Tax Services - Abingdon Accountancy Centre Ltd - Accountants in Abingdon, Oxfordshire

Tax Services

Tax is not taxing! HMRC's view is a little confusing as self-assessment is a complex burden for individuals and companies alike. To avoid penalties, tax returns must be correctly completed and filed on time!

Abingdon Accountancy Centre Ltd has the expertise and the software solutions to take the headache out of all the statutory form filling and compliance aspects of your self-assessment.

Key taxes that an individual may have to pay include:

Income Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty and Value Added Tax...

Income Tax - is paid on earnings (your wages if you are employed and your profits if you are self-employed) on pensions and on savings and investments. Capital Gains Tax - you may have to pay this tax if you sell or give away assets. Inheritance Tax - is paid on your estate when you die - including some gifts made up to seven years beforehand. Stamp Duty - when you buy properties or shares. VAT - is a tax on goods and services.

Other taxes, which are added to the price you pay, include Fuel Duty on petrol, diesel and LPG, Excise Duty on alcohol and tobacco and General Betting Duty. In addition, National Insurance contributions also have to be made.

Corporation Tax - is payable on the profits (business turnover less allowabale expenses) plus investment income and chargeable gains, of a limited company. Companies have to work out their own tax liability and have to pay their tax without prior assessment by HMRC. They are liable to penalties if they do not deliver a return by the statutory filing date.

For both individuals and companies, as well as completing your tax return, we can advise you of your tax position by completing all necessary tax computations, advise you on when and how much tax to pay and assist in tax planning opportunities.