Looking for tax advice for your Kent based business?
Whether you are a brasserie in Bexley or a signwriter in Sidcup, you need solid tax support from an accountancy firm that’s local to you.
If you’re a small business based in Southeast London or Kent looking for tax advice, you’ve come to the right blog. We work with many clients who have businesses in the Bexley and Dartford areas as well as further afield in Kent and London.
What sort of tax advice do small businesses need?
The sort of tax advice you need will depend on how large your business is and what sort of company you run. Tax advice ranges from understanding how to mitigate your Corporation and Income Tax for the year through to managing asset disposals and inheritances correctly to reduce your tax liabilities. If you are turning over more than £85,000 a year, there’s also VAT to consider.
Business owners are generally not tax specialists. You are great at what you do – providing your core service or products to your customers, but you can’t be expected to keep up to date with the ever-changing landscape of UK tax affairs. That’s why you need someone who does that for you so you can run your business knowing that everything is being accounted for correctly. Here are just some of the types of tax advice your business might benefit from:
Business Structure
Choosing the right business structure, – sole trader, partnership, or limited company, can have significant tax implications. Getting guidance on selecting the most tax-efficient structure for the business can help you avoid expensive errors and give you the opportunity to grow in the future.
Tax Compliance
Keeping up with all the requirements and deadlines can be overwhelming. Hand that off to us and let us worry about your next submission.
Tax Planning
Tax advice is not just about making sure you are compliant to rules and deadlines. It’s about creating the right structure and maintaining frequent reviews to ensure you aren’t paying more tax that you need to be.
Employee Taxes
If you employ staff, you need to comply with PAYE regulations for payroll taxes and National Insurance contributions.
Capital Gains Tax
You may find yourself subject to Capital Gains Tax when selling company assets or making significant investments. Without the right tax advice you might miss out on exemptions and reliefs available, helping to minimize the tax impact.
Research and Development (R&D) Tax Credits
There are significant tax credits available for businesses engaged in qualifying R&D activities. These credits can enable you to reinvest, creating innovation and growth.
Inheritance Tax Planning
Small business owners often seek tax advice to minimise Inheritance Tax liabilities and plan for the smooth transfer of their business and personal wealth to future generations. You can save a huge amount in Inheritance Tax by planning well and using trusts or business relief schemes to mitigate the impact of this tax.
Tax Investigations
In the event of a tax audit or investigation, you may require expert advice to manage the process effectively. We can assist in responding to HMRC inquiries, providing the necessary documentation, and ensuring the your rights are protected.
Consequences of inaccurate tax advice
Taking tax advice that’s incorrect can be costly to your business. You could end up paying more in tax, missing out on tax credits or exemptions or you could even end up with fines and penalties from HMRC for things that weren’t your fault.
Advantages of having a tax advisor in your local area
If your business matters are quite complicated, it’s a good idea to get tax advice from an accountant in your location so it’s easy to get the level of service your business needs.
Personalised service
A local tax advisor can provide more personalised service tailored to your specific business needs. We are familiar with the Kent economic environment which could mean you can get more targeted advice and strategies that align with your business goals.
Accessibility and responsiveness
Being near your Kent based business makes it easier to schedule face-to-face tax advice meetings, especially during critical times such as tax season or when you require immediate assistance. Quick access to each other means we can communicate more efficiently, resolve issues more promptly and discuss matters in more depth.
Networking and referrals
Local tax advisors often have strong connections within the local business community. We may be able to provide valuable referrals to other professionals, such as lawyers, bankers, or insurance agents in Kent and the surrounding areas who can assist you in various aspects of your business. These networks can be beneficial when you need additional services or expertise beyond tax advice.
Knowledge of local resources
A tax advisor located close to your business is more likely to have a good understanding of local resources and support available to businesses. They may be aware of grants, funding opportunities, or industry-specific incentives that can benefit your business. Here are some organisations in Kent that offer tax advice and business support to help you grow your business.
Kent Invicta Chamber of Commerce
Federation of Small Businesses
How to find the right tax advisor
If you’re considering using a tax advisor, here are some tips to help you find the right service provider:
Qualifications
Tax is a highly complex area so you should seek out fully qualified tax accountants to ensure your business gets the best possible, up to date advice. Look out for ACA, ACCA or CTA after the accountant’s name to be certain that they have the right level of qualification.
Continuing Professional Development
Tax advisors need to keep up to date with the latest legislation and guidance from HMRC so ask the provider about their continuing professional development.
Experience
It may be a good idea to look for a tax advisor that specialises in your industry or who is local to your business. If you have a business based in Kent, getting tax advice from Adams Accountancy is easy. You can visit us as we are on your doorstep.
Communication
Tax can be daunting and the last thing you need is an advisor who talks in acronyms and jargon. You need to feel confident that you understand the impact of business decisions on your tax affairs so it’s vital to use an advisor or accountant who speaks to you in plain English.
Getting tax advice for your Kent business is easy
Our tax advice supports many other businesses in Kent. Call the team on 01322 250001 for a no-obligation chat about how we can support your business too.
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