Corporate Tax

VAT Return Calculation

If you are struggling to understand your VAT return or you’re not sure whether you should be VAT registered, there’s no need to worry, our friendly team of professionals can provide you with the guidance and advice you need.

If your business is likely to turn over more than £82,000 in a year you are required, by HMRC, to register for VAT and to therefore file a VAT return to HMRC. You will usually need to submit a VAT return every 3 months, this is known as your ‘accounting period’. A VAT return records information such as your total sales and purchases, the amount of VAT you owe and the amount of VAT you can reclaim.

As part of our VAT Return Calculation solution we will review your books to ensure there are no inaccuracies before completing and submitting your VAT return to HMRC. We will also evaluate whether you can register for the Flat Rate Scheme. Each customer is provided with a designated accountant who can be contacted via email, telephone or LiveChat on our website.

Corporation Tax Computations

At Black Diamond we understand the burden of complying with tax legislation and running your business all at the same time. Our team of tax experts can relieve you of this burden whilst helping minimise your company’s corporation tax liabilities and maximising the amount of funds available to reinvest into your business. We can advise you on a variety of business tax matters including your allowable taxes and corporation tax reliefs available to you.

Black Diamond Corporation Tax Computations solution will help you save money in a compliant manner as well as meeting your company’s tax return deadline.

Capital Gains Tax

Are you intending to sell a personal possession, property or business asset? If so, Black Diamond Capital Gains services will provide the advice and support you need throughout the process.

Capital Gains Tax is the tax on the profit you have made on the item you are selling, for example, if you bought a house for £80,000 and sold it for £100,000 you would pay Capital Gains Tax on the £20,000 profit. However, you only need to pay this tax if your profit is above the annual tax-free allowance, currently at £11,100.

You pay Capital Gains Tax when you dispose of:

  • Personal possessions worth £6,000 or more
  • A property that isn’t your main home
  • Your main home if you’ve let it out, used it for business or if it’s very large
  • Shares that aren’t in a NISA, ISA or PEP
  • Business assets

We understand this can be a complicated concept to get your head around. Therefore Black Diamond’s Capital Gains Tax services can give you advice on the appropriate reliefs, exemptions and allowances that are available to you. Our team of accountants will advise on a variety of options including calculating your potential Capital Gains Tax payable on disposal, advising on the potential Capital Gains Tax payable on a gift and advising on the availability of Entrepreneurs Relief. All you need to do is provide the information we require and the rest will be dealt with for you, no stress and no hassle.

Entrepreneurs Relief

In partnership with Focus Insolvency Group, Black Diamond is offering Entrepreneurs Relief, helping you receive the best outcome when closing your limited company.

If you’re closing down your limited company you will be eligible for entrepreneurs’ tax relief. This means that the profit left in your company can be taken as a capital distribution and not as a dividend. This means you will only need to pay 10% tax on the capital distribution rather than your usual dividend tax rates.

If you think you may be eligible for this relief, get in touch and we will be able to forward your details on to Focus who are specialist in this area. They will assess your specific circumstances to see if you are entitle to Entrepreneurs Relief, if so, they will take care of everything for you.

For more information about our Corporate services