As a business owner, a lot of hassle can come with calculating taxes and ensuring you are giving yourself and the business the right amount of finances. Our accountants can reduce this hassle.
With the UK having the seventh highest average income tax rate but only half of our population actually paying income tax, are you sure you are taxing the right amount? Coleman & Co can help to work out all the details and ensure that you keep the money you’re entitled to every time.
Our expert team use tax forms to assess where your business’ profits are going and find the exact amount of money which is going out of your personal income through tax.
What Is Personal Income Tax?
Personal income tax is the amount of money that you pay to the government, which is based on how much of your income tax is above your personal allowance and how much of this falls within each tax band.
There are four different tax bands which vary in tax rates up to 45%; this means if you earn under £11,500, you do not have to pay tax but if you pay over £150,000 you must pay 45% tax of your personal income. From £11,500 to £45,000 you are taxed 20%, whilst £45,000 to £150,000 are taxed 40%.
Your tax band isn’t the only component that can alter your tax payments, which is where Coleman & Co can help you stay organised.
How Can You Save Money?
Although an initial payment to an accountant obviously takes money out of your business, in the long run, our service will ensure your expenditure decreases. Whether you are a sole trader or a big business owner, we are happy to offer our professional service to help you keep on top of things.
There is a lot more to taxes than just taking off a percentage of income. Some people are entitled to allowances and exemptions, with some workers having the chance to have ‘tax relief’. Tax relief could allow you to pay less tax if you:
- Spent money on specific things such as business expenses
- Have tax repaid in another way such as being paid into a personal pension
Although some people are automatically eligible for tax relief, others must apply for this. Some people could easily be entitled to these benefits and with our team, who fully understand how much tax you should pay, we can help you save money on taxes.
How Could You Be Eligible For Tax Relief?
There are several ways that you could be eligible for tax relief and our expert advisors will help you, in detail, to find out if you are. Some of the ways you could be eligible are through:
- Pension Contributions
- Charity Donations
- Maintenance Payments
- Spending Business Money as Sole Trader, Partner or Self-Employed
- Use Your Own Money for Travelling for Your Job
- Time Spent Working on A Ship Outside The UK
With any business owner, we are happy to offer our services and work out exactly what you’re entitled to, helping you to save money and stay on top of your taxes. Our team have many years of experience and specialise in this work so can always ease your stress over making the right payments.
What Are The Benefits To Your Business By Using Coleman & Co?
There are many benefits to having an accountant handle your taxes, we are the experts after all! Our service can help give you a better understanding of taxes until you are completely on top of your payments with our help. Additionally, we make it our priority to help you avoid penalty charges and other legal issues that may occur if you were to go in alone.
We ensure that your tax data is always ready to be presented and that you are in line with the most recent regulations in the industry. Accountants can help you to save money whilst reducing any stress that would come in a business doing this yourself. If you are a sole-trader and new to the business world, then this type of service can help steady your ship while you set sail.
Contact Us
Whether you require our personal income tax professionals or just want to find out more about the tax industry, we can always help. Get in touch with our team on 028 9266 3599 for a personal and helpful service.