Taxation

What is Corporation Tax?

Corporation tax is a tax charged on the taxable profits of doing business as;

Your responsibility:

Under Corporation Tax Self-Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners and directors. Under the law business owners and directors are required to keep accounting records and prepare a company’s tax return to work out how much corporation tax to pay.

How is the corporation tax calculated?

The UK parliament sets corporation tax rates for each financial year which runs from 1st April. The current rate of corporation tax is 19%. All companies are required to prepare their annual statutory accounts and calculate their taxable profits and corporation tax charge.

After calculation of corporation tax charge and preparation of annual statutory accounts companies are required to file their accounts and tax returns with HM Revenue and Customs (HMRC) and pay their corporation tax.

How we can help?

At Eureka, we can help you with the following:

Personal tax

Chartered Certified Accountants working independently under the name Eureka Accountants are experts in assisting UK residents with their self-assessment tax return compliance. We assist people with their income tax, capital gains tax, and tax return filing needs, whether they are residents or non-residents.

We are a group of highly qualified tax specialists with a focus on consulting and compliance services. Many people have benefited from the assistance of our experts at Eureka in the preparation and filing of their self-assessment tax returns.

Our service is specifically designed for people to assist them with their income tax, capital gains tax, and personal tax return filing needs. We offer self-assessment services to clients who earn money from a range of sources, including sole proprietorships, pensions or state benefits, rental income from foreign properties, dividend income, employment perks, savings, and investment income. Several people in the UK have benefited from our online tax return services and straightforward online questionnaire.

Construction Industry Scheme (CIS)

If you are working in the construction industry whether as self employed or through a limited company, you will have certain responsibilities towards HM Revenue and Customs (HMRC) and that is where Eureka Accountants can help you to fulfil all your obligations. We provide our CIS tax returns and accounting services to individuals and companies.

What is Construction Industry Scheme (CIS) and how it works?

Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).

The deductions count as advance payments towards the subcontractor’s tax and National Insurance.

Under the Construction Industry Scheme, if you are a subcontractor you will need to register with HMRC as a CIS sole trader. Your CIS contractor will check your registration with HMRC and if verified will deduct 20% of tax from your invoices and will pay this to HMRC on behalf of you. If you are not a registered CIS subcontractor, your contractor will deduct 30% of your invoices.

Who counts as a contractor or subcontractor?

Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered. Register as a contractor if either.

Register as a subcontractor if you do construction work for a contractor.
You must register as both if you fall under both categories.

Work covered by CIS

CIS covers most construction work to:

For the purpose of CIS, construction work includes:

Exceptions

You do not have to register if you only do certain jobs, including:

How we can help?

At Eureka, we have a team of expert CIS employed accountants who can help you with the following:

VAT

Almost every element of corporate life is impacted by VAT. The laws and regulations are intricate, and inquiries and investigations by HM Revenue & Customs are difficult.

As a result, VAT demands careful management, whether you're thinking about a future project or day-to-day compliance. Making sure you're doing it correctly is smart business.

Our experts use their technical expertise and real-world experience to offer professional advice on any potential VAT concerns your company may encounter. We can assist you whether you require guidance on registration, the appropriate setup for continuing trading, including international activity, or simply a one-time transaction. We will collaborate closely with you to uncover savings, deliver quick solutions, and keep you in compliance with HM Revenue & Customs (HMRC).

We provide advice on things like:

We provide advice to a wide range of businesses, from sole proprietorships to small and medium-sized enterprises to publicly traded companies and international groupings. We work with non-profit organizations, academies, and trusts, and no matter what kind of counsel you require, we can offer helpful assistance that is suited to your specific needs.

To support the services that accountants and attorneys offer to their clients, our experts offer guidance on all aspects of VAT.

Please get in touch with us if you need any assistance or suggestions regarding your rented properties.

Capital Gain Tax

When someone sells an asset for a profit, capital gains tax is due. Shares, real estate, and other capital assets are examples. If an individual sells a capital asset for a profit that exceeds the annual exclusion threshold for the tax year, capital gains tax may be due.

Capital gains tax may apply to the sale of some of the most frequently sold assets, including:
The method used to calculate capital gains tax?

The capital gains tax calculation is extremely simple. We just take the sales profits and subtract all purchase costs to get the capital gain. For computing the gain, the asset's acquisition price and associated costs are typically deductible.

Every year, individual taxpayers are permitted an annual allowance; any gains above this allowance are subject to the individual capital gains tax rates.

Capital gains tax rates

Gains from residential real estate are taxed at a different rate than gains from other assets. If you pay taxes at a higher or additional rate,

Tax reliefs

There are numerous tax breaks available for selling assets, including:

How we can help you?

Landlord and property tax

We are London based expert property accountants for buy-to-let investors. We offer landlord tax return services for a set price that guarantees landlords' tax obligations are kept to a minimum. Both landlords with residence in the UK and those with residence abroad can use our landlord tax return services.

You will have obligations to HM Revenue and Customs (HMRC) if you own a property and receive rental income in the UK. Eureka Accountants can assist you with meeting all of your obligations as a landlord. In addition to the nearby boroughs of Surrey and London, we now offer our landlord tax return services in London, Kingston Upon Thames, Wimbledon, Cobham, and Weybridge.

