FAQs

Nine months after the company’s year-end, unless it is the company’s first year of trading, in which case it is 21 months after the date of incorporation.

This is due nine months after the company’s year end (unless the company’s accounting period is more than or less than 12 months).

There is no definite answer. This depends on several circumstances including the level of business profits, business risk, protection of personal assets and the sector in which your business operates. 

Get in touch with our team for tailored, expert advice.

 In the UK, the law allows you to leave an estate worth up to £325,000, also known as the ‘Nil Rate Band’ (NRB), without having to pay any Inheritance Tax upon it.

However, after the first £325,000, the remainder of your estate will be charged at 40% of the Inheritance Tax. If you should leave 10% or more of your net estate to charity, you can choose to pay a reduced rate of Inheritance Tax at 36%.

Moreover, you are allowed a small gift allowance where gifts made up to £250 per person can be given each tax year, provided another allowance hasn’t been used on the same person. On the other hand, tax-free gifts for a marriage/civil partnership can be provided in accordance:

• £5,000 from a parent
• £2,500 from a grandparent
• £1,000 from any other person

Gifts to charities, whether made during lifetime or death, are also exempted. Nonetheless, the 7 Year Rule should be noted that no tax would be due on any gifts if you live for the next seven years after giving the gift. 

Stamp Duty rates range from 5% to 12% of the purchase price with consideration to the purchase date, property value and number of home owners.

When transferring residential property, Stamp Duty is nil on properties valued up to £250,000. However, should the value go up, the rate is as follows:

• Properties £250,001 – £925,000 = 5%
• Properties £925,001 – £1.5 million = 10%
• Properties over £1.5 million = 12%

Take note that higher rates of Stamp Duty are charged on the purchase of additional properties like buy-to-lets and second homes. 

Depending on your age and if you’re an apprentice, there are different levels of National Minimum Wage. The current rates (as of April 2025) are as follows:

• Aged 21 and over – £12.21
• Aged 18-20 – £10.00
• Aged 16-17 – £7.55
• Apprentice Rate – £7.55
• Accommodation Offset — £10.66

It should be noted that the rates change on the 1st of April every year.

Currently, the State Pension increases at the start of every tax year on the 6th of April.

For the Basic Retirement Pension, you’ll receive £176.45 per week for the 2025/26 tax year. In the meantime, it is now £169.50 a week for the 2024/25 tax year.

However, it should be noted that you’re eligible to receive the New State Pension that amounts to £230.25 a week for 2025/26 if you’re:

• A man born on or after 6 April 1951
• A woman born on or after 6 April 1953

There are two Child Benefit rates, and as of April 2024, the amounts are as follows:

• Eldest or only child: £25.60
• Subsequent children: £16.95 per child

As a limited company owner, you must file a Company Tax Return and are expected to pay your Corporation Tax bill within 9 months and one day after the end of the accounting period.   

For tax returns, the deadline is 12 months after your company’s year end. Take note that you may have to pay a penalty for late filing if you miss the deadline.

Bookkeeping is the process of recording financial transactions, while accounting involves interpreting, classifying, analysing, reporting and summarising financial data.

While it’s possible to handle finances on your own, hiring an expert accountant can help you ensure tax compliance, provide valuable advice to help your business grow and save you valuable time that you can use to focus on running your business.

We can assist with preparing and filing your personal and business tax returns, ensuring all deductions are claimed and taxes are filed on time.

Yes, we help businesses with VAT registration, preparing VAT returns and ensuring you comply with VAT regulations.

A professional accountant can help minimise your tax liabilities, identify tax-saving opportunities and ensure compliance with tax laws to avoid penalties.

Yes, we offer full payroll services – including processing salaries, managing employee deductions and ensuring compliance with payroll tax regulations.

We provide comprehensive support during a tax audit, helping you navigate the process, prepare documents and ensure compliance with tax laws.

Yes, we offer estate planning and inheritance tax services to help individuals protect their assets and ensure the smooth transfer of wealth to future generations.

Yes, we will provide expert advice on minimising your capital gains tax and ensure you make the most tax-efficient decisions related to asset sales.