One of the most common financial challenges facing entrepreneurs and small business owners is the correct handling of their tax affairs. WizzAccounting have an experienced team of tax consultants on hand to assist you. We can help you to ensure you submit correct tax returns on time while keeping the costs to a minimum. We offer our expert tax planning advice and solutions to our clients to ensure that they have the right plans in place for the future of their business.
Our integrated approach means that we can help you with your financial investments in the most tax efficient way to suit you business needs. With WizzAccounting the future of your business is safe in our hands.
Tax Services Included in All Packages
Tax Services FAQs
How does your tax service work?
We understand that not every business owner is a legal tax expert. This is where our Tax Services can help. WizzAccounting will:
• Automatically calculate VAT returns
• Calculates the VAT on transactions
• Complete your VAT returns in four easy steps
• Submit VAT returns direct to HMRC online
• Supports Standard VAT, VAT Cash Accounting, and Flat Rate VAT schemes
• You can easily produce a VAT return – automatically
What is the cost for your tax service?
You can see our full pricelist here.
Will outsourcing save me money?
Outsourcing your business Tax requirements to WizzAccounting makes sense because it will save you the cost of employing your own in-house tax and accountancy staff on a permanent basis, as well as all the extra costs and legal responsibilities that come with employing permanent staff. You don’t have to be a Tax Expert – simply hand this time-consuming legal task over to us.
What are the deadlines for tax submissions?
The deadline for filing your corporation tax return is within 12 months of the end of your company’s corporation tax accounting period. Failure to file your return on time will see your company charged with an automatic penalty, even if it does not owe any corporation tax.
We recommend that you contact WizzAccounting as early as possible so that we can examine and plan your return in plenty of time.
The deadlines for Personal Tax /Self-assessment return filing must reach HMRC by 31st October via paper copy, or an online return by 31st January. If you fail to file your return, you automatically receive a £100 fine – even if you don’t owe any tax or have paid the tax you owe. The longer you delay your submission, the more you pay.
We suggest planning well in advance so that you pay only as much as you have to and don’t incur a fine.
How much is UK corporation tax?
The main rate of UK corporation tax stands at 19% for 2017/18 tax period. The government aim to gradually reduce the rate of corporation tax year on year to at least 17% by 2020.
Why should we choose WizzAccounting?
You should choose us because we can help you:
- identify goals and developing strategies to achieve them
- improve your business through optimum financial management
- keep your company up-to-date with government legislation
- maintain an independent view of your business operation
- plan for change and adapt to new legislation to ensure continued growth
- select the most appropriate structure for your business (if you are a start-up or a contractor)
What is the VAT registration threshold?
The VAT registration threshold tends to be set each year in the budget. It is compulsory for you to register for VAT if your VAT taxable 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 must also register for VAT if you take over a VAT-registered business as a going concern. As you will be able to reclaim some or all of the VAT you pay on purchases, WizzAccounting recommend registering for VAT even if your turnover is below the threshold.
How long do I have before I register with HMRC once I start trading?
You must notify HMRC within 3 months of the start of your business to avoid a £100 penalty. If you are fast approaching this deadline then contact us at WizzAccounting and we will be able to help you.
How easy it is to change my accountant?
Switching to WizzAccounting is easy and straight-forward. It’s usually a case of simply writing to notify your current accountant, giving them our details and advising them that we will be contacting them shortly to collect your records. We will ensure your handover to WizzAccounting is seamless.
Can I upgrade my Accounting Plan at any time?
Yes.You can upgrade at any time. Just let us know & we’ll upgrade you