FAQs

FAQs

We love answering your questions – it's a chance to draw on the great range of knowledge and experience that we have here at Elite. We've picked some of the most commonly asked and have shared them here.

Having dedicated support from someone who understands your business, and great for advice on topics you may not be too familiar with (accounts, VAT, tax, PAYE). Accountants can also help you to reduce your tax liabilities. At Elite Accountancy Services we provide our clients a personal and proactive service and help them to reduce their tax liabilities.

HM Revenue and Customs (HMRC) will never ask for your bank account details, personal information or send you notifications by email or text for:

tax rebates

refunds

personal or payment information

If you do receive such an email purporting to be from HMRC or an email promising a tax rebate, don’t respond, don’t click on any website links within the email and don’t disclose any personal or payment information. Instead, contact HMRC directly to check whether the email is genuine. Contact us or HMRC if you have any concerns regarding the authenticity of emails received.

All limited companies must pay corporation tax on their profits, and one of the first things you will do as a new company owner is to register your new company to pay corporation tax. Each year, your company must complete its company corporation tax return (CT600). At Elite Accountancy Services we can help you to register for corporation tax and prepare your company corporation tax return.

Corporation tax is the tax that UK companies pay on their taxable profits. The current corporation tax rate is 19% but will change from April 2023. For example, if a companies taxable profit is £20,000, the corporation tax would be £3,800 based on a 19% tax rate. At Elite Accountancy Services we can help you to prepare your corporation tax return and calculate your corporation tax liability.

Income tax is the tax you pay on your income as an individual, this can come from multiple sources such as , employment income, dividend income or rental income. At Elite Accountancy Services we can help you to prepare your income tax return.

Cash basis can be a simpler way to calculate your self assessment tax return compared to traditional accounting because you only need to declare money when it comes in and out of your business. At the end of the tax year, you will only pay Income Tax on money received in your accounting period. At Elite Accountancy Services we can assist you to calculate which method would be most appropriate for you.

In order for you to calculate your self assessment tax and tax return it is best to speak to one of our Elite team should you wish to know how to calculate your income tax liability reliably as this will vary depending on the individual's sources of income.

Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. In England, tax returns must be filed annually for an individual or business with reportable income, including wages, interest, dividends, capital gains, or other profits. At Elite Accountancy Services we will prepare your tax return helping to ensure that the tax calculated is accurate.

Preparing your tax return yourself is a great way to save money as it's a free service, but in terms of professional support and advice you're pretty much on your own. A tax agent will help ensure your return is completed correctly and you're not claiming deductions that you're not entitled to. At Elite Accountancy Services we will prepare your tax return to ensure that the correct amount of tax is paid and that all the allowable allowances are claimed helping to ensure that you do not pay more tax than you need to.

The benefit of filing your tax return early is that you are aware of any tax liability that needs to be paid well in advance of the payment deadline and have adequate time to put money to one side to cover this.  At Elite Accountancy Services we proactively prepare tax returns as soon as possible to ensure our clients are aware of their tax liabilities well in advance of when they are due for payment.

How much tax you pay on dividends depends on your other sources of income, you get your first £2,000 of dividends tax free. At Elite Accountancy Services we will calculate the tax that is due on all your sources of income ensuring your tax liabilities are accurate.

Only people who own shares within a company will pay any tax on dividends and the tax payable on the dividend varies depending on the person's other sources of income. At Elite Accountancy Services we will calculate the tax that is due on all your sources of income ensuring your tax liabilities are accurate.

A company needs to pay Corporation Tax on the trading profits it makes from doing business, its investments, and selling assets for more than they cost. At Elite Accountancy Services we can help you to prepare your corporation tax return.

Let’s Talk

Still stuck, or got a question that we haven't answered here? Pick up the phone or come in and have a coffee with us, and we'll do our best to help.

Let's Talk

Location & contact

Suite 2
The Point
Mayfield Rd
Ilkley
LS29 8FL