There are stiff penalties for late VAT returns. We will help you to avoid these costs. Familiarity with the requirements and procedures of H.M. Customs & Excise allows returns to be completed more accurately and faster – in the long run actually saving you money.

CORPORATION TAX

This is charged on the taxable profits of a limited company. The tax rate depends on the level of profits generated. GFK will ensure that effective tax planning takes place in order to minimise the final tax bill.

INCOME TAX

No one likes paying tax, but effective planning to minimise your income tax bill requires professional advice. All too often decisions about tax are made on the basis of half understood articles or advice from a ‘friend’ or ‘colleague’. When the flaws in these decisions are discovered by the Inland Revenue, you may find that not only have you failed to save any tax – you may even have increased your final tax bill or laid yourself open to
interest or penalties or both. Talk to us first.

If you are self-employed, your income tax is based on the net profits of the business for the current year. Tax is paid twice a year in advance on 31 January and 31 July.

Since the arrival of self-assessment, the taxman has toughened up the rules on payment of tax and filing tax returns. Failure to return your tax return on time will result in a fine of £100 and non-or late payment of income tax will result in large penalties and interest charges. We will ensure that all deadlines are met on time so that fines, penalties and interest are not incurred.