KAMARA TAX & ACCOUNTANTS
Our Service to You
At Kamara Tax, we offer a range of services to help businesses of all sizes and structures. Whether you're a limited company, sole trader, partnership, or working in the construction industry (CIS), we have the expertise and experience to help you navigate the complex world of accounting and taxation.
Our services cover everything from self-assessment and VAT returns to payroll and capital gains. We understand that managing your finances can be a daunting task, which is why we're here to help you every step of the way.
Limited Companies
Preparation and submission of statutory Year End accounts, which includes a Profit & Loss statement and a Statement of Financial Position.
In addition to the statutory accounts, limited companies Corporation Tax return are required to be filed within 12 months of the company's year end and includes details of the company's profits and losses for the year.
Overall, it is important for limited companies to stay on top of their accounting obligations to ensure compliance with the law and to maintain accurate financial records.
We will ensure that your company is supported at every step, with all required submission filed on time.
VAT
VAT Returns are an important aspect of accountancy, which involves calculating and submitting the amount of Value Added Tax (VAT) owed to HMRC
The deadline for VAT Return submission varies depending on the country, but it is usually on a quarterly or monthly basis. Failure to submit VAT Return on time can result in penalties and fines. Therefore, it is crucial for businesses to keep track of their VAT transactions and ensure timely submission of their VAT Return.
As a part of accountancy, VAT Return plays a significant role in maintaining accurate financial records and complying with the tax laws.
Sole Traders
A Sole Trader is a self-employed individual who runs their own business. As a Sole Trader, it is important to keep accurate records of all financial transactions, including income and expenses.
These records are used to prepare annual accounts, which must be submitted to HM Revenue and Customs (HMRC). The accounts show the profit or loss made by the business during the year and form the basis for calculating the amount of tax due. It is important to ensure that the accounts are submitted on time to avoid penalties and interest charges. As a Sole Trader, it is your responsibility to keep on top of your accounts and ensure that they are accurate and up-to-date.
Partnerships
Partnerships are required to submit a return for each party and the partnership business.
By working together with clients, we can provide stress-free solutions that ensure compliance with tax laws and regulations.
Whether it's preparing tax returns or advising on financial planning.
With the right support, individuals and businesses can navigate the complexities of tax laws with ease, leading to greater peace of mind and financial stability. So, if you're looking for efficient and stress-free accountancy services for your partnership, Kamara Tax can help.
Self Assessment
Self Assessment is a crucial process in the field of accountancy, as it enables individuals and businesses to accurately report their income and expenses for tax purposes. In the UK, the deadline for submitting Self Assessment tax returns is January 31st each year, with penalties for late submissions. It is important to ensure that all relevant information is included in the return, as failure to do so can result in further penalties and investigations.
We will ensure that all relevant expenses and allowances are claimed in order to process your tax in the most efficient way.
CIS
The Construction Industry Scheme (CIS) is a government initiative aimed at regulating the tax affairs of contractors and subcontractors in the construction industry.
As an accountant, it is important to understand the rules and regulations surrounding CIS, particularly when it comes to tax refunds. Under CIS, contractors are required to deduct a percentage of the subcontractor's payment and submit it to HM Revenue and Customs (HMRC) as advance payment towards the subcontractor's tax liability. This means that subcontractors may be entitled to a tax refund if they have overpaid their tax or if their expenses exceed their income. As an accountant, it is important to ensure that your clients are aware of their entitlement to a tax refund and that they keep accurate records of their expenses.
Kamara Tax will ensure you receive the full repayment you're entitled to
Rental Properties
Rental property is a popular investment option for many individuals and businesses. However, it's important to understand the tax implications of rental income.
As an accountant, we can assist with ensuring that all rental income is properly reported and that deductions for expenses related to the property are maximized. In addition, we can provide guidance on the best ways to structure ownership of the rental property to minimize tax liability. Whether you own a single rental property or multiple properties, our accountancy services can help ensure that your rental income is managed efficiently and effectively.
Capital Gains
Capital gain is a term used in accountancy services to describe the profit made from selling an asset, such as property or shares.
When an individual or company sells an asset for more than its original purchase price, they are said to have made a capital gain. However, capital gains can also result in a tax liability. In the UK, individuals are required to pay Capital Gains Tax (CGT) on any gains made above a certain threshold. The rate of CGT depends on the individual's income and the nature of the asset sold. Fortunately, there are certain exemptions and reliefs available to reduce the amount of CGT payable.
Professional accountancy services can assist with navigating the complexities of reliefs & exemptions for capital gains and ensuring compliance with tax laws.
Payroll
Payroll is a vital aspect of accountancy services that involves the calculation and processing of employee salaries and wages. It includes tasks such as calculating tax deductions, national insurance contributions, and pension contributions. Payslips are issued to employees, detailing their gross pay, net pay, and any deductions made. P60s are also issued annually to employees, summarising their total earnings and tax paid for the year.
Accurate payroll management is crucial for businesses to ensure compliance with tax regulations and maintain employee satisfaction.
Here at Kamara Tax, we can ensure this is processed for you in an easy, effective, and electronic way!
In-House Consultancy
Consultancy in the context of Accountancy Services is all about improving process efficiency, minimizing costs, and maximizing turnover.
With the help of experienced consultants, businesses can streamline their operations, reduce wastage, and optimize their financial performance.
By identifying areas for improvement and implementing effective strategies, consultancy services can help organizations achieve their goals and stay ahead of the competition. Whether it's reducing overheads, increasing profitability, or improving cash flow, consultancy services can provide valuable insights and practical solutions to help businesses succeed.
So if you're looking to take your business to the next level, consider engaging the services of a reputable consultancy firm and start reaping the benefits today!
Contact us
E-mail: rosie@kamaratax.co.uk
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