accountancy fees and other costs incurred “wholly and exclusively” for your work as a trader. Keeping detailed records is key. We’ll ensure you utilise all permissible deductions to lower your self-employed taxable income.

Taking on staff introduces payroll compliance obligations including PAYE income tax, employer and employee National Insurance, auto-enrolment pension duties, statutory payments for sickness and maternity, reporting taxable benefits, Employment Allowance claims, CIS deductions for subcontractors and Real Time Information filing to HMRC. Staying on top of employment tax rules avoids fines. As your accountant we can handle payroll processing and submissions for newly hiring firms.

Yes, trading losses generated in your company can be carried forward to offset against future profits with no expiry, providing cashflow relief in later periods. Alternatively, losses can sometimes be surrendered to other group companies with profits in exchange for a small tax credit. If ceasing to trade, it may be possible to claim losses against personal income under certain conditions. Our goal is ensuring tax losses are not wasted so your overall Kent business tax burden is minimised.

If using part of your home exclusively for work, allowable expenses can potentially include: a portion of rent, mortgage interest, council tax, utilities, telephone and broadband. We’ll determine the deductible percentage based on floor space used. You’ll need to keep records of bills and be able to evidence the workspace. Travel costs from home to any regular place of work aren’t claimable though. As your accountants, we’ll maximise your home working deductions.

When selling a company, key tax considerations include: securing entrepreneurs’ relief to reduce capital gains tax on shares to 10%, timing the disposal for optimal impact, maximising allowable deductions pre-sale like pension contributions, utilising available Gift Relief and Bed & Breakfasting rules, taking dividends at lower tax rates before sale and planning to minimise potential liabilities that could arise on winding up the company. Our specialist exit planning advice aims to reduce tax on disposal.