The main two elements of companies tax is Corporation Tax and VAT (Value Added Tax).
At Savage Accountants we can help with the filing of the VAT returns for your business and the corporation tax returns (or CT600)
Business owners often don’t realise there are several VAT schemes which could help them to save time and money.
The flat rate scheme is great for smaller companies. This scheme helps reduce the time it takes to prepare the VAT return as the VAT you pay is based on a percentage of your sales, which is simpler than analysing all purchases.
The cash accounting scheme is where you only pay VAT on sales when you have recieved the money and conversley paid for VATable purchases. This scheme can help with cashflow if you have slow payers or high debtors.
The margin schemes are useful for companies who buy second hand goods and sell them on. It was a scheme that the second hand car industry used a lot, but more and more companies are using it. If you meet the criteria, you only pay VAT on the margin you make on the sale.
If you would like any advice on these schemes please contact us to arrange a meeting.