What Types of Tax Services Do Tax Accountants in Maidstone Provide?

Introduction: tax returns and fillings are one of the prime concerns for every business and individual. Taxes are levied on all forms of business or economic activities on several criteria. And taxes are vital to securing several things. 

Main Types of Tax Accounting Services with Accountants in Maidstone

Clarity Accounting Services

(a). Corporation Tax

A corporation tax or corporate tax is a direct tax levied on all the net income or profit of a corporate entity from their business, foreign or domestic. The tax rate is decided according to the provisions of the income tax act of 1961 of the UK, known as the corporate tax rate. 

Corporation tax is paid by all limited companies that have business offices in the UK. Incorporated associations are also eligible to pay the tax. 

(b). VAT (Value Added Tax) 

In the UK, VAT came into force in 1973 by replacing the Purchase Tax. VAT is the third-largest source of government revenue collection following income tax. VAT is collected by Her Majesty's Revenue and Customs via the UK's Value Added Tax Act 1994. VAT is levied on products and services sold or traded by VAT -registered businesses. Businesses must, by law, register for VAT if their VAT-taxable turnover exceeds £85,000. There’s a clause for registration of lower turnover businesses below the £85,000 threshold. 

(c). Personal Tax

Personal tax is levied or charged on the wages, salaries, dividends, interest, and other incomes a person earns over the year. It is levied by the state where the income is earned.

(d). Income Tax 

Income tax is payable on all income accruing to an individual or entity over the course of the financial year. An income tax is levied on current or present market trends in financial benefits. There are a few criteria that income tax levy is based upon. These can include:

(a). Chargeable at graduated rates (increases with income earned).

(b). It is chargeable on total income earned across sources.

(c). Previous year incomes are assessed are levied in the assessment year at prevailing tax rates.

(d). Base income tax rate in the United Kingdom is 20% and multiplies as incomes grow or rise.

(e). Property Tax

Property tax is an ad valorem tax (according to value) paid to the tax authorities. In the UK, Stamp Duty Land Tax is payable on purchasing residential and commercial properties exceeding a certain amount. The tax is levied with consideration of the properties worth in British pounds.

Several tax services need the keen and observant eye of professional accountants for small businesses in Kent and accountants for sole traders & self-employed. No matter the accounting tax obligations, there is always a perfect resolution of all tax issues with the best fixed price accounting services. 

Summary: With the chartered accountants in Maidstone and reliable tax accountants for builders and building contractors, the best business growth accounting services are made fully accessible. It is now easy to get professional payroll accountants in Kent for your business. 

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