Whether you are operating a property business as a Furnished Holiday Let (FHL) or renting a room or a house/flat for a long-term let, our specialists can offer you the finest guidance and continuing support to reduce your tax payment. Our landlord tax specialist is available to talk about your tax requirements over the phone, at our offices, or at a location that suits you.

what exactly is property income?

It is referred to as income from UK property if a person runs a business to make money off of the land in the UK. Rent from homes and apartments, or a portion of a home or apartment, like a room or a parking space, is considered income from a UK property. In addition to these activities, properties can also generate income via the rights to hunt or fish.

Income from trade, such as farming, operating a hotel, or running a separate business, is excluded from income from the property. Trade-related profits are subject to self-employment taxes.

Do I have to pay taxes on the property's income?

If the taxable profits exceed your allowances or other specified reliefs, then you must pay tax on your property income.

How can Eureka Accountants help you?

We offer specialized services for landlord tax returns, such as the following:

Please get in touch with us if you need any assistance or suggestions regarding your rented properties.

Tax Investigation

HMRC investigation support

You have been informed by HMRC that they will be looking into your business. You're anxious. It only makes sense. These topics may appear complicated at first. Any tax probe could cause your firm to suffer and be expensive. You must therefore seek the appropriate assistance. Relax. Our knowledgeable team is available to help you in any way we can.

You have a letter from HMRC informing you of a tax investigation. What ought you to do?

Read the letter attentively first. then give us a call. We'll provide you with fast expert guidance if you're unsure of what the letter means or if it's a difficult request for information.

What happens after HMRC decides to look into something?

You'll be compelled to supply any information requested by HMRC once they've chosen to launch a tax investigation. Here's where we step in. It's possible that a small inconsistency created the anomaly, in which case the matter can be resolved quickly. Yet occasionally, HMRC might want to conduct a more thorough inquiry and ask for further details. Again, we'll be available to you for expert assistance through the investigative process.

EIS/ SEIC/ VCT Investor

Share subscriptions in eligible EIS, SEIS, and VCT enterprises are eligible for tax relief. This can lead to large tax savings if the timing and quantity of the investment have been carefully managed.

The tax reliefs applicable to these investments are summarised as follows:

Enterprise Investment Scheme (EIS)
Seed Enterprise Investment Scheme (SEIS)
Venture Capital Trust (VCT)
How Eureka Accountants Help You?

We offer the following services:

Please get in touch with us if you need any assistance or suggestions regarding your rented properties.

Crypto

Cryptocurrency Tax Services UK

Eureka Accountants can assist if you trade cryptocurrencies and need a UK-based crypto-specific accountant.
We collaborate with blockchain-based companies, crypto investors, and developers of digital assets like NFTs. We take pride in the depth of our crypto accountancy service portfolio.

Our staff offers expert crypto accountancy knowledge without the costs, unlike other crypto accountants. Regardless of your knowledge of cryptocurrencies and decentralized finance, we can assist you. We'll take care of everything for you if you're unsure about your tax requirements for your most recent cryptocurrency profits.

Cryptocurrency Investments

Investors and crypto enterprises may not always completely understand UK crypto tax legislation in this rapidly developing industry. It has never been more crucial to assess your tax affairs with a professional crypto accountant given how actively HMRC is tracking bitcoin profits.

HMRC has made it quite clear that those who use cryptocurrency have tax obligations. The possible fines are severe, so claiming ignorance of UK crypto tax legislation won't cut it.

We can provide unmatched service when it concerns handling your crypto tax obligations and other digital asset holdings because we have a staff of in-house crypto accountants.

We have the best reputation in the world. We offer cost-effective accounting services

Contact us for more information about our services.

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Edna Oyedi
Edna Oyedi
March 15, 2023
Eureka is a reliable accountancy, they have provided me with day to day advice on how my business can grow and develop. They are easy to contact for assistance and guidance and they care about you as a person and your business as a whole. I do recommend Eureka accountancy.
Aftab Khan
Aftab Khan
January 31, 2023
Excellent service. I would strongly recommend for efficient accountancy. Just a phone call away, always ready to help. Very knowledgeable would always keep you right and up to date. Makes your life hassle free, will share all details required for your payrolls, other payments etc.
Zara World
Zara World
January 31, 2023
I am new business owner, so i was very unfamiliar with the various structures and tax process. Eureka Accountants explained everything to me and made it very convenient and easy process for me overall. Great service and extremely helpful. Would recommend to anyone Thanks very much
Ali Zubair
Ali Zubair
January 31, 2023
As a small business owner, finding the right accountant is crucial for the success of my company. I am beyond grateful to have found this great accountancy firm who has been a valuable asset to my business for the past 4 years. They are trustworthy, diligent, honest and friendly, making the financial management process for my business seamless. Their expertise has allowed me to focus on growing my business while they take care of the finances. I highly recommend this firm to any small business owner in need of a dependable and knowledgeable accountant. Five stars all the way!
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January 31, 2023
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