For personal tax, the amount you need to pay will depend upon how much you earn and whether you're employed or self-employed. The amount is calculated using different tax rates and tax bands. Your corporation tax depends on the profit you make. It is worth using an accountant to calculate your tax as it can be complicated and time-consuming

We can discuss your total tax payment and whether you owe additional taxes this year or if you need to get a refund. We also work out how your income and expenses affect the tax you pay and how you can minimise this.

The VAT registration threshold is set every year in the budget. It is compulsory for you to register for VAT if your turnover is more than the threshold amount for the previous 12 months or if you expect it to reach or exceed that amount in the next 30 days. You may be able to reclaim some or all of the VAT you pay on purchases.

You must notify HMRC within 3 months to avoid a £100 penalty. If you’re approaching this deadline then we can help you set this up on time.

Under self-assessment, a paper return must reach HMRC by 31st October and an online return by 31st January. If you do not file a return, you automatically receive a £100 fine - even if you don’t owe any tax. The longer you delay the more you end up paying.