As business tax accountants and tax advisors in London and Kent, Perrys Chartered
Accountants offer a refreshingly client-centred approach to accounting and taxation.
Whether you’re a business or a private individual, our straightforward, non-stuffy approach
to your tax position is founded on our ethos of ‘exceptional as standard’.
Tax advice from accounting professionals can be exceptionally valuable because of the
complexities of the UK tax system. The fact is that because taxation is governed by so many
rules, there are significant opportunities for keeping tax liabilities lower than would be
possible if the rules were simpler.
We make a difference for clients on all aspects of tax accounting
We are specialists in business tax accounting
We are experts in Corporation Tax, VAT, Capital Gains Tax and other tax issues for all types of businesses. Our advice helps clients keep tax payments to a minimum.
Our tax advisors help individuals and families
Taxes on income, capital gains and inheritance can seriously impact individuals and estates. We help clients retain the full allowable value of their earnings and assets.
An experienced Perrys tax expert is allocated to you
Dealing with UK taxation needs experience, so we assign a senior tax advisor to look after your interests, rather than leaving you in the hands of junior staff.
We work to the principle of exceptional as standard
We are committed to a pro-active approach in the interests of our clients, and of providing the highest standards of professional accounting services.
Business Tax Accountants
Our business clients include small and medium-sized businesses from sectors including construction, hotels, hospitality, property and charities as well as legal firms, consultants and other professional practices.
We provide our tax advisory services for limited companies, partnerships and sole traders, each of which face different tax issues. The wide range of tax experience throughout the Perrys branch network enables us to give advice tailor-made to each client.
Corporation Tax Specialists
Annual corporation tax returns are required for all businesses registered at Companies House. Tax is payable on any profits made by your limited company. Unlike income tax there is no zero tax band, and corporation tax is payable at a flat rate of 19% (2022/23 figure), increasing after April 2023. However, various adjustments can be made which reduce the tax burden on businesses and as Corporation Tax specialists, we are pivotal in helping our clients do so.
What adjustments can be made for Corporation Tax?
Our tax advisors guide you through the different means of minimising your Corporation Tax liabilities. For example, capital allowances are available for equipment and assets bought to run your business. Qualifying items are known by HMRC as plant and machinery, and the allowances are covered by the Annual Investment Allowance (AIA), capped at £1 million until the end of March 2023. For expenditure above the cap, a write-down allowance at various rates is also available. Further reliefs can be obtained for research and development, patents and trading losses.
Business expenses for costs incurred in the running of your business can also be deducted from your profits. These include the costs of business insurance, marketing, office equipment travel, accommodation and subsistence on business trips.
One of the key benefits of working with a Perrys’ tax advisor is that we will identify exactly what can be claimed to keep your Corporation Tax bill as low as possible and to make sure you don’t pay any more than you need.
VAT registration is compulsory for businesses with a turnover of £85,000 or more (2022/23 figure), with voluntary registration an option for businesses below the threshold. Since April 2022, VAT returns have to be made online using software which is compatible with Making Tax Digital (MTD).
Our Perrys tax advisors guide VAT registered limited companies and sole traders through VAT returns, including the use of MTD-compatible software. VAT record keeping is an essential discipline and is essential for completion of VAT returns, and for the calculation of payments you need to make, as well as refunds you may be able to claim.
Most VAT returns run on a quarterly schedule, but our experts can also advise on monthly or annual returns. We will also help you through the detail of goods and services charged at the standard rate as well as at lower-rated and zero-rated items.
VAT for the construction industry is governed by the Construction Industry Scheme (CIS) and adds special considerations for the payment and reclaim of VAT for building contractors and sub-contractors.
Capital Gains Tax advice
Capital Gains Tax (CGT) is a fundamental issue for many businesses and individuals who are involved in the disposal of property, shares and other chargeable assets. We advise property businesses, including buy-to-let landlords, and others who own a property portfolio on the most tax efficient way of managing their property assets.
Our tax accountants advise on which assets are chargeable, and on calculating and reporting the gains which determine how much tax is due. We also give authoritative advice on all the allowances and reliefs which our clients can legitimately claim, including Business Asset Disposal Relief and Investors’ Relief. Without full and detailed knowledge, it can be all too easy to pay far more tax than you need to.
PAYE and NI accountants
Under PAYE, employers have the responsibility of deducting income tax and National Insurance contributions from their employees’ pay packets. While doing so is very much part and parcel of being an employer, the process becomes more time-consuming and complex with pensions auto-enrolment, maternity pay, sick pay and expenses.
Our tax advisors advise on PAYE and NI issues for our company clients and cover the option of outsourcing payroll operations to free up the time of business owners and managers to concentrate on their own business.
Specialist expertise in business accounting
In addition to our general accounting services for businesses on all matters to do with taxation, we specialise in working with legal firms, sole traders, partnerships [Link to new Partnership landing page], start-ups and ecommerce businesses. Each of these types of business have specific taxation issues to deal with, and at Perrys we have the expertise to deal with all the challenges and opportunities they face.
Personal Tax Accountants
The majority of personal taxation is either managed through PAYE for employed people with no tax liabilities outside of their jobs, or through self assessment if you work for yourself, or if you are employed and earn over £100,000 (2022/23 figure).
Income Tax Accountants
Income tax self assessment (ITSA) leaves individuals such as sole traders, freelancers and partners in business partnerships, as well as employed high earners, with the responsibility of filing an annual return from which their income tax liability is calculated. From April 2024, self assessment will come under MTD requirements and will need to be completed using MTD compatible software.
We provide expert tax advice for clients who are required to complete self assessment returns and ensure that they provide the correct information to allow them to take advantage of exemptions and allowances. We also advise on making six monthly payments on account if required.
Inheritance Tax Experts
With the increase in the value of UK property, many estates are valued at death at more than the Inheritance Tax (IHT) threshold of £325,000, with the excess charged at 40%. While significant further exemptions apply, to retain the maximum value for beneficiaries, careful planning is required.
As IHT experts, we are able to advise on the steps you need to take during your lifetime to make sure as much of your estate as possible goes to the people you want, rather than HMRC. Our IHT planning revolves around our detailed knowledge of the complexities of the legislation, including the reporting of estate assets for probate, the role of wills and trusts, with further considerations covering the timing of gifts. Perrys tax experts will make sure your wishes are realised with maximum tax efficiency.
Capital Gains Tax for Individuals
CGT is an issue for all private individuals disposing of assets which have increased in value and fall under the umbrella of chargeable gains. Typically, this will include property, apart from primary residences, shares and personal property with a value over £6,000 (2023/24 figure).
As with our CGT services for businesses, we stay fully in touch with upcoming changes in legislation so that we are able to provide our private clients with timely, pro-active advice on the right steps to take to minimise CGT liabilities.
For full details of our tax accountancy services, please contact Perrys Chartered Accountants now for a consultation.
Victoria has looked after the tax affairs of my consultancy for 20 years. Throughout that time, her work has consistently met high standards of accuracy and presentation.
Steve makes me feel that I am his only client, perhaps I am?